The search for a new home begins with great enthusiasm and optimism. But along with it come a puzzling array of questions and concerns. To ensure the search for your dream home ends with a smile of satisfaction, Surendra Hiranandani, Managing Director and Founder of the Hiranandani Group of Companies answers common questions that may arise as you make this big decision.
1. How big a house do I need?
If you are buying your second home for the family or preparing to move into an owned apartment from a rented one, the best way to answer this is to look at your present home and see what needs are met in your present home. Discussing with other family members can provide great insights into what makes them comfortable and serves your needs best.
If you are buying your very first home as a couple, do you feel you need just a home for your cozy twosome, or have you wisely kept in mind what may be your future needs when you start or expand your family tomorrow?
Be a good judge and draw up a vision for your new home. At the same time, jot down your budget estimating the area you are getting in terms of built-up and carpet area (the ratio can be as low as 15 percent for an old construction and as high as 28 % for new constructions.) Some developers also offer the concept of super built up ratio including as much as 40 % area, and this is something a buyer should be alert of and verify duly the reasons for including a greater percentage area.
2. Where do I choose my new abode to be?
Generally, the norm is to have a residence that is not too far away from one’s work place, keeping the traffic and transport systems in mind. Rates of property vary hugely between the various areas of the Mumbai Metropolitan Region, with some areas commanding around Rs.20, 000 per sq ft and some others are below Rs 1,000 per sq ft.
Hot Property buys for 2005
Suburbs like Thane, Powai, Ghatkopar, Mulund, Malad and Kandivali are fast transforming into attractive destinations with malls, multiplexes and myriad options for larger and more luxurious homes. With fast development happening in full swing, one is assured of better space and value for money along with the expectation of a good value appreciation of one’s home in the future. Mix-user townships, with commercial and residential facilities are an ideal situation for many families as it does provide a great relief amidst the hectic and fast lifestyle in Mumbai. A sea-facing or lake-facing house or a house in a natural green area can be promising when one visualizes a clean environment away from congestion, the rush of traffic and pollution.
3. Does it live up to my lifestyle requirements?
Aesthetic interiors and exteriors are primary to the attractiveness of any house. Flooring, tiling, classy fittings and fixtures can make a home a pleasure to live in. Jacuzzi, fancy lighting, french windows, swimming pool, gymnasiums, clubhouses, jogging tracks and many such lifestyle features are becoming a standard norm in high quality projects. Some developers also offer the option of complete interior solutions to the customers. While these certainly add to the luxury, one must thoroughly verify the quality of construction and benchmark the new home with existing projects of the builder to ensure that what you see in the sample apartments will be actually what you get.
4. What about the Basic Amenities?
In the process of ensuring hi-end lifestyle amenities, one must also clearly check that the basic amenities are up to the mark. Water supply and power supply, good roads and parking space, children’s play areas, doctors and clinics, basic shopping and public transport stations are very crucial to ensure a hassle free living and one should never underestimate the importance of the same. Well connected both by road and rail, while the international Airport and flyovers should also be in proximity as per the needs of the buyer. One thing that is sometimes overlooked is the security systems and safety of the complex and locality. One must pay due attention to this also. In addition to basic infrastructure, maintenance of the complex should also be given due importance such as cleaning of roads, streets and drains, garbage disposal and organic waste composing, rodent and mosquito control.
5. What value additions do I get along with the home?
Wide, open spaces, lush green gardens, and tree lined concrete roads are all available in the best of the housing complexes in Mumbai. Staying in a landscaped property gives the area an elegant feel and also keeps the air fresh. Rainwater harvesting and sewage treatment plants are some of the eco-friendly ways by which the builders are able to provide a healthy environment in harmony with nature. Not only this, the modern homebuyer also checks the availability of entertainment and recreational options near or within the complex such as bowling alleys, game centers, sports facilities, vibrant shopping malls, food courts, restaurants, to add excitement and color to the place.
http://news.moneycontrol.com/india/news/property/null/8thingstoaskbeforebuyingyourhome/14/27/article/175554
Thursday, May 31, 2007
Indians buying homes abroad
In February, chartered accountant Archana and husband Prabhakar, an engineer in Dubai, planned to buy a flat in Mumbai where they want to shift jobs in two years. They were aghast that all they could get for their budget of Rs 2 crore was a one bedroom flat in south Mumbai. For the same price they settled for a two-bedroom villa a few minutes’ drive from Dubai.
Property in Dubai appreciates (thirty per cent last year) less than in Mumbai but rents are nearly double at twelve per cent,” says Prabhakar. Like Archana and Prabhakar, who have an ancestral home in Bangalore, an increasing number of Indians are queuing up to buy real estate in places like Dubai, London, Malaysia and Bangkok. Some want to flaunt a second home with a foreign address, others for holidaying or returns on investment. Some find that property is as expensive or even cheaper in some foreign locations. Some are encouraged by the Reserve Bank’s doubling of the amount an Indian can invest abroad to $100,000, which means a couple can invest $200,000 or Rs82 lakh every year.
“Many are buying property in Dubai because it has no taxes and it’s only two and a half hours from Mumbai,” says Syed Miraj, the India agent in Mumbai for Dubai’s real estate firm Better Homes. “I get 15 inquiries a month and four or five of them end up buying.” The availability of easy bank loans and residence visas in UAE for property buyers are additional attractions. Many brokers are armed with CDs on “hot properties” in UK and UAE.
“Demand (from Indians for property in London) is particularly high in the mid-range price sector 400,000-700,000 pounds (Rs 3.2 crore to Rs 5.7 crore) which means that relatively more affordable locations such as St John’s Wood and Kensington are being considered,” says a study by Knight Frank, the global property consultancy firm. It estimates that this demand from Indians (along with the Chinese) will go up by seven per cent annually for some time.
“Many buyers see a snob value in a London address,”’ says Gulam Zia, Knight Frank’s National Director in Mumbai, pointing out that property in London is still more expensive than in Mumbai. “You can get a top of the line property for Rs5 to 8 crore in Mumbai but not in London.” It’s not just the mid-range properties that the Indians are eyeing. They are even lapping up top-end real estate, says Daily Express (London) in a report last month with the headline: “Wealthy Indians buying their own British Empire.” This, it said, has resulted in spiralling property prices there. It said that Northwood in West London has now become “the most expensive place in the world, thanks to Indian investment.” Knight Frank as well as Hamptons and Savills, UK’s top-end estate agencies, have despatched staff to India to sell London property.
“Malaysia has one of the highest standards and the lowest costs of living with all the modern facilities in place,” is how the Malaysian government is promoting its “Malaysia My Second Home” project to lure the wealthy from across the world. All you need to be eligible for the programme is to deposit in a local bank 300,000 Malaysia Ringgits (Rs36 lakh) from which up to Rs29 lakh could be withdrawn after one year for purchase of a house there. A Malayasian tourism department official has been quoted by the local media as saying that some 700 Indians have registered for the programme.
“Realty markets abroad are stabilised and offer steady returns,” points out Gautam Vohra, Senior Manager (Capital Markets) in Mumbai of Jones Lang Lasalle, a global real estate consultancy.
http://www.dnaindia.com/report.asp?newsid=1096472
Property in Dubai appreciates (thirty per cent last year) less than in Mumbai but rents are nearly double at twelve per cent,” says Prabhakar. Like Archana and Prabhakar, who have an ancestral home in Bangalore, an increasing number of Indians are queuing up to buy real estate in places like Dubai, London, Malaysia and Bangkok. Some want to flaunt a second home with a foreign address, others for holidaying or returns on investment. Some find that property is as expensive or even cheaper in some foreign locations. Some are encouraged by the Reserve Bank’s doubling of the amount an Indian can invest abroad to $100,000, which means a couple can invest $200,000 or Rs82 lakh every year.
“Many are buying property in Dubai because it has no taxes and it’s only two and a half hours from Mumbai,” says Syed Miraj, the India agent in Mumbai for Dubai’s real estate firm Better Homes. “I get 15 inquiries a month and four or five of them end up buying.” The availability of easy bank loans and residence visas in UAE for property buyers are additional attractions. Many brokers are armed with CDs on “hot properties” in UK and UAE.
“Demand (from Indians for property in London) is particularly high in the mid-range price sector 400,000-700,000 pounds (Rs 3.2 crore to Rs 5.7 crore) which means that relatively more affordable locations such as St John’s Wood and Kensington are being considered,” says a study by Knight Frank, the global property consultancy firm. It estimates that this demand from Indians (along with the Chinese) will go up by seven per cent annually for some time.
“Many buyers see a snob value in a London address,”’ says Gulam Zia, Knight Frank’s National Director in Mumbai, pointing out that property in London is still more expensive than in Mumbai. “You can get a top of the line property for Rs5 to 8 crore in Mumbai but not in London.” It’s not just the mid-range properties that the Indians are eyeing. They are even lapping up top-end real estate, says Daily Express (London) in a report last month with the headline: “Wealthy Indians buying their own British Empire.” This, it said, has resulted in spiralling property prices there. It said that Northwood in West London has now become “the most expensive place in the world, thanks to Indian investment.” Knight Frank as well as Hamptons and Savills, UK’s top-end estate agencies, have despatched staff to India to sell London property.
“Malaysia has one of the highest standards and the lowest costs of living with all the modern facilities in place,” is how the Malaysian government is promoting its “Malaysia My Second Home” project to lure the wealthy from across the world. All you need to be eligible for the programme is to deposit in a local bank 300,000 Malaysia Ringgits (Rs36 lakh) from which up to Rs29 lakh could be withdrawn after one year for purchase of a house there. A Malayasian tourism department official has been quoted by the local media as saying that some 700 Indians have registered for the programme.
“Realty markets abroad are stabilised and offer steady returns,” points out Gautam Vohra, Senior Manager (Capital Markets) in Mumbai of Jones Lang Lasalle, a global real estate consultancy.
http://www.dnaindia.com/report.asp?newsid=1096472
Wednesday, May 30, 2007
Preventing Lawsuits - Homeowners Warranty
When a seller inks a deal with a buyer, the buyer expects the utilities and major household appliances to work.
So if the home is sold during the heat of summer, next winter when the thermostat is switched over to heat and nothing comes out of the vent but cold air...
...you can imagine the reaction.
It is the seller's fault. Or the agent's fault. Or somebody's fault.
So the buyer calls his agent who calls the listing agent who tracks the seller down to their new home.
"The heater is broken and the buyer is demanding you replace it," says the agent.
Of course, the heater worked perfectly well last winter, so the seller replies that it will be a cold day in... (well, in the house) before he pays for something that isn't his problem any more.
The listing agent passes that message back to the buyer's agent who passes it back to the buyer and the buyer doesn't believe a word of it.
Obviously, the heater didn't work last year and the seller did not disclose it. The buyer has a brother-in-law who is an attorney and now lawyers are involved.
This actually happens.
Anyone can sue anyone, even when it isn't "fair." Since it costs money to defend against lawsuits, the seller generally gives in and replaces the heater, even when it was in perfect working order last winter. Or the dishwasher, or whatever else has gone wrong.
All of which can be easily avoided through the purchase of a Homeowners Warranty or Home Protection Plan, which is basically
is basically a different kind of insurance.
If the electricity, plumbing, heating, air conditioning, water heater or major appliances break down, the insurance company fixes it.
No muss, no fuss, no lawyers, no wasted time on repetitive phone calls filled with mutual distrust, flaring tempers and bruised egos.
The cost?
For houses under 5000 square feet (which covers most houses) the cost is usually less than $300.
Sellers should price this insurance into their cost expectations when pricing their home. It is not much to pay for peace of mind and the knowledge that when your house is sold, you really will be done with it. Even when the buyer doesn't ask for the warranty, sellers should provide it.
As for buyers, after the first year is up, most warranty plans allow for extensions. In the "olden days," this was considered a waste of money, but things are more expensive now.
The key ingredient in all this is that the seller must warrant that everything is in good working order when the house is sold. So if the buyers insist on a Home Warranty and the seller refuses...
...the buyer is going to wonder, "What's broken?"
http://www.realestateabc.com/insights/warranty.htm
So if the home is sold during the heat of summer, next winter when the thermostat is switched over to heat and nothing comes out of the vent but cold air...
...you can imagine the reaction.
It is the seller's fault. Or the agent's fault. Or somebody's fault.
So the buyer calls his agent who calls the listing agent who tracks the seller down to their new home.
"The heater is broken and the buyer is demanding you replace it," says the agent.
Of course, the heater worked perfectly well last winter, so the seller replies that it will be a cold day in... (well, in the house) before he pays for something that isn't his problem any more.
The listing agent passes that message back to the buyer's agent who passes it back to the buyer and the buyer doesn't believe a word of it.
Obviously, the heater didn't work last year and the seller did not disclose it. The buyer has a brother-in-law who is an attorney and now lawyers are involved.
This actually happens.
Anyone can sue anyone, even when it isn't "fair." Since it costs money to defend against lawsuits, the seller generally gives in and replaces the heater, even when it was in perfect working order last winter. Or the dishwasher, or whatever else has gone wrong.
All of which can be easily avoided through the purchase of a Homeowners Warranty or Home Protection Plan, which is basically
is basically a different kind of insurance.
If the electricity, plumbing, heating, air conditioning, water heater or major appliances break down, the insurance company fixes it.
No muss, no fuss, no lawyers, no wasted time on repetitive phone calls filled with mutual distrust, flaring tempers and bruised egos.
The cost?
For houses under 5000 square feet (which covers most houses) the cost is usually less than $300.
Sellers should price this insurance into their cost expectations when pricing their home. It is not much to pay for peace of mind and the knowledge that when your house is sold, you really will be done with it. Even when the buyer doesn't ask for the warranty, sellers should provide it.
As for buyers, after the first year is up, most warranty plans allow for extensions. In the "olden days," this was considered a waste of money, but things are more expensive now.
The key ingredient in all this is that the seller must warrant that everything is in good working order when the house is sold. So if the buyers insist on a Home Warranty and the seller refuses...
...the buyer is going to wonder, "What's broken?"
http://www.realestateabc.com/insights/warranty.htm
Who Can Claim Moving Expenses with the IRS?
Who Can Claim Moving Expenses with the IRS?
Not everyone who moves can deduct moving expenses when they file their income tax returns. Your move has to be work-related, meaning you changed job locations, started a new job, or moved to seek a new job and were successful in obtaining one.
There are exceptions for retirees and survivors who are moving back to the U.S. from oversees.
And there are (of course) conditions.
The IRS calls these conditions “tests.” The “time” test, the “distance" test and the “work-related” test.
The Work Related Test
Say you pick up all your stuff and move. It isn’t actually necessary that you already have a job in the new location. If your moving expenses occurred within one year of the date you first report on the job in the new location, your move is “work-related.”
So… what happens if you delay moving your family and household until 18 months after you start work because you want your son or daughter to finish high school at their old school?
Well, the IRS isn’t entirely heartless. They make exceptions if you have a good reason.
The Distance Test
Your new job location has to be at least 50 miles further from your home than your old job location.
For example, say you used to drive 15 miles to work from your previous home. That means you new job must be at least 65 miles away from where you used to live. Otherwise, you don’t meet the “distance” test.
This doesn’t mean that you have to move 50 miles. All it means is that your new job must be 50 miles further from your former home than your old job.
The Time Test
The time test varies depending on whether you are classified as an employee or whether you are self-employed.
If you are an employee, then after you move to your new area you must work full-time for at least 39 weeks out of the next twelve months. You don’t have to work for the same employer and you don’t have to work 39 weeks in a row, but…
…basically, you have to work 9 out of the next twelve months in your new commuting area.
If you’re away from work temporarily, like a vacation, or sick, or can’t work because your union is on strike or your employer has locked you out…
…that counts as work.
See? The IRS does have a heart!
What if you’re a teacher who normally works only nine months out of the year? If you spend six months working during the school year…that counts. It is a similar situation for other seasonal workers.
If you’re self-employed, the “time test” is essentially the same, but doubled. You have to work 78 weeks out of the next 24 months after the move. You have to work full-time. Being semi-retired and goofing off on the internet for a couple hours a day on one of those late night television “get-rich-quick” schemes doesn’t count.
You really have to work full-time.
Conclusion
You're probably wondering what you can deduct.
Umm...(furtively looking to the left and right)...
We're out of space.
And you really should ask an income tax accountant to handle that one for you.
http://www.realestateabc.com/insights/movingexpenses.htm
Not everyone who moves can deduct moving expenses when they file their income tax returns. Your move has to be work-related, meaning you changed job locations, started a new job, or moved to seek a new job and were successful in obtaining one.
There are exceptions for retirees and survivors who are moving back to the U.S. from oversees.
And there are (of course) conditions.
The IRS calls these conditions “tests.” The “time” test, the “distance" test and the “work-related” test.
The Work Related Test
Say you pick up all your stuff and move. It isn’t actually necessary that you already have a job in the new location. If your moving expenses occurred within one year of the date you first report on the job in the new location, your move is “work-related.”
So… what happens if you delay moving your family and household until 18 months after you start work because you want your son or daughter to finish high school at their old school?
Well, the IRS isn’t entirely heartless. They make exceptions if you have a good reason.
The Distance Test
Your new job location has to be at least 50 miles further from your home than your old job location.
For example, say you used to drive 15 miles to work from your previous home. That means you new job must be at least 65 miles away from where you used to live. Otherwise, you don’t meet the “distance” test.
This doesn’t mean that you have to move 50 miles. All it means is that your new job must be 50 miles further from your former home than your old job.
The Time Test
The time test varies depending on whether you are classified as an employee or whether you are self-employed.
If you are an employee, then after you move to your new area you must work full-time for at least 39 weeks out of the next twelve months. You don’t have to work for the same employer and you don’t have to work 39 weeks in a row, but…
…basically, you have to work 9 out of the next twelve months in your new commuting area.
If you’re away from work temporarily, like a vacation, or sick, or can’t work because your union is on strike or your employer has locked you out…
…that counts as work.
See? The IRS does have a heart!
What if you’re a teacher who normally works only nine months out of the year? If you spend six months working during the school year…that counts. It is a similar situation for other seasonal workers.
If you’re self-employed, the “time test” is essentially the same, but doubled. You have to work 78 weeks out of the next 24 months after the move. You have to work full-time. Being semi-retired and goofing off on the internet for a couple hours a day on one of those late night television “get-rich-quick” schemes doesn’t count.
You really have to work full-time.
Conclusion
You're probably wondering what you can deduct.
Umm...(furtively looking to the left and right)...
We're out of space.
And you really should ask an income tax accountant to handle that one for you.
http://www.realestateabc.com/insights/movingexpenses.htm
Tuesday, May 29, 2007
Reasons to Delay Buying a Home
Assuming you have the financial resources and the desire to eventually own your own home, there are very few good reasons to put off the purchase. You can miss out on years of appreciation if you do.
The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon. If you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. This is especially true for those who buy a home with a down payment of ten percent or less.
Real Estate commissions traditionally run around six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If you made a minimal down payment, you could actually have to come up with cash out of pocket to sell your home.
New to the Area
A very good to reason to delay buying a home is if you have just moved to an unfamiliar area or region of the country. It makes sense to rent for a number of months before deciding on exactly where you want to live. Often when people buy a home immediately they find that they might have made a better decision if they had waited awhile.
Uncertain Job Future
You could be right out of college or expecting a promotion and a transfer. Or your company has announced an impending "restructuring." If any of these apply, it might be best to wait to buy a home. When you have a more accurate picture of what your next few years will be like, that will be the time to buy.
Marital Problems
Real estate agents see a lot of life unfold before their eyes. One of the saddest occurs when former clients divorce and are forced to sell a recently purchased house. It happens all too often when a family in turmoil decides that buying a new home may help resolve their problems. Perhaps it is inevitable that such problems occur, but selling a home before it appreciates can create an additional financial burden in an already difficult situation.
http://www.realestateabc.com/homebuying/delay.htm
The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon. If you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. This is especially true for those who buy a home with a down payment of ten percent or less.
Real Estate commissions traditionally run around six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If you made a minimal down payment, you could actually have to come up with cash out of pocket to sell your home.
New to the Area
A very good to reason to delay buying a home is if you have just moved to an unfamiliar area or region of the country. It makes sense to rent for a number of months before deciding on exactly where you want to live. Often when people buy a home immediately they find that they might have made a better decision if they had waited awhile.
Uncertain Job Future
You could be right out of college or expecting a promotion and a transfer. Or your company has announced an impending "restructuring." If any of these apply, it might be best to wait to buy a home. When you have a more accurate picture of what your next few years will be like, that will be the time to buy.
Marital Problems
Real estate agents see a lot of life unfold before their eyes. One of the saddest occurs when former clients divorce and are forced to sell a recently purchased house. It happens all too often when a family in turmoil decides that buying a new home may help resolve their problems. Perhaps it is inevitable that such problems occur, but selling a home before it appreciates can create an additional financial burden in an already difficult situation.
http://www.realestateabc.com/homebuying/delay.htm
Things Not to Do Before Purchasing a Home
No Major Purchase of Any Kind
Review the article titled, "Don’t Buy a Car," and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings…
…and automobiles, of course.
Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.
So leave your money where it is until you talk to a loan officer.
Oh…don’t change banks, either.
Should You Change Jobs?
For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.
http://www.realestateabc.com/homebuying/donts.htm
Review the article titled, "Don’t Buy a Car," and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings…
…and automobiles, of course.
Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.
So leave your money where it is until you talk to a loan officer.
Oh…don’t change banks, either.
Should You Change Jobs?
For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.
http://www.realestateabc.com/homebuying/donts.htm
Why You Should Not Buy a Car
When you get a raise or accumulate some savings, you may find yourself confronted by an innate instinct of modern civilized men and women.
The desire to spend money.
It begins simply, by going out to restaurants, then accelerates to purchasing clothing, electronic gadgets, and since North Americans have a special fondness for the automobile, you may even buy a "brand new car."
If you're married or ambitious, a few months later your thoughts eventually turn toward buying your own home. Or a move-up home, if you are already a homeowner.
Next, you contact a loan officer to get prequalified for a mortgage loan. You state your desired price and how much you can put down. You provide your income and may even supply pay stubs and W2 forms. The loan officer methodically crunches the numbers (by telephone, in person, or even over the internet).
"If only you didn't have this car payment..."
http://www.realestateabc.com/homebuying/car.htm
The desire to spend money.
It begins simply, by going out to restaurants, then accelerates to purchasing clothing, electronic gadgets, and since North Americans have a special fondness for the automobile, you may even buy a "brand new car."
If you're married or ambitious, a few months later your thoughts eventually turn toward buying your own home. Or a move-up home, if you are already a homeowner.
Next, you contact a loan officer to get prequalified for a mortgage loan. You state your desired price and how much you can put down. You provide your income and may even supply pay stubs and W2 forms. The loan officer methodically crunches the numbers (by telephone, in person, or even over the internet).
"If only you didn't have this car payment..."
http://www.realestateabc.com/homebuying/car.htm
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