2. Activate My Mobile Website
For Easy Home Searching From
Your Mobile Phone
Don’t have a QR Scanner
visit
ElizLarson@Gmail.com
3. My Service
Commitment To You
Provide email updates for new listing
activity within your chosen criteria
Access to experienced lenders for
easy no cost pre-approval
Detailed school information
Comprehensive detailed market
analysis of properties under your
consideration
Negotiation skills for best price
obtainable
Organization of pre-closing title work
4. Seven Reasons To Own Your
Own Home
1. Tax Breaks: The U.S. Tax Code lets you deduct
the interest you pay on your mortgage, property
taxes you pay and some of the cost buying your
home.
2. Gains: As home prices increase you gain equity.
3. Equity: Money you pay for rent is money you’ll
never see again, but mortgage payments let you
build equity ownership interest in your home.
4. Savings: Building equity in your home is a
ready-made savings plan.
5. Predictability: Unlike rent, fixed mortgage
payments don’t go up over the years.
6. Freedom: The home is yours.
7. Stability: A place to establish friendships and
engage with others in your community.
5. 10 Tips for First-Time Home
Buyers
1. Be picky, but don’t be unrealistic. There is no perfect home!
2. Do your homework before you start looking. Decide specifically
what features you want in a home.
3. Get your finances in order. Review your credit report and make
sure you have enough money for inspections, earnest money
and down payment.
4. Don’t wait to get a loan. Talk to a lender and get prequalified
before you start looking. This will benefit you when you are
ready to write a contract.
5. Don’t ask too many people for opinions.
6. Decide when you could move. Arrange a back up plan.
7. Think long-term. Are you looking for a starter house and
planning on moving in a few years or do you hope to stay in a
home long term.
8. Don’t let yourself be “house poor.” If you max yourself out then
you could run into issues when maintenance issues arise.
9. Don’t be naïve. Insist on a home inspection and if possible get a
Home Warranty.
10. Get help. Having an experienced REALTOR® means that you
have someone working on your behalf throughout your buying
process.
6. 10 Steps to Prepare for Home
Ownership
1. Decide how much home you can afford. Generally, you can
afford a home equal in value to between two and three times
your gross income.
2. Develop a wish list of what you’d like your home to have. Then
prioritize the features on your list.
3. Select 3-4 neighborhoods you’d like to live in. You can use
VoicePad to help you narrow your choices.
4. Determine if you have enough saved to cover your down
payment, closing cost and earnest money.
5. Get your credit in order. Do not make any large purchases during
this time!
6. Determine from your loan officer what you qualify for and explore
different loan options.
7. Organize all the documentation a lender will need to get you pre-
approved! They may come back a few times to ask for
documents, just get them what they need in a timely fashion.
8. Do your research to see if you qualify for any special down
payment assistance programs.
9. Calculate the cost of home ownership, including property taxes,
insurance, maintenance, and association fee’s if applicable.
10. Find an experienced REALTOR®. Realtors® provide objectivity
and abide by a stringent Code of Ethics.
7. Budget Basics Worksheet
Income:
Take Home Pay (All Parties):
Child Support/Alimony:
Pension/Social Security:
Disability/Other Insurance:
Interest/Dividends
Other:
Total Income:
Expenses:
Rent/Mortgage:
Life Insurance:
Health/Disability Insurance:
Vehicle Insurance:
Homeowner’s /Renters Insurance:
Car Payments:
Other Loan Payments:
Savings/Pension Contributions:
Utilities:
Credit Card Payments:
Car Upkeep:
Clothing:
Personal Care Products:
Groceries:
Dining Out:
Medical/Dental/Prescriptions:
Household Goods:
Entertainment:
Child Care:
Education:
Kids Sports Fees:
Charitable Donations:
Miscellaneous:
Total Expenses:
8. Your Property Wish List
1. How close do you need to be to:
(a) Public transportation _______
(b) Schools _______
(c) Airport _______
(d) Expressway ________
(e) Neighborhood Shopping _______
(f) Other _______
2. What neighborhoods would you prefer?
3. What school systems do you want to be near?
4. Do you want a one or two story home?
5. How old of a home would you consider?
6. How much repair or renovation would you be willing to
do?
7. Do you have special facilities or needs that your home
must meet?
8. Do you require a fenced yard or other
amenities for your pets?
9. Prioritize Items Must
Have
Would
Prefer
Yard at least
Garage
Patio/Deck
Pool
Bedrooms
Bathrooms
Family Room
Living Room
Dining Room
1st
Floor Laundry
Hardwood
Ceramic Tile
Fireplace
Fenced-In Yard
Basement
Finished Lower Level
Eat-In Kitchen
Crown Molding
10. Ten Questions To Ask Your
Lender
1. What are the most popular mortgage loans you offer.
2. Which type of mortgage plan do you think would be
best for us and why?
3. Are your rates, terms, fees and closing costs
negotiable?
4. Will I have to pay Private Mortgage Insurance?
5. Who will service our loan?
6. What escrow requirements do you have?
7. How long is your loan lock-in period?
8. How long do you expect the loan process to take?
9. How long will it take to close the loan?
10. Are there any charges or penalties for prepaying the
loan?
11. Loan Application Checklist
If you are eager to have your loan approved without delays, you can help
speed up the process by gathering up the following information as it
applies to you and having it available at the time of the application
interview.
•Bank account numbers, the address of your bank and copies of two
months statements
•Pay stubs and W-2 forms for the past two years
•Complete list of debts, including loan and credit card numbers and
names and addresses of your creditors.
•Recent two year history for a present mortgage: Name, address and
account numbers or name and address of landlord.
•Documentation for any other sources of income, assets or liabilities.
•If you have ever been divorced, provide a copy of your divorce decree
and separation agreement.
•Statement from courthouse showing child support payments.
•Gift from relative – letter from donor and verification of donors account.
•VA – Certificate of Eligibility. Copy of DD214 Discharge
Papers.
12. Understanding Title Insurance
It protects your ownership right to your home both from
fraudulent claims and against your ownership and from mistakes
made in earlier sales, such as mistake in the spelling of a
person’s name, undiscovered liens, or an inaccurate description
of the property.
It is a one time cost usually based on the price of the property.
This is a negotiable part of the contract sometimes paid for by
the seller.
There are two kinds of Policies. Lender, which cover the lender
and Owner which covers the buyer. The lender will probably
requite lender coverage.
Discounts on the premium are sometimes available. It is usually
discounted if purchased at the same time (or with-in 39 days) as
the lender policy.
13. 1. Thou shalt not change jobs, become self-employed or
quit your job.
2. Thou shalt not buy a car, truck or van (or you may be
living in it)!!!
3. Thou shalt not use credit cards excessively or let current
accounts fall behind.
4. Thou shalt not spend money you have set aside for
closing.
5. Thou shalt not omit debts or liabilities from you loan
application.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without checking with
your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
The Ten Commandments
of Buying a Home
