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Keystoahome.com A Free online webinar to explain the home buying process including the $8,000 tac credit.

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Keystoahome

  1. 1. Preferred Realty www.WillmarAreaHomes.com Home Buying Guide Brought to you by: Randy Jon Lisa Ryan And rs n e o W lho a f Paul Lacey Ryan Aa e ld rks
  2. 2. www.WillmarAreaHomes.com Overview  Getting Your Financing In Order  What Your Realtor Will Do For You  Do you Qualify for the $8,000 tax credit?  Working With a Lender  Buyer Tips  Making an offer and negotiations  The Home Inspection Process  Closing on Your New Home
  3. 3. www.WillmarAreaHomes.com 5 Reasons to Own A Home 1. Tax breaks 2. Equity 3. Predictability 4. Freedom 5. Stability
  4. 4. www.WillmarAreaHomes.com Steps to Prepare for Homeownership 1. Decide how much home you can afford 2. Develop a wish list of what you want in a home 3. Consider the different locations 4. Save for a down payment 5. Get your credit in order 6. Contact your RE/MAX Realtor to help you through the process 7. Meet with a lender to get prequalified
  5. 5. www.WillmarAreaHomes.com 8 Ways to Improve Your Credit 1. Check for and correct errors in your credit report 2. Pay down credit card bills 3. Don’t charge your credit cards to the maximum limit 4. Wait 12 months after credit difficulties to apply for a mortgage 5. Don’t make large purchases until after closing 6. Don’t open new credit accounts until after closing 7. Shop for mortgage rates all at once 8. Avoid finance companies
  6. 6. www.WillmarAreaHomes.com 5 Factors That Decide Your Credit Score 1. Your payment history 2. How much you owe 3. The length of your credit history 4. How much credit you have 5. The types of credit you use  For more on evaluating and understanding your credit score, go to http://www.myfico.com (link will be posted again at the end of this presentation).
  7. 7. www.WillmarAreaHomes.com 7 Steps to Getting your Finances in Order 1. Develop a family Budget 2. Reduce your debt 3. Get a Handle on expenses 4. Save for a down payment 5. Create a house fund 6. Keep your job 7. Establish a good credit history
  8. 8. www.WillmarAreaHomes.com How the Loan Process Works  Your Lender gathers information  A preliminary approval is obtained  The Lender will order an Appraisal  File is submitted to the underwriting department  Final approval of the loan
  9. 9. www.WillmarAreaHomes.com 11 Questions To Ask Your Lender  What types of loans do you offer?  What will be best for me/us? Why?  What are your rates & terms & are they negotiable?  Will I have to buy private mortgage insurance?  How much cash is needed to close?  Who will service the loan?  What escrow requirements do you have?  How long is your loan lock-in period?  How long will the loan approval process take?  How long will it take to close the loan?  Will I have a pre-payment penalty?
  10. 10. www.WillmarAreaHomes.com Choices That Will Affect Your Loan  Mortgage Term  Fixed or Adjustable Interest Rates
  11. 11. www.WillmarAreaHomes.com 6 Reasons you Need a REALTOR 1. A real estate transaction is complicated 2. Buying a home is time consuming 3. Real estate has its own language 4. Realtors know the process 5. Realtors provide objectivity 6. Realtors are members of the National Association of Realtors
  12. 12. www.WillmarAreaHomes.com Representation  Sellers Representative  Buyer’s Representative  Dual Agent
  13. 13. www.WillmarAreaHomes.com As Your Realtor I Will:  Listen to you to help determine your desires, needs, & qualifications  Show you homes in the MLS  Write an offer  Negotiate the purchase agreement  Provide you a list of service providers as needed  Handle Closing details
  14. 14. www.WillmarAreaHomes.com Tips on Buying in a Tight Market  Get prequalified for a mortgage  Stay in close touch with your Realtor  Scout out new listings yourself  Be ready to make a decision  Bid competitively  Keep contingencies to a minimum  Don’t get caught in a buying frenzy
  15. 15. www.WillmarAreaHomes.com Tips To Help Take the Trauma Out of Home-Buying  Find a RE/MAX Realtor who’s compatible  Remember there’s no right time to buy  Don’t try to be a killer negotiator  Remember your home doesn’t exist in a vacuum  Don’t wait to see a lender & get pre-approved  Factor in maintenance & repair costs in your budget  Accept that buyer’s remorse is inevitable & will pass
  16. 16. www.WillmarAreaHomes.com Making An Offer  Proposed Purchase Price  Financing Type > Closing Costs?  Earnest Money > Credit to your down payment  Closing Date > Generally 30 – 60 days from offer  Personal property  Inspections  Disclosures
  17. 17. www.WillmarAreaHomes.com Negotiation Tips  Start with a fair price & a fair offer  Respect the other side’s priorities  Be prepared to compromise  Meet in the middle  Leave it aside  Ask for advice
  18. 18. www.WillmarAreaHomes.com Who Needs a Home Inspection? A home inspection can: • provide peace of mind. • help avoid costly mistakes. • alert you to potential concerns. • teach you about your home and its operating systems. • identify conditions. • detect potential problems.
  19. 19. www.WillmarAreaHomes.com What exactly is a home inspection? Specifically, a home inspection is: • A thorough visual inspection. • An examination. • An objective evaluation. • A printed report.
  20. 20. www.WillmarAreaHomes.com What a home inspection is not:  A home inspection does not detect every conceivable flaw.  A home inspection is not an appraisal. And vice versa.  A home inspection report is not a warranty.
  21. 21. www.WillmarAreaHomes.com What Your Home Inspection Will Cover  Siding  Foundations  Doors & Windows  Insulation  Roof  Ceilings, Walls, Moldings  Porch/Deck
  22. 22. www.WillmarAreaHomes.com What Your Home Inspection Will Cover  Electrical  Plumbing  Water Heater  Furnace & Air Conditioner  Garage & Opener(s)  Basement  Attic  Driveway &Sidewalks
  23. 23. www.WillmarAreaHomes.com First Time Home Buyer Tax Credit  What is the Tax Credit?  Who Qualifies?  Are there Income Restrictions?  What if I make more?  Are there Financing Restrictions?  Do I have to repay the credit?  How Do I Apply?  2008 or 2009? How does that work?  Is there a deadline?
  24. 24. www.WillmarAreaHomes.com What Is Title Insurance?  It protects your home ownership rights  It’s a one time fee & is offered at closing  There are two forms of title insurance  Discounts on premiums may be available
  25. 25. www.WillmarAreaHomes.com What Not To Overlook on a Final Walk-Thru  Repairs you’ve requested  All requested items are present  Screens & Storm Windows  All Appliances are Operating  Heating & Air Conditioning are Working  Nothing has been removed from the yard  Sellers personal belongings are removed
  26. 26. www.WillmarAreaHomes.com Common Buyer Closing Costs  Downpayment  Loan Origination Fees  Appraisal Fee  Credit Report  Private Mortgage Insurance Premiums  Insurance Escrows  Property Tax Escrows  Deed Recording Fees  Title Insurance Policy Premiums  Inspection Fees  Pro-rations
  27. 27. www.WillmarAreaHomes.com Buying Process Overview  Consult a RE/MAX Realtor  Prepare for Homeownership  Determine how much you can afford  Apply for a mortgage  Decide on what you want & need  Make an offer  Get Inspections  Buy Insurance  Close on the loan & house
  28. 28. www.WillmarAreaHomes.com Resources  www.Realtor.org  www.realestatechecklists.com  www.fanniemae.com  www.realtor.com  www.hud.gov/buying/index.cfm  www.NAR.com  www.myfico.com
  29. 29. www.WillmarAreaHomes.com Thank you to our Sponsors Network Mortgage Office: 320-231-3777 email address: mike@networkmortgagemn.com Or maribeth@networkmortgagemn.com Website: www.networkmortgagemn.com AmeriSpec Home Inspection Service Office: 320-764-8001 email address: klaleman@amerispec.net Website: www.amerispec.net/laleman We would also like to give credit to www.REALTOR.ROG/REALTORMAG
  30. 30. www.WillmarAreaHomes.com Randy Ryan rpryan@remax.net 320-894-2831 Paul Ryan paulryan@remax.net 320-295-3121 Jon Anderson jonanderson@remax.net 320-905-2187 Lacey Aalderks laceya@remax.net 320-266-1631 Lisa Walhof lisawalhof@remax.net 320-979-7220 Randy Jon Lisa Ryan And rs n e o W lho a f Paul Lacey Ryan Aa e ld rks
  31. 31. www.WillmarAreaHomes.com Please contact one of us today, we are waiting to help you make your next move. Randy Jon Lisa Ryan And rs n e o W lho a f Paul Lacey Ryan Aa e ld rks

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