Let’s Become Home Owners!<br />How to Buy A Home In Today’s Market.<br />
There are signs everywhere telling us that this is the perfect market to use to purchase a home. None of the signs tell yo...
Plan<br />Think about the type of home that you want, any features you would prefer. For example two-story, garage, backya...
Plan<br />Set up a time frame for when you expect to be able to buy a home. In what time frame can you reasonably save you...
Research<br />Research the prices for the homes that have the features that you like, many times you may have to adjust yo...
Research<br />Also research the types of loans available to you, the stipulations for each loan and how each loan can affe...
Contact<br />Call numerous real estate agents and mortgage lenders.<br />Now is the time to start asking question.<br />As...
Pre-Qualify<br />This means that you have talked to a loaner about using them to finance and they have pre qualified you w...
Shop <br />Shop/Look around before you settle on anything.<br />Shop for homes<br />Shop for insurance<br />Shop for home ...
Decide<br />Pick your home and negotiate.<br />You have the right to ask for repairs if the inspection states that they ar...
A little extra<br />Have a paper trail because new laws have been passed to try and combat the purchase of homes and real ...
A little extra<br />If someone is loaning you the money, they may need to fill out paperwork to state that the funds are l...
All Done!<br />I hope this helped anyone who is planning on getting a home or even if you know someone that is looking int...
Upcoming SlideShare
Loading in …5
×

Let’s Become Home Owners!

227 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
227
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Let’s Become Home Owners!

  1. 1. Let’s Become Home Owners!<br />How to Buy A Home In Today’s Market.<br />
  2. 2. There are signs everywhere telling us that this is the perfect market to use to purchase a home. None of the signs tell you how the process works. While going through my purchasing experience I found myself wishing that I had a manual or at least a clue of what was expected of me and also what to expect next in the process. Realtors and Mortgage companies can answer questions but sometimes you just do not know which questions to ask. Here is a what to expect guide, not a full tutorial but at least enough to get you started.<br />
  3. 3. Plan<br />Think about the type of home that you want, any features you would prefer. For example two-story, garage, backyard etc. <br />Where would you like your home to be? Think about location features that are important to you i.e. a developing neighborhood, in a certain school zone, which cities are preferable. <br />Look at your budget to determine the how much home you can afford. Consider how much you want to put as a down payment and how mush you can afford as a monthly payment. <br />
  4. 4. Plan<br />Set up a time frame for when you expect to be able to buy a home. In what time frame can you reasonably save your funds? What time in your life would be the best for a home purchase?<br />Tip: you can find mortgage calculators online and most mortgage loans will require a 3% down payment.<br />
  5. 5. Research<br />Research the prices for the homes that have the features that you like, many times you may have to adjust your idea of what you can afford, but sometimes you get lucky and get almost all the things that you want in a home. <br />At this time if you need to adjust the type of home you want then chronologically order each feature with its importance to you. For example if a backyard is important but a garage is not a necessity, then 1. should be backyard and 5. can be the garage.<br />
  6. 6. Research<br />Also research the types of loans available to you, the stipulations for each loan and how each loan can affect your future.<br />Research<br />
  7. 7. Contact<br />Call numerous real estate agents and mortgage lenders.<br />Now is the time to start asking question.<br />Ask bout their business, history, how they can help you and any other questions you may have about home purchasing.<br />
  8. 8. Pre-Qualify<br />This means that you have talked to a loaner about using them to finance and they have pre qualified you without completing all of the paperwork. <br />It is not required to have pre qualification to look at homes, but it does make it easier.<br />With pre qualification, you will know where your limits are.<br />Also remember that you do not have to use the whole amount that you finance, it is ok to find something for less.<br />
  9. 9. Shop <br />Shop/Look around before you settle on anything.<br />Shop for homes<br />Shop for insurance<br />Shop for home inspectors (I recommend an inspection of the home before you pick cost can be between 100-250 but it is worth it in the long run)<br />Tip: make sure that insurance companies do not pull your credit for a quote. The mortgage companies look at every account and inquiry on your report. So the less you have the better.<br />
  10. 10. Decide<br />Pick your home and negotiate.<br />You have the right to ask for repairs if the inspection states that they are needed. (unless you are buying a foreclosed home, then usually the home comes as is)<br />Most closings take 60-90 days, so be patient but make sure you are contacting your realtors and mortgage company regularly so that they can keep you updated.<br />
  11. 11. A little extra<br />Have a paper trail because new laws have been passed to try and combat the purchase of homes and real estate with illegal funds. This is if you are doing a down payment.<br />The funds that you use to purchase your home need to be traceable.<br />For example: a bank statement that shows funds coming in from paycheck and going in to savings an accumulating.<br />
  12. 12. A little extra<br />If someone is loaning you the money, they may need to fill out paperwork to state that the funds are legal and theirs to give freely.<br />If you are getting money from a loan company you will need proof of deposit.<br />Mortgage companies may also ask you if you plan to make any large purchases in the future. They are trying to ensure that you will not overextend your budget.<br />Some companies will even follow your report for a time period after your home has been purchased.<br />
  13. 13. All Done!<br />I hope this helped anyone who is planning on getting a home or even if you know someone that is looking into a purchase.<br />Good Luck and Happy Home Hunting!<br />

×