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Responsibilities like
mowing the lawn, repairing and maintaining the interior
and exterior, paying property tax, keeping your
equity value up, and holding a mortgage loan.
These responsibilities may matter if you have other
commitments such as attending school or traveling
for your career.
Calculate the benefits of rent
vs. home ownership:
click
here for mortgage vs. rent calculator
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- down payment
- points
- closing costs
- financing
- escrow payments
- maintenance and upkeep
Understand the numbers
before you begin:
Go to Our Home Buying Step
1
Review the true
costs of a mortgage:
Go to Our Home Buying Step
4
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Ask at least one
lender to pre-qualify you for a mortgage. There is no obligation on you to obtain
a loan from that lender, nor does it
obligate the lender to provide a mortgage
loan.
The lender will analyze your credit
position, current income, and outstanding
debts to give you a reasonable estimate
of your borrowing amount.
You may begin your pre-qualification
application through our national network
of lenders and brokers: click
for mortgage lending center
before you begin your lender search, have on hand the mortgage comparison sheet to keep track of your mortgage information: open and print the mortgage comparison sheet
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We have collected resource
information to help:
Two-story or split-level. English Tudor or Southern
Colonial. go go to step 2: view home style
types
Know what kind of home you can afford based on
your financial income: calculate
the number
It is always best to get yourself pre-approved
for financing prior to searching your home. You
will know what price range you can work with plus
you will be able to move fast in the event you
find the right house: start your pre-approval with our network of nationwide
lenders.
Note: pre-approval does
not qualify you for a mortgage loan. It simply
calculates your financing power given your current
input and credit numbers.
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Start your search using the Internet. It will give
you a good idea on location, price range, and type.
If you find something you like, make an online inquiry.
- search MLS
- search FSBO
- search Foreclosure
- search new building designs
- good schools
- good neighborhoods
- low crime
- convenient access
- protected boundaries
- more
view our step 2: location-location-location
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If you find a home and/or location you like, complete
a market-value assessment of the neighborhood:
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Using a real estate
agent can help find the right home and location.
They know the neighborhood, the schools, the access
points, and market values of similar homes:
Search Real Estate
Agents
Understand how to
work with your agent:
view our Home Buying Step 2
These home sales are referred as "For Sale
By Owner", or FSBO.
There are advantages
and disadvantages:
find
out what at our Home Buying Step 2
If you find a home and/or location you like, make
sure your agent gives you a market-value assessment.
You can find more
information about market valuations:
view our quick market valuations
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- complete a visual inspection of the home:
more information
on home inspections: step 3
- check the neighborhood and the surrounding area:
more information
on location and neighborhood: step 2
- have a market valuation completed for similar
neighborhoods and homes in the area:
more
information at our quick review: market valuations
- be prepared to move fast, if needed. The ideal
home can go fast in the right market:
more information
on market timing: step 3
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Once
you find the perfect house, you will make an offer to
buy. Understand how the offering process works:
Go to Step 3: Negotiating
the Offer
The offer will be contingent on the home passing inspection.
Review the home inspection process:
Go to Step 3b: Home Inspection
- finalize the contract
- complete a home inspection
- get financing
- do a final walk through
- go to closing and settlement
(these points are discussed below)
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You
will need to arrange financing once your offer has been
accepted. Search for the best product and rate through
our network of nationwide lenders:
View
our Step 5 for mortgage financing information
See what is needed when you submit a full mortgage application:
view application items
When you are ready to make an application, get a FREE online quote from our network of nationwide lender: click to start your application
Download this mortgage shopping sheet to compare mortgage rates and terms among lenders:
download mortgage sheet
It can make or break a deal. This will
include:
- monthly financing payment
- residential taxes
- hazardous insurance
- other
Use our model to
calculate true cost:
go to step 4: understanding the true cost of
a mortgage
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The
final step to home ownership is closing the offer and
settling the title transfer and ownership.
Notes on Home Closing
and Settlement:
Go to Step 6: Closing and Settlement
Estimate closing costs:
Go to Step 6b: Estimating
Closing Costs
Do you need to sell your existing
home before closing on your new home?
view
our 5-step Home Selling Guide
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Complete
resource center for moving:
http://www.SayRelocate.com
Simply complete an application for a home equity product
and process the paper at the same time you process your
mortgage loan.
Your advantage is that the associated costs needed for
closing your home mortgage can be applied in closing
your home equity. This can save you time and money.
You need to request from your mortgage lender information
about closing your home equity line of credit or loan.
For more information about home equities,
visit our affiliated site: YourEquity.com
One Last Note
Monthly expenses are generally tight after completing
a home construction project. Take a moment to view our
guides on lowering your monthly expenses: www.SayLowerBills.com
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