YOUR SMART HOME BUYING STRATEGY

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "YOUR SMART HOME BUYING STRATEGY"

Transcription

1 YOUR SMART HOME BUYING STRATEGY Move Confidently With RXU Real Estate Experts Prepared for: sdsd ViewJaxHomes.com 4 6RXWKVLGH %OYG 6XLWH Jacksonville, FL Independently Owned and Operated. Steven Croy Broker 2ZQHU 5($/725 6WHYHQ#5HHO.HHSHU FRP Nancy Kuhn 2IILFH $GPLQ &ORVLQJ 1DQF\#5HHO.HHSHU FRP Nury Cunha 5($/725 Hablo Español XU\#5HHO.HHSHU FRP Leslie Montour Showing Agent Mark Beamenderfer 5($/ Mark#5HHO.HHSHU FRP Krista Holen Showing Agent Julie Neeld 5($/ Julie#5HHO.HHSHU FRP Kimberly Streich Showing Agent Justin Croy 5($/725 -XVWLQ#5HHO.HHSHU FRP Kyla Ammon Showing Agent Jessica Wilson 5($/725 -HVVLFD#5HHO.HHSHU FRP Christine Westlund Showing Agent (RSS)

2 Your Home Buying Road Map Find One Realtor You Can Trust Strategic Home Buyer Consultation Set Up Your Search View Your Favorites Find Your Home! Mortgage Application Obtain Your Pre-Approval Letter Market Analysis Write Your Offer Negotiations & Counter Offers Offer Accepted Earnest Money Inspections Appraisal Utilities in Your Name Final Underwriting Final Walk Through Title Work Close on Your Home Insurance Get Your Keys This is a road map of what the typical home buying process looks like. Our home buyer guide includes more detailed information about each step. 5HHO.HHSHU 5HDOW\ Home Buyer Guide

3 Your Starts Here Every decision in a real estate transaction could save or cost home buyers $10s of $1,000s of dollars in unnecessary expenses. Steps in Your Home Buying Process: 1. Expert Advice to Setting Your 2. Funding Your Dream 3. Selecting Your Home 4. Negotiating Your Terms 5. Protecting Your Home 6. on Your Home 7. & Lifetime Resource

4 1. Expert Advice to Setting Your Smart Home Buying Determine timing & motivation Evaluate needs & wants Out-of-pocket expenses needs & pre-approval Neighborhood & lifestyle Quality of life Set expectations according to market Customized plan Market Intelligence Economic indicators Trends analysis Interest rates Loan programs and qualifications Real estate cycles Seasonal advantages Local market conditions Micro markets National market conditions Absorption analysis Inventory of corporate owned homes Inventory of short sales Inventory of foreclosures Inventory of vacant homes Rental housing vacancy rates Builder confidence Shadow inventory Inventory fluctuation Rent vs buy trends Market stability Knowledge of co-op agents negotiation strategy Knowledge of mortgage options Knowledge of insider deals Knowledge of appreciation rates Knowledge of inventory Number of Homes Sold Per Year Goal Kerby & Cristina Real Estate Experts Over900 HOMES 10 a year Avg. Agent

5 2. Funding Your Dream Trusted Lenders Best rate & terms Close on time No surprises Over deliver vs. Over promise Gets documents on time to the title company Decisions on Cost 15 year vs 30 year mortgage Long term hold Short term hold Buy first or sell first Rental property 13th payment How much can you afford? Key factors to consider: The down payment The interest rate Down payment requirements Your debt-to-income ratio The closing costs associated with the transaction LOAN TYPE DOWN PAYMENT CONVENTIONAL 5%+ FHA 3.5% DOWN PAYMENT ASSISTANCE* $1,000+ VA 0% FHA 203k 3.5% DETAILS You can put as little as 5% down and as much as you want. Generally, you put less than 20% down, you may have to pay some mortgage insurance. The lowest traditional down payment program; there is additional mortgage insurance for the life of the loan. A program for people who qualify with credit and income but do not have enough savings for a down payment. A special program for military buyers that allows them to put almost nothing down toward the purchase. A special product that allows you to wrap into your mortgage the costs of repairs or improvements to the home you buy. *There are many down payment assistance programs available through our trusted vendors, just ask us for more information to find out if you qualify. Note: More financial information in Packet 2: A Deeper Dive.

6 3. Selecting Your Home Traditional Sale Most common Best condition Reflect market value for the neighborhood Seller is not upside down on their mortgage Response to an offer is generally within 24 hours Transaction process completed within days New Construction Sale Brand new homes, built to your tastes Warrantied Less expensive to maintain Great for buyers who know exactly what they want Already built, in the process, or from scratch Think about location for cost per sq. ft (some school districts demand a premium) Transaction process varies, typically 4-6 months unless already built Bank Owned Sale Bank owns the home 2 party transaction, 1. Buyer 2. Bank Priced below a comparably sized traditional sale Home almost always sold As Is Best financing: cash, conventional or FHA 203k Response to an offer within 24 hours to 5 days Transaction process completed within days Bank will require a closing within 45 days Short Sale Selling for less than what is owed to the bank 3 party transaction, 1. Seller, 2. Buyer 3. Bank Bank has to agree to the accepted offer Bank sends out a 3rd party to value the property Bank will accept, counter, or reject an offer Response to an offer can be up to days Can be great deals, but wait time involved for all parties can be extreme and very hard on a buyer wanting to purchase quickly Transaction process varies, typically 4+ months Note: More information on types of home sales in Packet 2: A Deeper Dive.

7 4. Negotiating Your Terms Once we ve found the home you wish to purchase, you ll need to determine what offer you are willing to make on the home. After all, you are the one making the payments! Making an Offer Pre-approval in hand Type of financing Sales price Comparable market analysis (comps) Earnest money Home warranty Inspection repair costs Seller s purchase price pre-tax records Property tax assessment review Walk away leverage Multiple Offer Dear Seller letter Zero repair allowance Increased earnest money date Costs - these are approximate amounts & some may not apply Prepaid Insurance (~ $600 - $2000) Prepaid Taxes (up to 6 months) Prepaid Home Owners Association Fees (when applicable) Mortgage Origination Fee (< $1000) Appraisal Fee (~ $450) Title Fees (< $1000) Other Fees (< $1000) You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the closing, unless you are able to include them in your financing. Typically, total closing costs will range between 3-5% of your mortgage amount. In today s market, it is common for the seller to pay around 3% of the mortgage amount toward your closing costs; this is called "Seller Concession" or Seller s contribution to your closing costs. (Example below) $200,000 - $6,000 = $194,000 Your Offer (The total amount of your purchase price) Seller s Contributions (The amount of your closing costs you ask the seller to pay for you) Net Offer (The final amount the seller is actually receiving, viewed as your actual offer)

8 5. Protecting Your Home Home Inspection - We have our trusted partners, but you have your choice We highly recommend you have a Certified Home Inspector conduct a thorough inspection. The inspection is to eliminate potential surprises to the buyer. Your home cannot pass or fail an inspection. The inspector s job is to report on major damage or serious problems that require repair and make you aware of repairs that are recommended or necessary. The Inspection will include: Appliances Plumbing Electrical Heating and Air Conditioning Roof and Attic (if accessible) Foundation General Structure WDO Inspections are recommended - There are ONLY 3 types of homes in Florida. WDO = Wood Destroying Organism Thermal imaging can reveal issues unseen in a standard visual home inspection. The seller may be willing to negotiate completion of repairs or a credit for completion of repairs, or you may decide that the home will take too much work and money, and cancel the offer. Your inspection is a contingency to the purchase agreement and is usually a 10 calendar day period. Home Warranty - We usually partner with First American Home Warranty Corp. Previously-Owned Home Warranties When you purchase an existing home, you can purchase warranties that will protect you against most ordinary flaws and breakdowns in major mechanicals and appliances for at least the first year you own the home. The warranty may be offered by or negotiated with the seller, or can be purchased by you, the buyer. New Construction Home Warranties When you purchase a newly-built home in the State of Florida, the builder normally offers a full home warranty on things such as the quality of design, materials, and workmanship. 1 year on defects caused by faulty workmanship and defective materials 2 years on defects caused by faulty installation of plumbing, electrical, heating and cooling systems 10 years free from construction defects due to noncompliance with building standards Note: More information on inspection costs in Packet 2: A Deeper Dive.

9 6. on Your Home Home Owner s Insurance Highly competitive rates Impacts your monthly payment Title Company / Company Quality management of process Manage all parties in transaction Leverage for getting problems resolved on time Protecting your interests Transferring ownership of property to you The Final Details All documents to lender in timely manner Appraisal Lender repairs Transfer of utilities The Who will be there? You, the buyer(s) Seller(s) Buyer s Agent Listing Agent Closer, the party representing the title company Occasionally, your mortgage officer What will you need? Bring valid government-issued photo ID Bring a cashier s check for your cash to close (your mortgage officer will tell you the amount prior to closing) What is expected from you at the closing? If financing the property, your lender will require you to sign a document, called a promissory note, as evidence that you are personally responsible for repaying the loan. An escrow account will be set up for you at this time to pay any expenses incurred on the property (taxes, assessments, insurance, etc.). You will also sign all title and deed documents putting you as the official homeowner! Note: Buyer s agent commission is paid at closing once we find you the right home. Our win is your win! More information on closing details in Packet 2: A Deeper Dive.

10 7. & Lifetime Resource Trusted Contractors Handymen Cleaning companies Carpet cleaning Exterior maintenance Painting & remodeling Siding/Windows/Decks Etc. On-going Real Estate Support Post closing questions Updated market information Helping your friends and family Reel Keeper Perks Club 'Charity of Choice' Donation (at ) Thanksgiving Turkey Drawing (5 WINNERS each year) Notary Public Services Mission To give our clients and team members the freedom to build a big vision and empower them to achieve their goals. Dream To build the most trusted and referable real estate organization in North East Florida, consistently delivering exceptional results with the highest customer experience through our expert team and innovative systems. Core Commitments Go above and beyond Do what you say you will do Deliver prompt communication Build lasting relationships Never problems, only solutions

11 Independently Owned and Operated.

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001

Home Buyer s. Helpful Information to Find and Finance Your Next Home. www.colonialnationalmortgage.com 1-800-937-6001 Home Buyer s H A N D B O O K Helpful Information to Find and Finance Your Next Home www.colonialnationalmortgage.com 1-800-937-6001 The information herein is subject to change and is not an offer to extend

More information

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com

BUYER Guide. Toledo Area Real Estate. A Tradition of Trust in Ohio Real Estate. (419) 874-1188 Jon@Modene.com www.modene.com BUYER Guide (419) 874-1188 Jon@Modene.com www.modene.com Toledo Area Real Estate A Tradition of Trust in Ohio Real Estate Sell Your Home From childhood to parenthood to retirement, your home is a statement

More information

2013 BUYERS GUIDE. KW Market Navigator

2013 BUYERS GUIDE. KW Market Navigator KW Market Navigator 2013 BUYERS GUIDE Am I ready to buy? How much can I afford? Where do I find homes? Why buy now? How s the market? Is there a right time to buy? What is this home worth in today s market?

More information

Getting Prepared to Purchase Your Home

Getting Prepared to Purchase Your Home Thank you for taking the time to download our Homebuyer s Kit. TJC Mortgage knows that you have options when choosing a mortgage company to assist with your home purchase and we want you to know that we

More information

Homebuyer Education: What You Need to Know

Homebuyer Education: What You Need to Know Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct

More information

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

More information

Appreciation is one way that the the difference between the market value of property and the amount owed on it increases.

Appreciation is one way that the the difference between the market value of property and the amount owed on it increases. Chapter 22 Buying a Home 22.1 Why Buy a Home? Vocab Market value appraised value assessed value Equity conventional loan FHA loan Trust deed escrow account discount points Loan origination fee closing

More information

Tips for First Time Home Buyers

Tips for First Time Home Buyers Tips for First Time Home Buyers Thinking about buying your first home? Andrew L. Jaloza & Associates will help you understand the process of home ownership so you can make informed decisions about your

More information

Questions to Ask Yourself When Buying a New Home

Questions to Ask Yourself When Buying a New Home Questions to Ask Yourself When Buying a New Home When I start visiting homes, what should I be looking for the first time through? The house you ultimately choose to call home will play a major role in

More information

HOME BUYER S H A N D B O O K

HOME BUYER S H A N D B O O K HOME BUYER S H A N D B O O K Helpful Information To Find and Finance Your Next Home Buying a home is one of the most important financial decisions you'll ever make. A home can be an excellent investment

More information

FIRST-TIME HOME BUYERS SEMINAR

FIRST-TIME HOME BUYERS SEMINAR FIRST-TIME HOME BUYERS SEMINAR Everything you need to know to make buying your first home easy and affordable. Presented by: ERA Woody Hogg & Associates Logan S. Ryan, REALTOR WHY BUY? Tax deductions Stable

More information

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program

Bokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program Home Buying Educational Seminar The WU Employer Assisted Housing Program Agenda WU Employer Assisted Housing Program Program highlights Neighborhoods Home Financing Benefits of homeownership Preparation

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very

More information

Actions to Take Before Buying a Home Today

Actions to Take Before Buying a Home Today Actions to Take Before Buying a Home Today As the housing downturn has shown, homeownership is about more than buying a home you have to make sure you can keep the home over the long term. If you re thinking

More information

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

YOUR GUIDE. To Home Ownership

YOUR GUIDE. To Home Ownership YOUR GUIDE To Home Ownership FIRST TIME HOMEBUYER? There Are Many Advantages of Home Ownership Home ownership is one of life s major events, and it provides some unique personal and financial rewards.

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

800.550.9435 www.pwsb.com

800.550.9435 www.pwsb.com 800.550.9435 www.pwsb.com Thinking of buying your first home? Bet you re pretty nervous, huh? Maybe even cold sweats nervous. How in the world are you going to afford it? Where do you start? All these

More information

federal credit union Home Buyer s Guide

federal credit union Home Buyer s Guide federal credit union Home Buyer s Guide Home Buyer s Guide Buying a home is one of the largest financial decisions you ll ever make. It can be an excellent investment since most houses increase in value

More information

SUCCESSFUL HOMEBUYING HANDBOOK. A Guide For Your Successful Home Purchase

SUCCESSFUL HOMEBUYING HANDBOOK. A Guide For Your Successful Home Purchase SUCCESSFUL HOMEBUYING HANDBOOK A Guide For Your Successful Home Purchase INTRODUCTION Buying a home is one of the most important purchases most of us make during our lifetimes. To make certain you are

More information

HOME BUYING MADE EASY. Live the dream of owning your own home.

HOME BUYING MADE EASY. Live the dream of owning your own home. HOME BUYING MADE EASY Live the dream of owning your own home. HOME buying Made Easy PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC

More information

Before you agree to buy a house, make sure

Before you agree to buy a house, make sure SPECIAL ALERT Office of the Attorney General, Consumer Protection Division Home Buyers: Beware of Flipping Scams Bought by "flipper" $24,000 February Before you agree to buy a house, make sure you re not

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

Your Home Buyer Handbook

Your Home Buyer Handbook Your Home Buyer Handbook Steve Mun, e-pro & QSC Steve Mun Group Keller Williams Cupertino Your Silicon Valley Realtor Providing Quality Service You Deserve Your Home Buyer Handbook Dear Home Buyer, You

More information

HOME BUYER CONSULTATION

HOME BUYER CONSULTATION HOME BUYER CONSULTATION PREPARED BY: Kay Houghton Realtor and Owner of Kay Houghton Homes The Home-Buying Process {AGENT NAME} {AGENT PHONE} {AGENT EMAIL} {AGENT WEBSITE} It s All About You My real estate

More information

Real estate terms and definitions

Real estate terms and definitions Real estate terms and definitions Annual Percentage Rate (APR): The total yearly cost of a mortgage as expressed by the actual rate of interest paid. The APR includes the base interest rate, points and

More information

Presented by Concorde Mortgage Co.

Presented by Concorde Mortgage Co. Presented by Concorde Mortgage Co. Zanesville Office (740) 454-8876 Coshocton Office (740) 623-2995 Toll Free (800) 579-1291 Website: www.concorde-mortgage.com 1) Are You Ready to Buy? 2) Important Financing

More information

HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM

HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM HOMEPATH BUYERS GUIDE WWW.HOMEPATH.COM Buyers Guide Buyers Guide For a Fannie Mae-owned Home Whether you re buying your first home or your fifth, the experience can be exciting, confusing, overwhelming

More information

in the Real Estate Transaction

in the Real Estate Transaction The Critical Role of the REALTOR in the Real Estate Transaction Listed here are nearly 200 typical actions, research steps, procedures, processes, and review stages in a successful residential real estate

More information

UMB Mortgage Solutions. Home Buying 101

UMB Mortgage Solutions. Home Buying 101 UMB Mortgage Solutions Home Buying 101 1 Agenda Are You Ready to Buy a Home? Selecting a Lender Mortgage Loans Getting Started Home Checklist Purchase Contract Questions 2 Home buying Terms Mortgage Lender

More information

HOME BUYING MADE EASY. Know what you need to get it right.

HOME BUYING MADE EASY. Know what you need to get it right. HOME BUYING MADE EASY Know what you need to get it right. HOME BUYING MADE EASY PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC has

More information

City of Miramar. Neighborhood Stabilization Program (NSP)

City of Miramar. Neighborhood Stabilization Program (NSP) City of Miramar Neighborhood Stabilization Program (NSP) Q. What type of assistance is available? HOME BUYERS Frequently Asked Questions The City will assist with the purchase and qualified repairs of

More information

Homebuyers Information Guidebook

Homebuyers Information Guidebook Homebuyers Information Guidebook Comparing Buying and Renting Getting Your Financial Picture In Focus Developing a Budget Determining Your Housing Needs and Wants Finding and Choosing a Real Estate Agent

More information

he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home.

he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. he Utah Housing Corporation offers six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of the

More information

The Transaction List. Pre-listing activities. Listing appointment presentation

The Transaction List. Pre-listing activities. Listing appointment presentation The Transaction List A few years ago, a group of REALTORS in Florida compiled a detailed list of all the duties a REALTOR performs to sell a home. From listing to closing, the list grew to a staggering

More information

Homebuyer s Guide. Brought to you by:

Homebuyer s Guide. Brought to you by: Homebuyer s Guide Brought to you by: AmeriSouth Mortgage Company NMLS ID: 67050 Phone: (704) 845-9400 info@amerisouth.com www.amerisouth.com The basics What is a mortgage? A mortgage is a loan secured

More information

Buyer s Advantage Program

Buyer s Advantage Program contents 03 Buyer s Advantage Program What you need to do to get enrolled 04 Buyer Advantage Program Enrollment Form 05 Buying with the Misty SOLDwisch Home Selling Team 06 Home Buying Process 07 Tasks

More information

FINDING YOUR NEW HOME

FINDING YOUR NEW HOME FINDING YOUR NEW HOME James Bollig, Realtor Better Homes and Gardens Real Estate Gary Greene 832.465.5686 JamesSellsHouston.com James.Bollig@GaryGreene.com James Bollig, Realtor, MBA Your Texas Heroes

More information

Buyer s Guide BASIC INFORMATION:

Buyer s Guide BASIC INFORMATION: Buyer s Guide Buying an apartment in NYC can be overwhelming. Our Buyer s Guide provides useful information that can help you familiarize yourself with the process. BASIC INFORMATION: Financing: Find out

More information

10 Steps to Homeownership

10 Steps to Homeownership From the National Association of REALTORS (www.realtor.org) Step 1: Are You Ready? Knowledge and experience are the keys to successful real estate transactions. REALTOR.com contains an enormous amount

More information

This guide covers: Things to Do Before Starting Your Search. Searching for Your Dream Home. Making an Offer. The Inspection Process

This guide covers: Things to Do Before Starting Your Search. Searching for Your Dream Home. Making an Offer. The Inspection Process This guide covers: Things to Do Before Starting Your Search Searching for Your Dream Home Making an Offer The Inspection Process The Mortgage Process Closing Congratulations! You re about to embark on

More information

Your Mortgage Guide: The Process, Meet Your

Your Mortgage Guide: The Process, Meet Your Your Mortgage Guide: The Process, Meet Your Team, Definitions, and Frequently Asked Questions Getting Started The first step begins by completing your mortgage application. You may hear this referred to

More information

AUSTIN PROPERTY SOLUTIONS

AUSTIN PROPERTY SOLUTIONS AUSTIN PROPERTY SOLUTIONS Hassle Free Home Sales with C Squared Solutions If you are interested in selling your house quickly and hassle free, you ve come to the right place! Read on to learn what C Squared

More information

HOW TO INFLUENCE THE SHORT SALE BPO

HOW TO INFLUENCE THE SHORT SALE BPO HOW TO INFLUENCE THE SHORT SALE BPO Working With the Lender s BPO Agent to Get a Fair and Accurate As Is Market Value Understanding what a Broker Price Opinion is and what it is used for is a key component

More information

FIRST TIME HOME BUYING

FIRST TIME HOME BUYING We re here to help first time homebuyers sift through the myths and the truths about buying your first home. Realtor.com wants you to be a smart homebuyer and will inform you about the whole process at

More information

Step 1 Getting Pre-Qualified

Step 1 Getting Pre-Qualified Step 1 Getting Pre-Qualified Now that you ve made the decision to purchase a home, the next step is to get pre-qualified from a lending institution, like Michigan Mortgage Solutions, to determine how much

More information

Your home financing process checklist

Your home financing process checklist Your home financing process checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

We ll help you open the door.

We ll help you open the door. We ll help you open the door. The Citizens Guide to Home Financing Lori Customer Table of Contents Before you look 4 The costs of purchasing a home 4 Getting a head start: Pre-approval 6 Choosing a mortgage

More information

Affordable, fixed rate mortgages

Affordable, fixed rate mortgages First Home Program Affordable, fixed rate mortgages Dear Future Homeowner, MaineHousing s First Home Program makes it easier and more affordable to buy a home of your own. There are many reasons to consider

More information

Fifth Third Home Buying Guide. A Guide to Residential Home Buying.

Fifth Third Home Buying Guide. A Guide to Residential Home Buying. Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder

More information

Home Buying Insider Page 1 of 12

Home Buying Insider Page 1 of 12 Home Buying Insider Page 1 of 12 LEGAL NOTICE The Publisher has strived to be as accurate and complete as possible in the creation of this report, notwithstanding the fact that he does not warrant or While

More information

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701

HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701 Illinois Association of REALTORS 522 S. Fifth Street Springfield, IL 62701 www.illinoisrealtor.org www.yourillinoishome.com HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs

More information

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low

More information

Buying your first home.

Buying your first home. Financial Milestones: Buying your first home. What you should know to make the process easier and more rewarding. Everything you wanted to know about buying your first home Buying your first home can be

More information

Standard 10: The student will explain and compare the responsibilities of renting versus buying a home.

Standard 10: The student will explain and compare the responsibilities of renting versus buying a home. STUDENT MODULE 10.3 RENTING VERSUS BUYING PAGE 1 Standard 10: The student will explain and compare the responsibilities of renting versus buying a home. Buying a House Hank and Peggy decide it is finally

More information

The Real Estate Transaction in 181 Steps What Your REALTOR Does for You

The Real Estate Transaction in 181 Steps What Your REALTOR Does for You The Real Estate Transaction in 181 Steps What Your REALTOR Does for You Surveys show that many homeowners and homebuyers are not aware of the true value a REALTOR provides during the course of a real estate

More information

A. Confirm Buyer has been pre-qualified by a lender (If not, Buyer Agent will introduce lender) 2. How much was the buyer pre-qualified for?

A. Confirm Buyer has been pre-qualified by a lender (If not, Buyer Agent will introduce lender) 2. How much was the buyer pre-qualified for? Home Buying Process I. Interview A. Confirm Buyer has been pre-qualified by a lender (If not, Buyer Agent will introduce lender) 1. When was the buyer pre-qualified? 2. How much was the buyer pre-qualified

More information

Guide to Purchasing a Home

Guide to Purchasing a Home Your journey to homeownership starts at your credit union. Purchasing your first home is a big decision, and it may even seem overwhelming. Rest assured Beacon Credit Union is here to assist you in understanding

More information

Acquiring Bank Owned Foreclosures

Acquiring Bank Owned Foreclosures Acquiring Bank Owned Foreclosures The news and local conversations are full of stories about investors getting great deals on foreclosed houses. Why wouldn t affordable housing providers want to do the

More information

203kLender.com. The 10 Step Quick Start Guide. What s Included: Types of 203k Loans. 10 Quick Steps To Get You Started

203kLender.com. The 10 Step Quick Start Guide. What s Included: Types of 203k Loans. 10 Quick Steps To Get You Started 203kLender.com The 10 Step Quick Start Guide What s Included: & Types of 203k Loans 10 Quick Steps To Get You Started The FHA 203K Loan 10 Step Quick Start Guide If there was a way to create your dream

More information

INTERACT WITH CAPITOL FEDERAL

INTERACT WITH CAPITOL FEDERAL TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. EMAIL your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

Standard 10: The student will explain and compare the responsibilities of renting versus buying a home.

Standard 10: The student will explain and compare the responsibilities of renting versus buying a home. TEACHER GUIDE 10.3 RENTING VERSUS BUYING PAGE 1 Standard 10: The student will explain and compare the responsibilities of renting versus buying a home. Buying a House Priority Academic Student Skills Personal

More information

How To Live The American Dream. Your guide to buying a home.

How To Live The American Dream. Your guide to buying a home. How To Live The American Dream Your guide to buying a home. Wright-Patt Believes: Helping member-owners achieve the American Dream of homeownership is one of our most important roles Homeownership is the

More information

Appendix C: HUD-1 Settlement Statement

Appendix C: HUD-1 Settlement Statement Appendix C: HUD-1 Settlement Statement HUD-1 Settlement Statement The Settlement Statement, or HUD-1 Form, details the exact breakdown of all the money paid or received by both the buyer and the seller.

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

THE PURCHASE AND SALE AGREEMENT

THE PURCHASE AND SALE AGREEMENT Buying a Home 1 2 INTRODUCTION Buying a home may be the biggest single investment of your lifetime. Your life s savings may be invested in this one venture. Thus, it is extremely important that you, the

More information

Enjoy Retirement In Your Dream Home. Home Equity Conversion Mortgage for Purchase Guide

Enjoy Retirement In Your Dream Home. Home Equity Conversion Mortgage for Purchase Guide Enjoy Retirement In Your Dream Home Home Equity Conversion Mortgage for Purchase Guide At Towne, we recognize the unique financial needs of the senior community. A Home Equity Conversion Mortgage (HECM)

More information

Coldwell Banker Ward Real Estate, Inc. Homebuyer Guide. Ward Real Estate, Inc.

Coldwell Banker Ward Real Estate, Inc. Homebuyer Guide. Ward Real Estate, Inc. Coldwell Banker Ward Real Estate, Inc. Homebuyer Guide Ward Real Estate, Inc. Why Should I use a Coldwell Banker Ward Agent? We will offer negotiation strategies that will ensure the best possible outcome.

More information

Your Home Buying Packet

Your Home Buying Packet Your Home Buying Packet A Complete Guide to the Home-Buying Process JILL KARLOFF, REMAX-THE PRODUCERS 3925 S 147 th Ste. 115 Omaha, Ne 68144 402-496-3700 (O) 402-658-4777 (C) jillkarloff@remax.net www.jillkarloffhomes.com

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

Start with Some Calculations. Use our calculators to obtain valuable mortgage financing information.

Start with Some Calculations. Use our calculators to obtain valuable mortgage financing information. MORTGAGE IT S A NORTH SHORE MORTGAGE! What does it mean when we say It s not just a mortgage; it s a North Shore Mortgage? It s our way of saying that we re more than just another mortgage company. In

More information

CONVENTIONAL FINANCING CONTINGENCY EXHIBIT " "

CONVENTIONAL FINANCING CONTINGENCY EXHIBIT  CONVENTIONAL FINANCING CONTINGENCY EXHIBIT " " 2013 Printing This Exhibit is part of the Agreement with an Offer Date of for the purchase and sale of that certain Property known as:,, Georgia. 1. Application.

More information

To Buy Your Dream Home... Step by Step

To Buy Your Dream Home... Step by Step To Buy Your Dream Home... Step by Step Compliments of AZ Peak Realty Rule #1 Seek good Advice! How To Find and Own Your Best Home Choice Homes-Phoenix-AZ.com azpeakrealty.com... info@azpeakrealty.com 602-931-1010

More information

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA

OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA OPPORTUNITIES FOR HOMEOWNERSHIP IN INDIANA IT ALL BEGINS AT HOME... Under the leadership of Lt. Governor Sue Ellspermann, IHCDA contributes to Indiana s economy by creating housing opportunity, generating

More information

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement Coming to Grips With Settlement What to Know Before Your Closing The closing, also known as the settlement, is the last step in getting your mortgage and actually becoming

More information

AGENT GUIDE TO SHORT SALES

AGENT GUIDE TO SHORT SALES AGENT GUIDE TO SHORT SALES www.mzlaw.us TABLE OF CONTENTS 1. Timeline of who does what Page 3 2. Key Points every Agent needs to know Page 4 3. Listing Agent Procedures in the short sale Pages 5-6 4. Markve

More information

Kody & Company, Inc. Real Estate Specialists 60 Ashland St. North Andover, MA. 01845 Ph. 978-686-1954 Fax 978-686-1413 www.kodyco.

Kody & Company, Inc. Real Estate Specialists 60 Ashland St. North Andover, MA. 01845 Ph. 978-686-1954 Fax 978-686-1413 www.kodyco. Kody & Company, Inc. Real Estate Specialists 60 Ashland St. North Andover, MA. 01845 Ph. 978-686-1954 Fax 978-686-1413 www.kodyco.com Buyer Book Agency Relationship Preparing for Home Ownership Assessing

More information

Realty Associates 1223 Antoine Houston, TX 77055 Phone 713-530-2455 Fax 281-901-9662

Realty Associates 1223 Antoine Houston, TX 77055 Phone 713-530-2455 Fax 281-901-9662 Thank you for the opportunity to represent you in the purchase of your new home. I think of my clients as individuals with specific needs. With this in mind, my team and I strive to give you exceptional

More information

New Home Buyer's Guide

New Home Buyer's Guide New Home Buyer's Guide Contents Steps for buying a new, natural gas home p. 3 Mortgage payment calculator p. 4 Mortgage qualification guide p. 5 Mortgage application checklist p. 6 Real estate glossary

More information

How to create a winning CMA

How to create a winning CMA Purpose: This 3-hour course is will teach you how to create a Comparative Market Analysis (CMA) before listing a home for sale. We will show you how to research a home using the Internet, Tax Records,

More information

HOME BUYING GUIDE Step 1. Pre-Approval/ Mortgage Options

HOME BUYING GUIDE Step 1. Pre-Approval/ Mortgage Options HOME BUYING GUIDE Buying a home will be one of the biggest decisions of your life. We believe that education and a general understanding of the process keeps our clients more informed and confident about

More information

2. Research Sales Activity from MLS and public records databases

2. Research Sales Activity from MLS and public records databases Have you ever wondered what your Realtor does for you? Below are many of the items that, as Realtors, we carry out to help facilitate your transaction. Not all of these are applicable to every transaction

More information

MI, VT, ME, NH, MA, CT, RI, NJ & NY BROKER S GUIDE TO SELLING HUD HOMES

MI, VT, ME, NH, MA, CT, RI, NJ & NY BROKER S GUIDE TO SELLING HUD HOMES MI, VT, ME, NH, MA, CT, RI, NJ & NY BROKER S GUIDE TO SELLING HUD HOMES 2 WHAT IS A HUD HOME? When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee)

More information

BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 BUYING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 BUYING A HOME Buying a home may be the biggest single investment of your lifetime. An entire life's savings

More information

Tangerine guides to personal finance. Taking possession. What to watch for when buying your first home

Tangerine guides to personal finance. Taking possession. What to watch for when buying your first home Tangerine guides to personal finance Taking possession What to watch for when buying your first home Buyers are often surprised that newly-built homes might need additional work too 2 Like no other purchase

More information

Call to improve your financial situation TODAY! What is your financial situation going to look like in 5 years... Our Mission

Call to improve your financial situation TODAY! What is your financial situation going to look like in 5 years... Our Mission OCG Properties, LLC Phone: 424. 757.4680 Fax: 310.347.4415 Email: invest@owenscg.com 1500 Rosecrans Avenue, Suite 500-406 Manhattan Beach, CA 90266 Web: www.ocgproperties.com What is your financial situation

More information

HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development

HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development HUD Listing and Bidding Procedures Disclosures HUD Homes are sold "As Is" without warranty. Irregularities in bids: HUD reserves the right

More information

Home Finance. Slide 1

Home Finance. Slide 1 Slide 1 Home Finance The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular

More information

Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more

Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more Before we begin the process of finding your new home, let s go through some very important points you should know to make this experience more enjoyable. DON T WORRY...you will find the right home!..you

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

More information

Because preparation leads to success. Today s Agenda. Let s Get Started. What s happening in the market. The home buying process.

Because preparation leads to success. Today s Agenda. Let s Get Started. What s happening in the market. The home buying process. Today s Agenda Let s Get Started What s happening in the market The home buying process My background Your seamless one-stop source Ready to start looking Because preparation leads to success. 1 Let s

More information

HUD REPOS. SecurityNational Mortgage Company

HUD REPOS. SecurityNational Mortgage Company HUD REPOS SecurityNational Mortgage Company Appraisal Requirements Appraisals are ordered by the M&M contractor from an FHA appraiser. Utilities should be on at the time the appraisal is conducted. If

More information

An Easy Guide to Buying a Home

An Easy Guide to Buying a Home An Easy Guide to Buying a Home Dear Future Homeowner, You have just taken the first step on the road to realizing the American dream. Choosing your home loan is one of the most important decisions you

More information

Homebuyer Orientation Packet

Homebuyer Orientation Packet Homebuyer Orientation Packet Southeast Texas Housing Finance Corporation (SETH) is the administrator of several Down Payment and Closing Cost Assistance Programs within the Houston-Galveston Area. These

More information

Buy a home, plus make improvements, with just one loan

Buy a home, plus make improvements, with just one loan Homebuyer guide to a mortgage with built-in renovation financing Buy a home, plus make improvements, with just one loan Learn how Are you thinking of buying a home that needs work? Well Fargo is here to

More information

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home)

The Only Mortgage Loan Options. Guide You Need. (How To Find The Right Mortgage Loan To Buy The Right Home) The Only Mortgage Loan Options Guide You Need (How To Find The Right Mortgage Loan To Buy The Right Home) Page 2 The Only Mortgage Loan Options Guide You Need (Or: How to Find the Right Mortgage Loan for

More information

Borrow Wisely with these Keys: Local servicing Pre-approvals Competitive interest rates Personal service Tailored loan programs*

Borrow Wisely with these Keys: Local servicing Pre-approvals Competitive interest rates Personal service Tailored loan programs* Your Home Financing Process Checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the

More information

Will Lenders or Banks do short sales if the mortgage is current?

Will Lenders or Banks do short sales if the mortgage is current? Frequently Asked Questions FAQ What is a short sale? A short sale is when your Lien Holder(s) agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage

More information

LISTING EXPRESS SERVICES COMPARISON CHART

LISTING EXPRESS SERVICES COMPARISON CHART LISTING EXPRESS SERVICES COMPARISON CHART Full service charge brokers - total charged to seller 6% Discounted brokers - commission total charged to seller 5% Full Service Charge Brokers Discount Brokers

More information