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1 Home Buyer s Guide Brought to you by This guide will help you understand how credit affects the home buying process. The knowledge you gain here will save you thousands of dollars in fees and rates before closing on a property. Take control of your future... Do you know what your credit score means or how it affects your financial future? Just follow the guide and click through the links, and you ll be looking at great credit and buying your dream home in no time!

2 Step 1. Check Your Credit First things first, you need to check your credit score. It s the first thing your realtor or lender will check before they take a second look at you as a home buyer. A credit score is an estimation of your financial history calculated by software by the Fair Isaac Corporation, FICO (sometimes credit scores are called FICO scores). Credit scores are comprised of several factors: Payment history (35%) Outstanding balance (30%) Account age (15%) Types of credit you have (10%) Number of inquiries from your creditors, usually banks, in your score (10%) For example, if you re paying bills on time and in full, your payment history is probably good, giving you more points. But if you have high balances on your credit cards, your score will be docked points. Good scores are between 640 and 850. The higher your credit score, the lower the interest rate you will be offered. Scores below 640 are considered more risky by lenders. Don t be discouraged if you have a poor credit score because you can repair your credit. You cannot continue without knowing your credit score, clicking below. Once you check your credit score, continue to Step 2. Assessing Your Options.

3 Step 2. Assessing Your Options Remember, you cannot continue without your credit score! If your credit score is below 640, many banks will see you as a liability. There s good news, though - you do have options! You can still own a home by repairing your credit or rentingto-own. Lexington Law, the trusted leader in credit report repair, has served over 1/2 million clients since 1991, and has helped remove millions of questionable negative items from client credit reports. Call (855) or visit Lexington Law for more information. Learn how to repair your credit by clicking here. You will start at Step 3A. Credit Repair Options If you credit score is 640 or above, it s easier for you to get the most competitive rates on your mortgage. Most consumers spend hours searching for the best rate, but you re smart enough to know someone s already done it for you! LendingTree is the place to go. Banks send you quotes on the best rate they can give you for your mortgage. Rather than wasting your time haggling with banks on each individual rate, you now have an abundance of banks competing to give you money. All you have to do, is pick the best deal. Next, learn how to set the right budget for your home by clicking here. You will start at Step 4A. Set a Budget OR If you ve already been through the initial processes, look into down payments, financing, refinancing and foreclosures by clicking here. You will start at Step 5A. Refinancing

4 Step 3A. Credit Repair Options Credit score below 640? Don t freak out. Take a look at your report and make sure everything is correct. If you find pieces that are inaccurate, you could write a letter to the credit bureau credit bureau explaining the error exactly from your perspective. The hardcopy letter must be mailed by certified mail from the post office, return receipt requested. Then, you must send a copy of the letter (not the original) receipts and/or statements to the company that reported the error. Depending on volume, it will be investigated within 30 days. There are credit repair services out there to help you boost your credit score, too. There s also a number of debt relief companies ready to help you. Here are some tips to avoid scams with credit repair companies: Do not dispute every item on your report, even if it s accurate. Many companies will try to get out of work by asking you to dispute your entire report regardless of its accuracy. Don t listen to a company that tells you to apply for a report under a different identity; it s a felony. Don t trust a company that asks you not to directly contact your creditors or lenders. If you do choose to seek help from a credit repair company, we recommend trusting Credit Repair Connect to repair your credit. In their over 20 years in business, Credit Repair Connect has helped over 500,000 people navigate the complicated path to credit repair. Credit Repair Connect has a team of lawyers ready to protect your rights and work on your behalf. Call (888) or click below. While Credit Repair Connect handles the repairs, learn about home buying options by clicking here. You will continue to step 3B. Rent-to-Own

5 Step 3B. Rent-to-Own Rent-to-own has its advantages and disadvantages for both renter and owner. In today s market, though, it s been more of an advantage for renters choosing this option. Most homeowners have already bought another home and are currently trying to sell their old one. They ll put their house on the market with a rent-to-own option in case they can t find a buyer. New buyers who don t have the money saved to buy a home or the credit score to support a mortgage, can take advantage of this rent-to-own option in the hopes of becoming credible after the rental period is over. Also called lease-to-own, the rent-to-own process works much like that of a car lease. Renters pay the owner monthly for a set period of time. The renter has the choice to opt into an option fee, which increases each monthly rent payment but then eventually goes towards a down payment to buy the home. At the end of this renting time period (usually within three years of your first payment), the renter has the option to buy the house from the owner. The price of the home is set in the initial rental agreement and locked for the duration of the renting period. Even if the housing price rises during the renting period, the original agreement price stands. Key Tip: There is a lot of confusion between a lease-option agreement and a lease-purchase agreement. Owners use the terms interchangeably now, but they re actually very different. A lease-option allows renters to move out of the house after the rental period is up. A lease-purchase deal requires renters to buy the house after the rental period regardless of their ability to afford it. When you re looking at the documents, be sure to ask which one you re signing up for. Next, learn how to set the right budget for your home by clicking here. You will continue at Step 4A. Set a Budget

6 Step 4A. Set a Budget Start by laying out your finances and determining how much money you will make next year. From this, subtract a gross monthly income before taxes - this is the number bankers will use in qualifying you for a mortgage. Next, calculate your income after taxes, deductions, debt commitments (loans, living costs, auto, school, etc.) to get your net income. Keep in mind it s recommended to always have at least two months of living expenses saved for emergencies. Take this number and divide by 12 (one year of monthly payments) to determine a good estimate of what you have available towards your mortgage payment. When looking at your mortgage payment budget, factor homeowners insurance and taxes into the mix before you start looking at homes. Homeowners insurance: Get this number from your real estate agent or talk to your insurance agent to estimate this cost. Private mortgage insurance (PMI): If you put down less than 20 percent of a home s value, you ll need to pay PMI. This payment is usually between.5 percent and one percent of the loan amount. It s required in order to protect the lender. Real estate taxes: Divide a home s annual property tax amount by 12 (one year) to determine about how much you ll need to pay in real estate taxes for your home. If this is overwhelming, learn about Rent to Own options by clicking the button below. Now that you have a budget, find the best financial option by clicking the button below. If you ve already been to 3B., continue here. You will go to Step 3B. Rent-to-Own You will go to Step 4B.

7 Step 4B. Down Payment vs.. Second Mortgage Now that you know how much money you can allot to your mortgage payment, it s time to decide how much you want to use as your down payment. A down payment is an initial payment towards your home that immediately gives you a percentage of home ownership. The amount you put down depends on what you can afford and what your lender requires. If you can afford to put down 20 percent, this will get you the most benefits down the road. However, most home buyers cannot afford 20 percent, so your lender may lower it to five to ten percent of the home s value. If those percentages still look at little high, try applying for a second mortgage. Usually, a second mortgage is a way for current homeowners to add equity to a mortgage. But you can also use a second mortgage to bridge the gap between a first mortgage and a down payment. It s a good option for first home buyers who need to purchase a home with a smaller down payment or want to buy with a smaller initial cash payment. Remember though, if you put down less than 20 percent of the home price, you re required to buy private mortgage insurance (PMI). You can get around paying PMI with a second mortgage by taking your first mortgage at 80 percent of the loan s value, the second for ten percent, and then putting ten percent down. Now that you re ready to step into some homes, make sure you know what to look for by clicking here. You will continue at Step 4C. Home Inspection

8 Step 4C. Home Inspection Even though some states do not require a Licensed Professional Engineer (P.E.) to perform a home inspection, it s a smart choice to choose a P.E. anyway. If you accept the services of a home inspector who is not a P.E and he or she finds a problem with your home that needs to be addressed, you ll be required to pay for a second inspection by a P.E. to retain the opinion. Home inspector certifications are purchasable by everyone; you don t need a high school diploma to obtain one of these. Seek out a company affiliated with professional societies like NABIE (National Academy of Building Inspection Engineers) or NSPE (National Society of Professional Engineers). As a first time home buyer, plan to follow the home inspector around and ask questions during the inspection. It usually takes about two hours, but you ll learn more about your home and the home buying process this way. At the end, you ll have a good idea of what repairs are needed and what parts of your home may need renovation down the road--both indoors and out. When you receive your report, request a detailed written report, not a handwritten check list. A detailed report is especially helpful for first time home buyers because it provides engineering advice and extra information on your home. Lastly, double check that your inspection report is stamped with a licensed home inspectors P.E. seal before accepting it. Since you ve looked at a few homes and can connect homes you want to prices, take a look at mortgage options by clicking here. You will continue at Step 4D. ARMs vs. Fixed Rate Mortgages

9 Step 4D. Adjustable-Rate Mortgage vs.. Fixed-Rate Mortgage Low initial costs in adjustable rate mortgages (ARMs) may seem like a better option for first home buyers, but they may not be the best option for you. Here s some quick facts on each to get you started: Adjustable-rate mortgages Initially have lower rates and payments, but they can rise sharply over the loan s life span. Also, the first adjustment may be surprising because some annual price caps don t apply. Help buyers save and invest more money, but lenders are more likely to take advantage of you because ARMs are more difficult to understand. Unscrupulous mortgage companies will trap borrowers with margins, adjustment indexes, caps, etc. Short-term buyers can more easily afford a home because they can take advantage of falling rates without refinancing. If you re only planning to live in the home for a couple years, an ARM is a good option, especially if you can get a lower-rate priced 3/1 or 5/1 ARM. Be careful of an ARM called negative amortization loans. With these, borrowers may end up owing more money at closing than anticipated. Because payments are set so low, only part of the interest is covered. All additional balances are combined in the principal balance. Fixed-rate mortgages: Rates and payments remain constant regardless of inflation, but if rates fall and you want to take advantage, you have to refinance. Constant payments make budgeting easier, but they may be too expensive because there s no rate breaks. Very easy to understand and work the same from lender to lender. However, this means they cannot be individually customized. When mortgage rates are low, fixed-rate mortgages are often recommended over ARMs, even if you re only planning to stay in the home for a couple of years. Next, don t get caught by front points or back points by clicking here. You will continue at Step 4E. Front Points vs.. Back Points

10 Step 4E. Front Points vs.. Back Points A point in the home buying business is mortgage jargon for a percentage point, or a fee you pay to the lender or broker on your loan. They can also show up as a discount point or an origination fee. Each point is equal to one percent of your loan. To calculate your front points, multiply your mortgage loan by the number of points your lender is charging. For example, if your mortgage is $100,000 dollars and your lender is charging you two points, the total dollar amount in points you will pay is $2,000 ($100,000 x.02). Back end points are only applicable when you are also working with a broker. The lender rewards the broker for completing a loan by paying him or her back end points. These points are important to you, though, because they affect your interest rate. Your broker will most likely offer a payment rate, called a par rate, to your lender that will determine your interest rate. For example, if your broker offers a five percent par rate at one point, the rate is five-point-five percent. If the broker wants two points, the rate goes up to six percent. You eventually end up with whatever rate they agree on. The lesson here is to go over front and back end points with your lender and/or broker to make sure you re getting the best rate before it s locked. As of April 1, 2012, lenders and brokers are required to pick only one instead of using both. Look at these rates carefully with your good faith estimates before you sign. Even though you know what to look for in the interim, don t forget to gear yourself up for the closing costs. Continue by clicking here. You will continue at Step 4F. Closing Costs

11 Step 4F. Closing Costs Regardless of the jurisdiction, all properties have a series of closing costs required by the buyer in the real estate contract. Even though closing costs are paid at the end of a deal, they are important to consider at the beginning. You ll also save yourself thousands of dollars if you are willing to put in a little more effort to find fair prices. When you first contact a lender, they re required to provide you with a good faith estimate (GFE) of closing costs. Be sure to write this down because lenders often underestimate and then increase the fees at the end. Closing costs are about one-point-five to four percent of the home price. To avoid unnecessary fees, talk to several lenders and compare their interest rates and fees. Ask what the fees cover and pay special attention to vague fees like administration and commitment fees. If they recognize that you re paying attention, lenders are far less likely to spring extra fees on you at the end. Ask your lender for a copy of your HUD-1 settlement statement, or your final closing bill, prior to your sign date. This way you can nip fees that didn t appear on your GFE. The actual closing costs and their specific names vary per state, but here are a few of the biggest costs you re likely to be responsible for when signing the last home buying agreements (the list you see will be significantly longer because most closing costs are paid by the seller and/or government entities). Attorney or settlement fees ($250+): Paid by one or both parties. Covers the preparation and recording of official documents. These are usually required by institutional or commercial lenders to ensure proper document preparation. Continue learning about how to save on closing costs by clicking here or scroll to the following page. You will continue at Step 4F. Closing Costs Cont.

12 Step 4F. Closing Costs Cont. Title Service costs ($125+): Paid by either party depending on the contract, but the seller is responsible by default. Covers the services performed by title insurance, title search or other title services. These may be combined with the attorney fees, and are required by institutional or commercial lenders. Mortgage broker fee: This fee is outdated! Ask for it to be removed or move onto another bank or lender. Inspection, pest inspection fees ($150-$500): Paid by the buyer. Covers the cost for an inspector to verify the property is in good condition and there are no needed repairs before selling. These are required to secure mortgage loans. You now know the basics of home buying, but you re still not done learning! Start planning for refinance options to continue saving money and making more money in the process by clicking here! You will continue to Step 5A. Refinancing Your Home Mortgage

13 Step 5A. Refinancing Your Home Mortgage In the simplest terms, refinancing your home mortgage means you choose to pay off your current mortgage with a new mortgage, or you choose to update your current loan into a new loan. The new mortgage will establish a new monthly payment and a new interest rate. People choose to refinance their home mortgage for various reasons. Most often, refinancing is necessary for people on adjustable rate mortgages to reduce interest costs with a new, lower mortgage payment. Others refinance to balance payments that may or may not be related to their home. You can consolidate debt by taking out cash from built home equity (called cashout refinance), invest in other real estate and/or switch to a lower or higher loan term agreement through mortgage refinancing. Refinancing is a great option if the savings on interest will exceed total refinance costs and prepayment penalties (prepayment penalties are especially common with fixed-rate mortgages). But don t forget it also requires you to pay the same fees and closing costs you paid for your first mortgage. For example, if it will cost you $2,100 to refinance your mortgage but you will save $60 a month on your new payments, you ll recover the initial refinance costs in just under three years. If you plan to be in the home for four years or more, this would be an example of a good refinance, but if you want to sell your home in three years or sooner, this would be an example of a poor refinance decision. In order to decide if refinancing is a good option for you, calculate the total cost of refinancing your home before making any moves. Financial advisors usually suggest a refinance if the homeowner can find a new mortgage with at least a two percentage point reduction. If you need help calculating, there are various online mortgage calculators that will help you, or consult a financial advisor. Since you re looking into refinancing, freshen up on your mortgage options by clicking here. You will continue at Step 5B. ARM vs.. Fixed Rate Mortgage

14 Step 5B. Adjustable-Rate Mortgage vs.. Fixed-Rate Mortgage Low initial costs in adjustable rate mortgages (ARMs) may seem like a better option for first home buyers, but they may not be the best option for you. Here s some quick facts on each to get you started: Adjustable-rate mortgages Initially have lower rates and payments, but they can rise sharply over the loan s life span. Also, the first adjustment may be surprising because some annual price caps don t apply. Help buyers save and invest more money, but lenders are more likely to take advantage of you because ARMs are more difficult to understand. Unscrupulous mortgage companies will trap borrowers with margins, adjustment indexes, caps, etc. Short-term buyers can more easily afford a home because they can take advantage of falling rates without refinancing. If you re only planning to live in the home for a couple years, an ARM is a good option, especially if you can get a lower-rate priced 3/1 or 5/1 ARM. Be careful of an ARM called negative amortization loans. With these, borrowers may end up owing more money at closing than anticipated. Because payments are set so low, only part of the interest is covered. All additional balances are combined in the principal balance. Fixed-rate mortgages: Rates and payments remain constant regardless of inflation, but if rates fall and you want to take advantage, you have to refinance. Constant payments make budgeting easier, but they may be too expensive because there s no rate breaks. Very easy to understand and work the same from lender to lender. However, this means they cannot be individually customized. When mortgage rates are low, fixed-rate mortgages are often recommended over ARMs, even if you re only planning to stay in the home for a couple of years. Next, don t get caught by front points or back points by clicking here. You will continue at Step 5C. Front Points vs.. Back Points

15 Step 5C. Front Points vs.. Back Points A point in the home buying business is mortgage jargon for a percentage point, or a fee you pay to the lender or broker on your loan. They can also show up as a discount point or an origination fee. Each point is equal to one percent of your loan. To calculate your front points, multiply your mortgage loan by the number of points your lender is charging. For example, if your mortgage is $100,000 dollars and your lender is charging you two points, the total dollar amount in points you will pay is $2,000 ($100,000 x.02). Back end points are only applicable when you are also working with a broker. The lender rewards the broker for completing a loan by paying him or her back end points. These points are important to you, though, because they affect your interest rate. Your broker will most likely offer a payment rate, called a par rate, to your lender that will determine your interest rate. For example, if your broker offers a five percent par rate at one point, the rate is five-point-five percent. If the broker wants two points, the rate goes up to six percent. You eventually end up with whatever rate they agree on. The lesson here is to go over front and back end points with your lender and/or broker to make sure you re getting the best rate before it s locked. As of April 1, 2012, lenders and brokers are required to pick only one instead of using both. Look at these rates carefully with your good faith estimates before you sign. Even though you know what to look for in the interim, don t forget refinancing still requires closing costs. Read about them by clicking here. You will continue at Step 5D. Closing Costs

16 Step 5D. Closing Costs Regardless of the jurisdiction, all properties have a series of closing costs required by the buyer in the real estate contract. Even though closing costs are paid at the end of a deal, they are important to consider at the beginning. You ll also save yourself thousands of dollars if you are willing to put in a little more effort to find fair prices. When you first contact a lender, they re required to provide you with a good faith estimate (GFE) of closing costs. Be sure to write this down because lenders often underestimate and then increase the fees at the end. Closing costs are about one-point-five to four percent of the home price. To avoid unnecessary fees, talk to several lenders and compare their interest rates and fees. Ask what the fees cover and pay special attention to vague fees like administration and commitment fees. If they recognize that you re paying attention, lenders are far less likely to spring extra fees on you at the end. Ask your lender for a copy of your HUD-1 settlement statement, or your final closing bill, prior to your sign date. This way you can nip fees that didn t appear on your GFE. The actual closing costs and their specific names vary per state, but here are a few of the biggest costs you re likely to be responsible for when signing the last home buying agreements (the list you see will be significantly longer because most closing costs are paid by the seller and/or government entities). Attorney or settlement fees ($250+): Paid by one or both parties. Covers the preparation and recording of official documents. These are usually required by institutional or commercial lenders to ensure proper document preparation. Continue learning about how to save on closing costs by clicking here or scroll to the following page. You will continue at Step 5D. Closing Costs Cont.

17 Step 5D. Closing Costs Cont. Title Service costs ($125+): Paid by either party depending on the contract, but the seller is responsible by default. Covers the services performed by title insurance, title search or other title services. These may be combined with the attorney fees, and are required by institutional or commercial lenders. Mortgage broker fee: This fee is outdated! Ask for it to be removed or move onto another bank or lender. Inspection, pest inspection fees ($150-$500): Paid by the buyer. Covers the cost for an inspector to verify the property is in good condition and there are no needed repairs before selling. These are required to secure mortgage loans. Foreclosure purchases and investing in real estate has never been better than right now! The housing market is picking up and lenders are buying real estate for resale like it s candy! Put yourself in the position to make money on your home by clicking here. You will continue to Step 5E. Purchasing a Foreclosure

18 Step 5E. Purchasing a Foreclosure If there s one thing out there in surplus right now, it s foreclosed homes. And now is your oncein-a-lifetime chance to snag one of these seriously low-priced homes! The housing market is picking itself back up again, and now is the best time to invest in real estate. The prices may even allow you to buy your dream house as a first time home buyer, as well as make you money over time! When you re looking at foreclosed properties, there are five things to consider closely: Take extra home repairs and fees into your budget. Although the small price tag is tempting, don t forget the added repairs you probably need to make it livable. Ask how long the home has been empty; the longer its vacancy, the more repairs are needed. The best way to evaluate extra costs is to attend the home inspection and ask as many questions as you can during the walkthrough. If you assess the property and your budget thoroughly, there s little risk. Check out the rest of the neighborhood. Sometimes you can find a goldmine home in a great neighborhood, but most of the time you ll find foreclosed homes are in neighborhoods with other foreclosed or vacant homes - often leading to more crime. If the value of your home continues to depreciate after purchase because of the surrounding neighborhood, you may not be able to recover the costs you put into the home to repair it upon move in and you ll lose money on the deal. Continue learning about how to save on foreclosure by clicking here or scroll to the following page. You will continue at Step 5E. Purchasing a Foreclosure Cont.

19 Step 5E. Purchasing a Foreclosure Cont. Find a real estate agent that specializes in foreclosed homes. Agents familiar with foreclosed homes not only have a better idea of what you ll need as a buyer, but they also have better relationships with banks. This relationship is important because agents specializing in foreclosures will know of available homes before they re officially listed. It takes between a couple days to a couple weeks for new listings to appear on databases, so ask your agent about new foreclosures he or she may know of in addition to searching the listings yourself. Meet with a lender right before or after meeting with the agent. This will show your agent you re serious about buying, plus unless you re paying in cash, you ll need a pre approval letter from a lender anyway. Many home buyers today are looking into foreclosed homes. You ll get more attention and guided advice from your agent if he or she knows you are genuine about buying. Don t assume the selling bank will finance your mortgage. Many first-time buyers make this assumption, but it s not always true. Remember that the banks are trying to sell off bad assets, not post as your loan officer. View your mortgage financing as separate from buying the home to avoid confusion. Ready to invest?! Continue by clicking here. You will continue at Step 5F. Invest in Real Estate

20 Step 5F. Invest in Real Estate Want your money to make money for you? Want to invest in real estate and climb the latter with the likes of Donald Trump? The time is now. The housing market is bouncing back, but the prices are still low, so it s time for you to get your hands on a property or a series of properties that will pay you while the market makes its incline. Big lenders are buying homes right now at low prices and renting them at five percent until they can sell for immense profits - you can do the exact same thing. We re coming out of the bubble and it s time to shop it. Even if it s your first time diving into the market, you can t go wrong. To view a nationwide database of the all the best buys on the market right now, click the button below. Did you skip any of our free lessons? Click here to look through the stats! You will continue to the table of contents

21 Table of Contents Congratulations! You re now smarter about home buying than most of the world. You re looking at a huge investment in your future with the tools and the knowledge to make it your best. Don t forget this guide as a resource for the future! Did you skip any of our free lessons? 1. Learn how to repair your credit and give rent-to-own a serious consideration by clicking here. You will start at Step 3A. Credit Repair Options 2. Prepare for your home buy by setting the right budget and assessing your financing options by clicking here. You will start at Step 4A. Set a Budget 3. After the initial processes of home buying, you re far from over! Learn about down payments, refinancing, foreclosures and investing in the real estate market by clicking here. You will start at Step 5A. Refinancing

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