The home buying process is sometimes overcomplicated, owning the keys to your own home is not that hard!
* Step 1: How much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The online calculators can help and consider the following:
– How much home you can afford
– Buying vs. Renting
– Home Economics
Need help with your downpayment and/or closing costs? Check the homebuying programs in your state.
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment! Find a housing counselor near you.
Step 2: Know your rights. Discover the following:
– Fair Housing: Equal Opportunity for All – brochure
– Real Estate Settlement Procedures Act (RESPA)
– Borrower’s rights
– Predatory lending
Step 3: Shop for a loan
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
– Look for the best mortgage: shop, compare, negotiate
– Let FHA help you
– Learn about interest only loans
– Avoid Predatory Lenders
Step 4: Learn about homebuying programs.
Check the homebuying programs in your state. FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Step 5: Shop for a home
– Choose a real estate agent
– Prepare a wish list – what features do you want?
– Home-shopping checklist – take this list with you when comparing homes
– Homes for sale (including HUD homes)
– ” Fixer-uppers ” – home purchase and repair programs
– Manufactured (mobile) homes
– Build a home
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.
Step 6: Make an offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Step 7: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. For your protection get a home inspection
Step 8: Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
Step 9: Sign papers
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!
For more info: Visit http://www.coasttocoastrealty.me Call LaTosha French @ 800-446-6976 or email to email@example.com for a list of homes that meet your needs.