Home Buyers guide

 

Congratulations!  You’ve decided to purchase a new home.  This is a very exciting time for you and I look forward to guiding you smoothly through the process, helping you to efficiently find the home of your dreams.

How I help you find the right home
I listen… I listen to you so that I can be completely responsive to your needs

I guarantee my service, I let you know exactly what you can expect and back this up in writing

I know what matters most.  Communication, affordability and Convenience.  I’ll work hard to simplify the home buying process for you.

As you will see, there are several steps you need to take before you move into your new home.  I hope this guide will help to inform you of your rights as a homebuyer and to introduce you to the world of real estate.

The Financing Process
Here is an easy way to understand the financial steps you’ll need to take to guide you towards your new home. 
·      Calculate your budget
·      Apply for a mortgage/paperwork/loan application
·      Lender begins processing application
·      Lender provides booklet of estimated closing and related costs
·      Lending institution requests, a credit report and verification
       of employment and assets
·      Estimate your loan costs in form of initial Truth in Lending
       Disclosure Statement
·      Lender evaluates the application and approves the loan

Search begins for your new home
·      You find the home you want
·      You make an offer
·      Lender disburses funds to closing agent
·      Sign closing documents and loan is funded
·      Appropriate documents recorded at county recorder’s office
·      The home is sold and it is YOURS
 Now that you have a clear understanding of the entire process, let’s look closely at each step

How Much Can you Afford?
The first step towards financing a new home is getting pre-approved for a mortgage.  A mortgage is an advance of money from your lender that will cover the finances of your new property.  Over an extended period of time, you (the mortgagee) must pay the bank back each month a percentage of the money they lent you, plus interest until the loan sum is paid in full.  Thi sis how most homes are financed.

Documents Needed
When you apply for a mortgage, you will need to furnish information regarding your income, expenses and obligations.  To save time, have the following items available for each borrower:
·      Two most recent pay stubs
·      W-25 for the last two years
·      Federal tax returns for the last two years
·      Last two months bank statements
·      Long-term debt information (credit cards, child support, auto loans, installment debt. Etc.) 

Example Buyer’s Costs

 Buyers Cost:
·      Loan Originating Fee
·      Appraisal Fee
·      Credit Report
·      Additional Loan Fees

Prepaid Items:
·      Interest
·      Hazard Insurance
·      Mortgag3e insurance
·      Taxes
·      Assessments
·      Other Fees

Recording Fees:
·      Recording Fees
·      Tax Stamps
·      Other Fees

Additional Settlement Charges:
·      Survey
·      Pest Inspection
·      Home Warranty
·      Home Inspection Fee
·      Other Fees

Home Needs and “Wish List”
This is just an example of ‘some’ of the features…. Please add your own and share

Features:
Property
·      View
·      Architectural Style
·      Swimming Pool
·      Deck/Patio
·      Garage

Interior
·      Floor Plan
·      Room Sizes
·      Bedrooms
·      Bathrooms
·      Living Room
·      Family Room
·      Bonus Room
·      Dining Room
·      Kitchen
·      Basement

Community / Location
·      Convenience to Employment
·      Convenience to Transportation
·      Convenience to Shopping
·      Convenience to Schools
·      Convenience to Day Care
·      Nearby Recreational Facilities
·      Near Police & Fire Protection
·      General Appearances of Properties in Area
·      House Value Relative to Area