REALLY BUYING A HOUSE IS AN EXCITING. EVERYONR DREAMS FOR HIS OWN HOUSE .BUYING A HOUSE CAN BE STRESS FULL ,ESPECIALLY WHEN YOU ARE GOING TO BUY AFIRST TIME
HOW MUCH YOU CAN AFFORD
FIRST OF ALL THE MATTER IS HOW MUCH YOU CAN AFFORD.DETERMINIG HOW MUCH YOU YOU CAN AFFORD FOR A HOUSE IS NOT SIMPLE,SINCE MOST OF PEOPLE FINANCE THEIR HOUSE BUING A HOUSE USAUALLY MEANSETTING A MORTGAGE.FIRST OF ALL YOU SHIOULD KNOW HOW MUCH MORTGAGE YOU CAN AFFORD TO FIGURE THIS OUT .YOU NEED TO TAE INTO YOUR GROSSORY MONTHLY INCOME.HOUSING EXPENCES AND LONG TERM DEBT.TRY ONMANY REAL ESTATE AND PERSONAL FINANCE WEBSITES TO HELP YOUR CALCULATION
MORTGAGE PRE QUALIFICATION VRSPREAPPROVAL ONCE YOU GET IDEA MUCH OF A MORTGAGE YOU CAN AFFORDYOU HAVE TO COMPARETHE MORTGAGE RATES AND TERMS,THAT VARIOUS LENDERS OFFERS YOU.WHEN YOU GET THE RIGHT PERSON FIND OUT HOW YOU CAN PREQUALIFY OR GET APPROVALFOR LOAN.PREQUALIFING GIVES YOU LENERS IDEA HOW MUCH YOU CAN BORROW PREQUALIFING DOES NOT GIVE
GURANTEE FOR LOAN BUT IT GIVES YOU ROUGH IDEA WHERE YOU STAND THIS INVOLVES PREAPPROVAL STANDS FOR WHEN LENDER VERIFIES YOUR INCOME.AN APPLICATION REVELINGYOUR FINANCIAL INCOME AND PAYING A FEE.
BEFORE SIGNING LOAN PAPER WORK BE CAREFULL ABOUT YOUR LIFESTYLE AND STANDARD OF LIVING .BE SURE THAT YOUR MORTGAGE PAYMENT NOT BEYOND YOU MEANS
SHOULD YOU USE A REAL ESTATE AGENY BUYERS BROKER
REAL ESTAGE AGENT OR BUYERS BROKERS CAN GUIDE YOU THE PROCESS OF BUYING A HOUSEAND MAKE THE PROCESS EASIER
HE CAN HELP YOU
1HE CAN SHOW YOU THE PROPERTIES IN YOUR PRICE RANGE
2 PREPARE AND PRESENT AN OFFER TO PURCHASE
3DISCLOSE POSITIVE AND NEGITIVEASPECTS OF PROPERTIES YOU ARE CONCEDERING
4 RECOMEND THE PROFFESIONALS WHOSE SERVICES YOU WILL NEED AS LAWYERMORTGAGE BROKERS INCEPECTORS ETC
KEEP IN MIND THAT THE AGENT OR BROKER YOU WILL WIIL CHARGE YOU YOU SHOULD KNOW HOW HE IS GOING TO CHARGE YOU AS FLAT FEES OR PERCENTAGE ON OF SALE PRICE
CHOSING RIGHT HOUSEDECIDE IN ADVANCE FEATURES
1PRICE OF HOUSE
2 LOCATION OR NEGIHBOURHOOD
3STYLE OF HOUSE
4QUALITY OF LOCAL SCHOOLS
5 CRIME LEVEL OF AREA
6 PROPERTY TAXES
MAKING THE OFFER
ONCE YOU FINF A HOUSE YOU WANT TO MAKE AN OFFER MOST HOME SALE OFFERS AND COUNTEROFFERS
ARE MADE THROUGH AN INTERMEDIARY,SUCH AS A REAL ESTATE AGENT .ALL TERMS AND CONDITIONS NO MATTER HOW TIME IT WILL TAKE SHOULD BE IN WRITTEN TO AVIOD FUTURE PROBLEMSTYPICALLY YOUR ATRRONEY OR REAL ESTATE AGENT WILL PREPARE AN OFFER TO PURCHASEFOR YOU ALSO INCLUDE ANOMINAL DOWN PAYMENT SUCH AS 500$
IF THE SELLER ACCEPTS THE CONTRACT HE WILL SIGN THE CONTRACT.WHICH WILL THEN BECOME A BINDING AGREMMENT BETWEEN YOU AND SELLER.ITS GOOD TO HAVE YOUR ATTORNEY REVIEW ANY OFFER TO PURCHASE YOU SIGN
OTHER DETIALS
ONCE THE SELLER ACCEPTS YOUR OFFER YOUR REAL ESTATE AGENT OR MORTGAGELENDER WILL GET BUSSY IN DOCUMENTING NECESSARY TO FINILAZE THE PURCHASE.THIS INCLUDE FINANILIGINGTHE MORTGAGE LOAN APPRAISING THE HOUSESUTVING THE PROPERTY AND GETING HOME OWNER INSURANCE
THE CLOOSING MEETING
THE CLOSING MEETING ALSO KNOWN AS SETTELMENT CAN BE A TEDIOUS PROCESS.BUT WHEN IT IS OVER
THE HOUSE IS YOURS.TO MAKE SURE THE CLOSING MEETING GOES SMOOTHLYSOME OR ALL OF THESEBE PRESENT IN CLOSING MEETINGTHE SELLER OR THE SELLERS ATTORNEY YOUR ATTORNEYTHE CLOSING AGENT REAL ESTAE ATTORNEYOR MORTGAGE LENDER
AT THE CLOSING YOU WILL BE REQUIREDTO SIGN THE FOLLOWIN PAPER WORK
1PROMISSORY NOTE:THIS SHOW THE AMOUNT AND REPAYMENT TERMS OF MORTGAGE LOAN
2MORTGAGE;THIS GIVES THE LENDER A LOAN AGAINST PROPERTY
3TRUTH IN LENDING DISCLOSURE
THIS SHOW HOW YOU WILL PAYOVER THE MORTGAGE
4 HUD1 SETTELEMET STATEMENT
THIS SHOW THE CASH FLOW AMONG BUYER SELLER LENDER AND OTHER PARTIES TO THE TRANSACTION
YOU WILL HAVE TO PAY CERTAN COSTS ,FEES ASSOCIATED WITH OBTANING MORTGAGE CLOSING THE REAL ESTATE TRANSACTION THIS WILL COST ABOUT 3 TO 7 PERCENT OF YOUR MORTGAGE PLAN
