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The Answer Book for Buyers Prepare to Finance a Home HOW TO Prepare to Finance a Home Develop a budget: Use receipts and your banking transaction history to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot ways to save, whether […]
The Answer Book for Buyers The Tax Benefits of Owning WHAT TO KNOW The Tax Benefits of Owning The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Let’s work through a hypothetical situation to see how it works. For a married couple filing jointly earning $112,400 in gross income, here’s how those homeownership […]
The Answer Book for Buyers Improve Your Credit HOW TO Improve Your Credit Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: Check for errors in your credit report. Thanks to an act of Congress, you can download one free credit […]
The Answer Book for Buyers About Credit Scores WHAT TO KNOW About Credit Scores Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: Your payment history. Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history. How much you owe […]
The Answer Book for Buyers Track Your Budget WORKSHEET Track Your Budget The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses below.   Income Expenses Total Take-Home Pay Total Rent/Mortgage Child Support/Alimony Child Support/Alimony Pension/Social Security […]
The Answer Book for Buyers Prepare to Buy a Home HOW TO Prepare to Buy a Home Talk to mortgage brokers. Many first-time home buyers don’t take the time to get prequalified. They also often don’t take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home […]
The Answer Book for Buyers Prepare for House-Hunting HOW TO Prepare for House-Hunting Know that there’s no “right” time to buy. If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price. Don’t […]
The Answer Book for Buyers Agency & Agency Relationships VOCABULARY Agency & Agency Relationships The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers and works in the buyer’s best interest throughout the […]
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The Answer Book for Buyers When Choosing a REALTOR® QUESTIONS TO ASK When Choosing a REALTOR® How long have you been in residential real estate? Is it your full-time job? Like most professions, experience is no guarantee of skill. But much of real estate is learned on the job. Do you have any designations or certifications? Real estate professionals have to take additional specialized […]
The Answer Book for Buyers 7 Reasons to Work With a REALTOR® REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. This is the REALTOR® difference for home buyers: Ethical treatment. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, […]
The Answer Book for Buyers The Answer Book for Buyers Contents A collection of how-tos, checklists, and worksheets to help your buyers and sellers understand what to expect during the real estate purchasing experience. The Basics Buyer What to Know | 7 Reasons to Own A Home page 3 What to Know | 7 Reasons to Work With a REALTOR® page 4 Questions to Ask […]
Foreclosure Avoid Foreclosure Glossary A Abandonment The situation in which a homeowner leaves a house with no intention to return. Accrued Items of Expense Those incurred expenses that are not yet payable. The seller’s accrued expenses are credited to the purchaser in the closing statement. Apportionment The adjustment of the income, expenses, or carrying charges of real estate that […]
Buyers Glossary Of Home Financing Terms 203(k):this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan. A “A” Loan or “A” Paper: a credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This […]
Buyers Glossary of Home Buying & Selling Terms A Acceleration Clause A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed. Acceptance A party’s consent to enter into a contract and be bound by the terms of the offer. Adjustable Rate Mortgage (ARM) A mortgage whose interest rate […]
Foreclosure Avoid Foreclosure Frequently Asked Questions It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If […]
Buyers Home Financing FAQs What do lenders generally focus on when you apply for a loan? Lenders look most closely at the “three Cs”-cash, credit, and collateral. Cash means you have enough money for a downpayment and closing costs. Good credit means you have borrowed money in the past and repaid your debts on time and in full. Collateral […]
Buyers Home Buying FAQs What is an adjustable-rate mortgage? An adjustable rate mortgage, or ARM, offers a lower initial interest rate than most fixed rate loans. However, that rate resets periodically, usually in relation to an index. When the rate changes, the monthly payment will go up or down accordingly. For example, the rate on a 5/1 ARM is […]
The Answer Book for Buyers 7 Reasons to Own A Home 7 Reasons to Own A Home Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home. Appreciation Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have […]
Real Estate Resources & Information Glossary of Real Estate Terms A Adjustable Rate Mortgage: (ARM): A home loan that can adjust the interest based upon market rates after the set fixed period on the note has expired. Generally an ARM will carry a lower interest rate than a fixed rate mortgage but is considered riskier because the interest rate is not fixed for the life […]
Blog Home Buying Tips & Tricks Stay ahead of the game with current real estate information and tips that will save you time and money! Check back for new tips and tricks every two weeks. How To Buy A Home With Zero Cash The Zero Cash Down Payment Program offers you a way to buy a home with no down payment. […]
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