How Much Can I afford ?:

• Home Financing Information

• Additional Home Buyer Resources

  Don’ts for the Home Buyer:

• Don’t wait for the perfect house.  Compromising & prioritizing are essential elements of the buying process.
• Don’t buy before comparison shopping…especially if you’re new to the area.
• Don’t write an unrealistic offer or you will simply be helping someone else’s offer look good (too low of a price…too many contingencies).
• Don’t feel a need to negotiate if a property is new to the market, priced right and popular…the good ones often go quickly and at full or close to full price.
• Don’t think all real estate agents and companies are created equal.  They are not.  Find an agent/company with a great track record and proven home buying system.
• Don’t be afraid to write an offer above or below the asking price.  Offer what it is worth to you.
• Don’t work with more than one agent.  Find one you like and stick with him/her.
• Don’t wait for the perfect time to buy.  The best time to buy is when you have found the right home.
• Don’t get too many people involved in your buying decision.
• Don’t wait until you find a home to start looking for the best loan.
• Don’t wait until after you find a house to be qualified for a loan.  
  

  Tips for First Time Home Buyers:

• Be pre-qualified by a lender.
• Obtain a mortgage pre-approval.
• Have the necessary funds available to write an initial earnest money check.
• Have the remaining money for your down payment easily accessible.
• If you are receiving a “gift letter” for a portion of your down payment, be sure to have the money transferred into your savings account.
• Pay balances on revolving credit cards.
• Do not make big purchases (such as a car) prior to getting loan approval and closing on your new home.
• Have a credit report run by a credit agency so that you can clear up any potential problems.
• Find an attorney to review an “offer to purchase agreement”.
• Be aware of the dates you can move on.
  

  Steps to Buying a Home:

• Look for and interview an agent.
• Clarify your wants and needs with your agent.  Let them know your objectives and your timetable.
• Have the agent help you get pre-approved for a loan.
• Select the best 3 to 5 properties to see.
• View each property objectively.
• Write an offer to purchase when you’ve found the right one.
• Have your agent present your offer immediately.
• Handle all counter offers and negotiations positively.
• Finalize any loan details to get final approval.
• Order title insurance from the company of your choice.
• Have any necessary inspections or predications completed.
• Do a walk-through prior to closing on your new home.
• Show up early and prepared for your closing.
• Keep in contact with your agent after closing if you have any questions or concerns.  
  

  Common Closing Costs:

• Down payment
• Loan Origination fee and points
• Appraisal fee
• Credit report
• Flood letter
• Private Mortgage Insurance (PMI) premium
• Home Owners Insurance premium
• Mortgage Insurance escrow
• Home Owners Insurance escrow
• Property taxes escrow
• Closing fees
• Recording fees
• Mortgage Title policy
• Owner’s Title policy
• Mortgage interest adjustment
• Survey
• Termite inspection and building inspection fee
• Tax servicing fee
• Lender inspection fee
• Notary fees
• Federal Express (if needed)
  

  Why do I need an agent?:

• Do you have time to research the residential housing market?
• Do you have the knowledge to integrate and understand the information available to you?
• Can you integrate the information available on the real estate Internet sites into useful data that can help you accomplish your goal?
• Do you have the expertise to negotiate on your own behalf?
• Do you have the ability to find a qualified home inspector?
• Do you have the time to research the home loan programs available in the market?
• Do you have the time to interview mortgage loan officers?
• Do you have the time and expertise to target market, if necessary, for the type of property you are looking for?
• Do you know the zoning regulations and building codes pertaining to residential real estate in the area you are interested in?
  

  Services an agent can provide:

• Work with you to find properties that meet your specific requirements such as location, price and amenities.
• Arrange for appointments and show you the properties you select.
• Provide you with information regarding the price and value of properties.
• Provide knowledge of the current real estate market and how it relates to your purchase.
• Educate you regarding the purchase agreement.
• Prepare an offer to purchase.
• Assist in the negotiation of your selected property.
• Refer you to professional service providers, such as: home inspectors, legal services, mortgage services, title services, etc.
  

  Steps to Selecting the Right Property:

• Approach the home buying process objectively—there is no perfect house; the good ones sell quickly; don’t second guess yourself.
• After viewing each property, ask yourself: what did you like about it; what, if anything would you want/need to change; could you see yourself owning the property if the price was right and at what price.
• Use your judgment, the Customized Market Analysis prepared by your agent and the option of an Appraisal Rider to your advantage.