Preparing For A New Home

Are you ready?
Your knowledge and experience will play a large part in successful home real estate transactions. Planning is essential to making the home buying experience easier. In doing so, you'll be able to anticipate requests from realtors, lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the home buying process.

What do you want?
Do you know what home you want? Are you planning to move to a new area due to a lifestyle change or is buying a home an option and not a requirement? What would you like in terms of a new property? Do you have a purchasing time frame in mind?

Whatever your answers, the more you want to know about real estate, the more likely you are to effectively define your goals. These are all worthwhile questions about new home purchasing.

Do you have money?
Real estate and mortgage financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years financing has evolved which now requires only a 3 percent downpayment or less. In fact, a number of programs now allow purchasers to buy a home with nothing down.

In addition to a down payment, borrowers also need cash for closing costs (the costs associated with closing the loan). Several newly emerging loan programs like down payment assistance not only allow the purchase of a home with no money down, but also include the closing costs in the mortgage loan.

Not everyone, however, elects to buy with little or no money down payment. Less money down means higher monthly mortgage payments, and a lot going towards interest. Most home buyers choose to buy with some cash up front.

In markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Sellers, foreclosures and bank REO's are sometimes motivated to help contribute to the transaction expenses.

How is your financial situation?
For most loans with little or nothing down you need fair to good credit for at least one year prior to purchasing. Lenders want to be assured that other debts like credit card payments, rent, and car loans are paid in full and on time.

Dare to compare! Qualifying is easy!

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