How to buy a home

prfalco · Joined: 19 Nov 2007 Posts: 1

Hello:
I would like to know where to start to buy a home

chow · Posted: Tue Nov 20, 2007 10:58 am Post subject:

http://www.hud.gov/webcasts/archives/buying.cfm

enjoy :wink:

teamuk · Joined: 02 Jun 2008 Posts: 2

You might find this useful.

When you are beginning to search for a mortgage lender and loan quotes, it can become a daunting task very quickly. What you need is a helping hand to take on some of the burden. This is where a mortgage broker can do you the most good. You should think about using a professional to help you navigate the complicated world of home mortgage lending.

· Save valuable time
Finding a mortgage lender or securing your own mortgage loan takes time. Not just a little time, but it takes a considerable amount of time and effort. It can be time-consuming to spend hours researching different lenders and different quotes, leaving you with little time to deal with other necessary activities or duties. A mortgage broker can free up this time by doing the legwork in your behalf.

· Finding an appropriate lender
When you apply with a mortgage broker, the agent will take the information that you have provided and do a search for the most relevant lenders, meaning those that more effectively meet your particular financing purposes and circumstances. The broker takes your financial and other requirements into account when locating the right kinds of mortgage lenders.

· Getting a good deal
Most brokerage firms have worked long and hard to establish strong relationships with a variety of lenders, in order to have the most variety of options available for different clients who have very specific borrowing constraints. You need not be concerned that you will get the most competitive offers when you have a professional broker involved.

golem · Joined: 12 Aug 2008 Posts: 2

Application checklist
When you apply for a home loan, your lending manager will need certain information and documents from you. These will help clarify how much money you can borrow and make the approval process faster and easier.

Your income
The first thing we need to do is to understand how much you earn. Try and find as much of the following as possible:

* A recent tax assessment
* Current records of your salary and other income
* Your employment history
* A statement of service from your current employer
* Proof of identity like a passport or drivers licence
* Details of your current and previous addresses
* Bank account statements for the past 12 months
* Details of your current assets (things you own) and liabilities (things you owe)

Your costs
After checking your documents we'll calculate how much you can borrow. This is based on your surplus income after your regular costs have been deducted.

It might be helpful to write all your living costs down and add them up. Include things such as:

* Bills (electricity, gas, telephone)
* School expenses
* Credit card interest
* Car running costs
* Food
* Insurance

Approving your loan

We'll help you complete a loan application based on your needs. Approval of your loan will take into account:

* Your ability to make the payments and service the loan
* The impact on you if there is an interest rate rise in the future to ensure you don't borrow more than you can afford
* Stability of your employment and income
* Your credit history and savings history
* The value and type of property you want to buy

trishaltbr · Joined: 18 Sep 2008 Posts: 5

prfalco wrote: Hello:
I would like to know where to start to buy a home

When you buy a house, you will most likely need to get a mortgage, just make sure to have good credit history. A few months before you start house hunting, get copies of your credit report and fix any problems you may discover.

Aim for a home you can really afford. The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. You could also use the online calculators to get a better handle on how your income, debts, and expenses affect what you can afford or just get a Realtor or Loan Officer to help you figure it out.

leyka · Joined: 30 Sep 2008 Posts: 3

Quote: Hello:
I would like to know where to start to buy a home

:D good question :)! I think by collecting money and by hard working :)

DanAronG · Joined: 17 Oct 2008 Posts: 103

Well, firstly you should get an idea of how much you can comfortably borrow. A good mortgage broker will help you figure this out.

Then start looking at properties. Depending on the lender you and your mortgage broker decide upon, you may well get a decision in principle which you can use to help with your bargaining power. This will imply that you have been pre approved for the loan so are ready to put in an offer. In the current market, start with a low offer, you never know your luck.

trishaltbr · Joined: 18 Sep 2008 Posts: 5

prfalco wrote: Hello:
I would like to know where to start to buy a home

Hello prfalco.
Glad you ask that. By the way I am Trisha from Autralia NSW. I used to be a real estate broker in my place. I've created some tips and guides for first time buyer on their house. Do some check list and base it in my guides. I Hope your glad on reading on this.

Buying your First Home can be exciting but there is a lot to know. Buying a home will depend on real estate laws and customs where you are located but there are basic steps that every first homebuyer needs to accomplish.

Your Finances
Establishing credit is very important especially when you are looking to purchase a large investment like a house. Your credit reports reflects how you manage your finances. Study your credit report and your financial history so you are familiar with it before applying for a mortgage. These reports will be needed for the mortgage approval process in finding out the interest rate and other loan terms.

Familiarize Yourself with the Mortgage Industry
Do your research. Finding the right loan and lender is extremely important to your home buying success.
Choose the lender that is best for your needs but be sure to understand the loan process as much as you can before talking to a lender so you don’t feel completely lost.

Get Pre-Approved for a Mortgage
Once you talk with a lender, you should be given an estimate of how much you can afford for a house.
Being pre approved can help you in a variety of ways. So if a home seller gets two offers, one being yours with a pre approved letter from your bank saying you have been approved for the amount offered, and then there is the other person with no letter, your chances of getting the house are much better.

Determine what you Want and what you need
Buying a home isn’t as challenging as most think. If you familiarize yourself with the real estate market and narrow down what you want and need before buying house the process will run a lot smoother. Be sure to understand agent duties and devotion because some real estate agents represent buyers, sellers, or both or depending on the state they can work as neutral facilitators for either party.

Start Searching for your New Home
Your agent will most likely give you multiple listing sheets to review. You might have also picked up a real estate magazine in your area and found a house through that, shop online, or find ads in the newspaper. Other ideas can be driving around the neighborhoods that have houses for sale. Either way you look, consider these home buying search tools in your search.

Home Buying Search Tools
1. Consider houses that others may overlook
2. Get out there to see what’s out there
3. Look into public versions of multiple listing service web sites
4. Search for real estate agent web sites
5. Browse real estate search engines and networks
6. Find for sale by owner properties
7. Look at magazine and newspapers in print
8. Find foreclosed homes

Handle Pre-Offer Tasks
When looking at houses be sure to look at its structure and features which can help determine if its something you want or not.

put in an Offer
There's no one specific set of instructions that cover all the differences in real estate laws and customs that exist throughout the United States, so when putting in an offer on a house, it will depend on your location.

House Inspections and Other Tests
Some states allow home inspections before the final contract is signed where as in other states inspections take place after the contract is signed. No matter when you have to do them, it's very important to decide which inspections and tests you want done. Discuss with your real estate agent or if you don’t have one, then an advisor to find out when inspections should happen and if additional types of testing are needed for a specific area.

Avoid having to Correct Last Minute Problems
As the closing date approaches, everyone involved in your real estate transaction should be checking the progress on a daily basis. That way if a problem arises it can be taken care of right away.

Closing/Settlement
Closing, also called settlement, is the event that transfers ownership of the property from the last owner to you.

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

Thanks for the inputs., i think i learned a thing or 2...

cdloanmod · Posted: Tue Mar 03, 2009 6:30 am Post subject:

Purchasing a new home is a very different and difficult process than purchasing a previously owned home. When you are the first owner of the home, there are many considerations you have to make that used homebuyers don't have to make. For instance, you will need to decide what flooring you want, what color the walls should be, and even what color the outlet and light switch covers should be. These choices can seem overwhelming,
I have some tips to share :--

Start with Getting Financing:
Before you even begin looking for a home plan, lot, or house, make sure you have your financing in place.
Consider the Location:
When it comes to real estate, location is key. You want to buy a new house in a desirable location, as this will make the resale value increase over time.
Choose the Builder and Developer First:
Since you are shopping for a newly built home, avoid the temptation to shop based on the home itself. You will not have to worry about ugly wall coverings or carpets. Instead, choose a builder or developer first. Find out which builders have a reputation for well-made homes that they stand behind. Avoid those developers that have a reputation for throwing up a home quickly and shoddily.

As you make the decisions about the home, make sure the essentials are covered. However, avoid things that are going to be costly upgrades. This can increase the cost of your new home substantially, and you can always make changes later after you have finished the purchase. If you do want an upgrade, do not be afraid to negotiate, and do your research to make sure the price is fair.
In the end you will have a new fresh Home. :lol:

DanAronG · Joined: 17 Oct 2008 Posts: 103

FYI, should you decide to use a mortgage broker, ensure they are completely independent. There is no point using a tied broker as they are can't necessarily find the best deal.

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

You should get a trusty real estate agent to help you with your property needs. The replies are very helpful.