Buying Process
Why Buy?
Which Neighborhood?
What Can I Afford?
Quality of Life
Pride in Your Home
No Landlord
Appreciation Potential
Principal Accumulation
Tax Deductibility of Mortgage Interest
Tax Deductibility of Property Taxes
Leverage (where else can you buy this size or type of an investment with only 5-10% down?)
What Can I Afford?
Which Neighborhood?
What Can I Afford?
There are three key factors to consider:
1. The down payment
Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan. If you are able to come up with a 20-25% down payment, this would qualify for a conventional loan.
2. Your ability to qualify for a mortgage
Most lenders require that your
There are three key factors to consider:
1. The down payment
Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan. If you are able to come up with a 20-25% down payment, this would qualify for a conventional loan.
2. Your ability to qualify for a mortgage
Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Your mortgage payment to the lender includes the following items:
- The principal on the loan (P)
- The interest on the loan (I)
- Property taxes (T)
- The homeowners insurance (I)
3. The closing costs associated with your transaction
You will be required to pay fees for loan processing and other closing costs. Typically, total closing costs will range between 2-5% of your mortgage loan.
Which Neighborhood?
Which Neighborhood?
Which Neighborhood?
There are many factors to consider when selecting a neighborhood that is right for you. You may think of others that are important to you as well. Neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees.
Scout out the Neighborhood!
It is important that you sc
There are many factors to consider when selecting a neighborhood that is right for you. You may think of others that are important to you as well. Neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees.
Scout out the Neighborhood!
It is important that you scout the neighborhood in person. Talk to people who live there.
Drive through the entire area at different times of the day, during the week and on weekends.
Look carefully at how well other homes in the area are being maintained; are they painted, are the yards well cared for; are parked cars in good condition, etc.
Make An Offer
Make An Offer
Make An Offer
Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home.
It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price. Remember, Be Realistic. Make offers you want the other party
Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home.
It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price. Remember, Be Realistic. Make offers you want the other party to sign!
To communicate your interest in purchasing a home, we'll present the listing agent with a written offer. When the seller accepts an offer it becomes a legal contract. When you write an offer you should be prepared to pay an earnest money deposit. This is to guarantee that your intention is to purchase the property.
Utilities
Make An Offer
Make An Offer
Make arrangements for canceling home utilities such as the following. Advise them of your desired date for final reading and give them your new address for final billing. Request deposit return if appropriate, and arrange for immediate service at your new address.
