Buyers Resources
Buying a Home - Simplify Your Home Buying Experience
Get pre-approved for a mortgage
Getting a mortgage pre-approval will save yourself the grief of looking at homes you can;t afford and put you in a better position to make a serious offer when you do find the right one. Don't just get pre-qualified for a mortgage, whic is based on a quick review of your finances, pre-approval from a lender is based on you actual income, debt and credit history. Make sure you are working with a good lender. Getting a mortgage is a very important part of the equation. Make sure you are working with someone reputable. Buying a home can seems to be an enormous undertaking, be sure to retain the services of a qualified Realtor. You can trust our Realtors to always keep your interest first and foremost. As qualified professionals, they’ll guide you through the entire home buying experience and assist you in being an informed buyer.
Simplify Your Search
What features do you require in a home to satisfy your lifestyle now and in the future? Knowing your range of affordability you can explore your needs from design preferences to neighborhood choices.
Moving Forward
Once you have found the home that is right for you, move forward to present an offer. This will consist of earnest money to be held in an escrow account and a written agreement. This agreement will set forth your terms of the purchase and a schedule of events in order to own the property. This extremely important document is a legally binding agreement and should be carefully prepared by knowledgeable Realtors who are qualified to cover all your interests. Hire a home inspector - This is typically the largest purchase you are ever going to make. Spend a few extra bucks and get a home inspection. It could save you alot of money in the long run. Don't Let Your Emotions Take Over - Keep a cool head during the entrie home buying process, expecially during and after a home inspection. Be realistic. No home is perfect, especially older homes. It's not unusual for new owners to take care of some repairs themselves. Don't let the seller's refusal to do a smal repair kill the deal on a home you truly love. On the other hand, don't fall so much in love withh the house that you'll buy it no nmatter what needs to be done--unless you're sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.
Final Steps
Upon your complete satisfaction, arrangements will be made to attend a closing. Coordinating the closing will usually be a title company who has your escrow money in account. After furnishing the down payment and whatever other applicable fees have been agreed upon prior to closing, final papers will be signed. The deed and mortgage will need be recorded in the state Registry of Deeds, and you will be a homeowner.
Rewards
It is highly rewarding to buy, own and maintain your own home. Whether this is your first home or you have experience with the home buying process, we can help.
Challenges
Purchasing a new home can be overwhelming. Without the right resources and information, the buy process can be stressful and frustrating. With our online services, you can avoid the pitfalls. We’ll be there to help every step of the way.
Resources
Money Matters-the most important part of financing is your knowledge of the options available. Consider the following questions as a basis for determining your financing needs.
Mortgages to meet everyone’s needs. These summaries will help you narrow your search.
Adjustable Rate Mortgage
A mortgage, which allows the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change. The change in interest rate will result in a change in the periodic payments due under the mortgage. ARMs are attractive when short-term interest rates are trending lower.
Balloon Mortgage
Usually a short-term fixed-rate loan that involves small payments for a certain period of time with the balance due in a single, large payment at a time specified in the contract. Whenever the balloon mortgage becomes due, the entire unpaid balance is due. Generally, the homeowner must either refinance or sell the property.
Buy-Down
The payment of extra money on a loan now so as to provide a lower interest rate over either a given period or over the life of the loan. To buy-down a mortgage, the buyer pays additional points to the lender, which will decrease the interest rate for a specific period.
Conforming Loan
Conventional home mortgages, first mortgages up to loan amounts mandated by Congressional directive, which meets the qualifications for sale or delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).
Construction Loan
A structured, short-term loan to provide funds necessary to begin construction on buildings or homes.
Conventional Mortgage
A mortgage loan made by an institutional lender without the inclusion of government guarantees such as VA or FHA loans.
Convertible ARM
The convertible ARM is a combination of both fixed-rate and adjustable rate mortgages, allowing the best of both options in one package.
Deferred Interest Mortgage
A mortgage in which the payment is not sufficient to cover the principal and the interest and the payment portion of the interest is postponed until a certain date at which time the interest postponed is added to the principle owing.
Federal Home Loan Mortgage Corporation (FHLMC)
The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the largest national supplier of home mortgage funds. It is commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.freddiemac.com.
Federal Housing Administration (FHA)
An agency of the federal government, the Division of the Department of Housing and Urban Development, both sets standards for the underwriting of private mortgages and insures residential mortgages made by private lenders.
Federal National Mortgage Association (FNMA)
The U.S.'s largest supplier of mortgages to home buyers and owners, a corporation established by Congress and owned by stockholders. It is commonly referred to as 'Fannie Mae,' this government-sponsored enterprise is chartered by Congress. This federally chartered agency buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.fanniemae.com
Fixed-Rate Mortgage
The interest rate you pay and the monthly principal and interest payments are agreed upon from the outset and will not change throughout the entire term of the mortgage.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development, it is also referred to as 'Ginnie Mae,’. This government agency guarantees the payment of principal and interest on all of its pass-through securities, and its guarantee is backed in turn by the full faith and credit of the U.S. Government.
Graduated Payment Mortgage (GPM)
A mortgage that usually starts the borrower with low payments that are gradually increased over five to ten years, before leveling off for the remainder of the term of the loan until the loan is fully amortized. Negative amortization usually occurs until the payment reaches the level payment stage. Usually government insured loans (VA or FHA)
Growing Equity Mortgage (GEM)
This is a long-term mortgage whereby the borrower agrees to increase his payment each year by an agreed amount. The added money per payment is applied directly to the outstanding principal on the mortgage. The mortgage thereby is paid off in a shorter number of years.
Renegotiable Rate Mortgage (RRM)
Similar to an Adjustable Rate Mortgage, this type of mortgage allows the interest rates and payments to be adjusted periodically according to an index.
Reverse Annuity Mortgage (RAM)
A type of mortgage where the property's equity serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property.
Rollover Mortgage (ROM)
A mortgage where the payments are only guaranteed for three, four, or five years. The borrower is allowed to refinance at the end of the term at the interest rate then applicable.
Shared Appreciation Mortgage (SAM)
It is a loan arrangement where two or more parties participate in the purchase of real estate and share the appreciation and tax deduction. Similar to shared equity mortgages.
Veterans' Administration Loans
Mortgage loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans' Administration, enabling veterans to buy a residence with little or no money down.
Wraparound Mortgage
A secondary financing option in which a new larger mortgage is created to encompass the first mortgage. This large second mortgage is used to preserve the low interest rate on the first mortgage for a potential buyer.
Know Your Needs
Drive To Learn - Evaluate as you drive though a community. Consider the following questions as a basis for determining your location needs: Where is the nearest shopping center, bus line, police station and Library? What schools are available and school district are you in? What types of homes (single family, apartments, condominiums) are in the neighborhood? How far apart are the homes? How far is it to your work? What community resources are available? Generally, where are the cars parked (driveways, garages, street)? Do you notice a lot of noise, traffic or pollution?
Finding The Right Home
Keep your eyes open and your notebook in hand as you walk through a potential home. Consider the following questions as a basis for determining your needs as a homeowner: How long has the home been on the market? Why is the home being sold? What is the asking price of the home? Has the price been lowered? Is the price comparable to other homes in the neighborhood? What is the down payment required? Is the house structurally sound? Is there room enough for the present and the future? Do you like the floor plan of the home? What condition is the yard in? What improvements must be made? Will the seller repair or replace any items that need repair or replacement? Think carefully about each house you see and don’t be in a hurry. Your real estate agent can point out the pros and cons of each home from a professional standpoint.
The Offer Making an offer to buy a home entails many factors. You and your Sales Associate will discuss the following factors prior to putting the offer on the table: Amount of earnest money Down payment Price you are offering Details of financing Proposed move in date Proposed closing date Details of the sale How long the offer is valid The seller will either accept the offer as presented, or make a counter offer and ask you to resubmit a proposal. When all the parties involved have agreed upon the details, initialed any revisions and signed the final agreement then an offer becomes a contract.
Buying a Home - Simplify Your Home Buying Experience
Get pre-approved for a mortgage
Getting a mortgage pre-approval will save yourself the grief of looking at homes you can;t afford and put you in a better position to make a serious offer when you do find the right one. Don't just get pre-qualified for a mortgage, whic is based on a quick review of your finances, pre-approval from a lender is based on you actual income, debt and credit history. Make sure you are working with a good lender. Getting a mortgage is a very important part of the equation. Make sure you are working with someone reputable. Buying a home can seems to be an enormous undertaking, be sure to retain the services of a qualified Realtor. You can trust our Realtors to always keep your interest first and foremost. As qualified professionals, they’ll guide you through the entire home buying experience and assist you in being an informed buyer.
Simplify Your Search
What features do you require in a home to satisfy your lifestyle now and in the future? Knowing your range of affordability you can explore your needs from design preferences to neighborhood choices.
Moving Forward
Once you have found the home that is right for you, move forward to present an offer. This will consist of earnest money to be held in an escrow account and a written agreement. This agreement will set forth your terms of the purchase and a schedule of events in order to own the property. This extremely important document is a legally binding agreement and should be carefully prepared by knowledgeable Realtors who are qualified to cover all your interests. Hire a home inspector - This is typically the largest purchase you are ever going to make. Spend a few extra bucks and get a home inspection. It could save you alot of money in the long run. Don't Let Your Emotions Take Over - Keep a cool head during the entrie home buying process, expecially during and after a home inspection. Be realistic. No home is perfect, especially older homes. It's not unusual for new owners to take care of some repairs themselves. Don't let the seller's refusal to do a smal repair kill the deal on a home you truly love. On the other hand, don't fall so much in love withh the house that you'll buy it no nmatter what needs to be done--unless you're sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.
Final Steps
Upon your complete satisfaction, arrangements will be made to attend a closing. Coordinating the closing will usually be a title company who has your escrow money in account. After furnishing the down payment and whatever other applicable fees have been agreed upon prior to closing, final papers will be signed. The deed and mortgage will need be recorded in the state Registry of Deeds, and you will be a homeowner.
Rewards
It is highly rewarding to buy, own and maintain your own home. Whether this is your first home or you have experience with the home buying process, we can help.
Challenges
Purchasing a new home can be overwhelming. Without the right resources and information, the buy process can be stressful and frustrating. With our online services, you can avoid the pitfalls. We’ll be there to help every step of the way.
Resources
Money Matters-the most important part of financing is your knowledge of the options available. Consider the following questions as a basis for determining your financing needs.
- How much mortgage can I afford?
- What down payment is needed?
- What is the difference between pre-qualification, pre-approval and appr oval?What interest rates are available?
- What is mortgage insurance and is it required?
- What type of documentation will I need?
- How do 15- vs. 30-year terms compare?
- What are points and do I pay them?
- What is difference between a fixed rate mortgage and adjustable rate mortgage?
- What closing costs will I incur?
- What is being locked-in?
- How long will the mortgage process take?
- What is included in a mortgage payment?
- What would the payments be?
- When would the payments begin?
Mortgages to meet everyone’s needs. These summaries will help you narrow your search.
Adjustable Rate Mortgage
A mortgage, which allows the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change. The change in interest rate will result in a change in the periodic payments due under the mortgage. ARMs are attractive when short-term interest rates are trending lower.
Balloon Mortgage
Usually a short-term fixed-rate loan that involves small payments for a certain period of time with the balance due in a single, large payment at a time specified in the contract. Whenever the balloon mortgage becomes due, the entire unpaid balance is due. Generally, the homeowner must either refinance or sell the property.
Buy-Down
The payment of extra money on a loan now so as to provide a lower interest rate over either a given period or over the life of the loan. To buy-down a mortgage, the buyer pays additional points to the lender, which will decrease the interest rate for a specific period.
Conforming Loan
Conventional home mortgages, first mortgages up to loan amounts mandated by Congressional directive, which meets the qualifications for sale or delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).
Construction Loan
A structured, short-term loan to provide funds necessary to begin construction on buildings or homes.
Conventional Mortgage
A mortgage loan made by an institutional lender without the inclusion of government guarantees such as VA or FHA loans.
Convertible ARM
The convertible ARM is a combination of both fixed-rate and adjustable rate mortgages, allowing the best of both options in one package.
Deferred Interest Mortgage
A mortgage in which the payment is not sufficient to cover the principal and the interest and the payment portion of the interest is postponed until a certain date at which time the interest postponed is added to the principle owing.
Federal Home Loan Mortgage Corporation (FHLMC)
The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the largest national supplier of home mortgage funds. It is commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.freddiemac.com.
Federal Housing Administration (FHA)
An agency of the federal government, the Division of the Department of Housing and Urban Development, both sets standards for the underwriting of private mortgages and insures residential mortgages made by private lenders.
Federal National Mortgage Association (FNMA)
The U.S.'s largest supplier of mortgages to home buyers and owners, a corporation established by Congress and owned by stockholders. It is commonly referred to as 'Fannie Mae,' this government-sponsored enterprise is chartered by Congress. This federally chartered agency buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.fanniemae.com
Fixed-Rate Mortgage
The interest rate you pay and the monthly principal and interest payments are agreed upon from the outset and will not change throughout the entire term of the mortgage.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development, it is also referred to as 'Ginnie Mae,’. This government agency guarantees the payment of principal and interest on all of its pass-through securities, and its guarantee is backed in turn by the full faith and credit of the U.S. Government.
Graduated Payment Mortgage (GPM)
A mortgage that usually starts the borrower with low payments that are gradually increased over five to ten years, before leveling off for the remainder of the term of the loan until the loan is fully amortized. Negative amortization usually occurs until the payment reaches the level payment stage. Usually government insured loans (VA or FHA)
Growing Equity Mortgage (GEM)
This is a long-term mortgage whereby the borrower agrees to increase his payment each year by an agreed amount. The added money per payment is applied directly to the outstanding principal on the mortgage. The mortgage thereby is paid off in a shorter number of years.
Renegotiable Rate Mortgage (RRM)
Similar to an Adjustable Rate Mortgage, this type of mortgage allows the interest rates and payments to be adjusted periodically according to an index.
Reverse Annuity Mortgage (RAM)
A type of mortgage where the property's equity serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property.
Rollover Mortgage (ROM)
A mortgage where the payments are only guaranteed for three, four, or five years. The borrower is allowed to refinance at the end of the term at the interest rate then applicable.
Shared Appreciation Mortgage (SAM)
It is a loan arrangement where two or more parties participate in the purchase of real estate and share the appreciation and tax deduction. Similar to shared equity mortgages.
Veterans' Administration Loans
Mortgage loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans' Administration, enabling veterans to buy a residence with little or no money down.
Wraparound Mortgage
A secondary financing option in which a new larger mortgage is created to encompass the first mortgage. This large second mortgage is used to preserve the low interest rate on the first mortgage for a potential buyer.
Know Your Needs
Drive To Learn - Evaluate as you drive though a community. Consider the following questions as a basis for determining your location needs: Where is the nearest shopping center, bus line, police station and Library? What schools are available and school district are you in? What types of homes (single family, apartments, condominiums) are in the neighborhood? How far apart are the homes? How far is it to your work? What community resources are available? Generally, where are the cars parked (driveways, garages, street)? Do you notice a lot of noise, traffic or pollution?
Finding The Right Home
Keep your eyes open and your notebook in hand as you walk through a potential home. Consider the following questions as a basis for determining your needs as a homeowner: How long has the home been on the market? Why is the home being sold? What is the asking price of the home? Has the price been lowered? Is the price comparable to other homes in the neighborhood? What is the down payment required? Is the house structurally sound? Is there room enough for the present and the future? Do you like the floor plan of the home? What condition is the yard in? What improvements must be made? Will the seller repair or replace any items that need repair or replacement? Think carefully about each house you see and don’t be in a hurry. Your real estate agent can point out the pros and cons of each home from a professional standpoint.
The Offer Making an offer to buy a home entails many factors. You and your Sales Associate will discuss the following factors prior to putting the offer on the table: Amount of earnest money Down payment Price you are offering Details of financing Proposed move in date Proposed closing date Details of the sale How long the offer is valid The seller will either accept the offer as presented, or make a counter offer and ask you to resubmit a proposal. When all the parties involved have agreed upon the details, initialed any revisions and signed the final agreement then an offer becomes a contract.
Special Report
Foreclosure Report
Valuable tips homeowners need to know about avoiding foreclosure. FREE REPORT
Valuable tips homeowners need to know about avoiding foreclosure. FREE REPORT
Selling in Current Market
Can I really sell my house in the current real estate market? FREE REPORT
Can I really sell my house in the current real estate market? FREE REPORT
