Brenda R. Roguska
Licensed
Real Estate Broker
LIVE HELP
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1 - Are You Ready? |
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Knowledge and
experience are the keys to successful real estate transactions. REALTOR.com®
contains an enormous amount of valuable information, and such data -- combined
with the expertise, experience and training of local REALTORS® -- can be the
essential keys to your success.
One of the keys to
making the homebuying process easier and more understandable is planning. In
doing so, you'll be able to anticipate requests from lenders, lawyers and a host
of other professionals. Furthermore, planning will help you discover valuable
shortcuts in the homebuying process.
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Do you know what you
want? |
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Whether you are a first-time homebuyer or entering the marketplace as a repeat
buyer, you need to ask why you want to buy. Are you planning to move to a new
community due to a lifestyle change or is buying an option and not a
requirement? What would you like in terms of real estate that you do not now
have? Do you have a purchasing timeframe?
Whatever your
answers, the more you know about the real estate marketplace, the more likely
you are to effectively define your goals. As an interesting exercise, it can be
worthwhile to look at the questions above and to then discuss them in detail
when meeting with local REALTORS®.
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Do you have the money? |
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Homes and
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 new and innovative loan programs
have evolved which require a 5 percent downpayment or less. In fact, a number of
programs now allow purchasers to buy real estate with nothing down.
In addition to
a down payment, purchasers also need cash for closing costs (the final costs
associated with closing the loan). Several newly emerging loan programs not only
allow the purchase of a home with no money down, but also underwrite closing
costs.
Not everyone,
however, elects to purchase with little or no money down. Less money down means
higher monthly mortgage payments, so most homebuyers choose to buy with some
cash up front.
As to closing
costs, 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. Speak with local REALTORS® for details. |
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Is your financial
house in order? |
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Those great loans with little
or nothing down are not available to everyone: You need good credit. For at
least one year prior to purchasing a home, you should assure that every credit
card bill, rent check, car payment and other debt is paid in full and on time. |
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