ARE YOU READY

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 home buying process easier and more understandable is planning.  In doing so, you'll be able to anticipate requests from lenders and a host of other professionals.  Furthermore, planning will help you discover valuable shortcuts in the home buying process.

Do You Know What You Want?

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 time frame?

Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals.

For more information:

Buying Real Estate
10 Mistakes You Can't Afford
Calculate: Rent vs. Buy

Do You Have The Money?

Homes and financing are closely intertwined.  (Financing is the difference between the purchase price and the down payment, 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 down payment 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. 

For more information:

• How Much Can I Afford?
• How to Get a Mortgage
• Calculate: Home Affordability

  Is Your Financial House in Order?
  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.
  
  

  Calculators Where do you stand financially? Use our calculators to get an idea.

  For more information:

• Learn More About Credit
• How will my credit affect getting a loan?
• Q&A for Loans and Credit
• Guard Your Credit History
• Is Your Credit on Target

IF YOU NEED MORE INFORMATION CONTACT ME