Attend Free Home buyer Seminar
Start with the lender, get to know your loan officer – Whether it’s a bank or credit union being on the same page with the lender makes a big difference. Make time to attend a free home buyer seminar or take the class online to learn about the home buying process. Keep credit inquiries to a minimum – Don’t buy new stuff on credit and continue to make on time payment – Do not close credit account and Do Not Open New credit line Keep Your account balances around 33% of the credit line.
Come to our seminars to learn more
- Free Home buyer seminar
- Free 1 year home warranty
- Get a free credit report
- Let us help you get to your dream home
Decide Where you want to live
- PREFERRED LOCATION NEAR
- CHURCHES /MOSQUE /SYNAGOGUE /TEMPLE
- FRIENDS / SCHOOLS
- PROXIMITY TO WORK
- PUBLIC TRANSPORTATION
- SHOPPING
- ENTERTAINMENT
What you need to do
- Maintain Your credit – Limit credit inquiries
- Do not make large purchases
- Do not co-sign for any large purchase
- Do not make large cash deposit in your Bank
- Do not change job – Switch Career
- Do not Open New Credit Card
- Pay all bills ON TIME -
BUYING
- Property values tend to rise overtime
- Pride of homeownership/privacy
- Cost of borrowing / Rates maybe below 3%
- Build financial stability – Sweat Equity
- Help for First Time Home Buyer
Renting
- No control over landlord
- Rent increase at discretion of Landlord
- Landlord may sell at anytime
- No Equity
- 1,000/month rent = $240,000 over 20 years
Your Home Team Expert
- -Real Estate Agent
- Mortgage Company / Loan officer
- Title/Settlement company
- Inspection / Termite
Find a Real Estate Agent / Realtor
Realtor will help you find the right house at the right price Realtor have access to UPDATED Multiple Listing Services (MLS) Realtor can Show you houses not listed on (Zillow/Redfin/Trulia) Realtor have experience in negotiating sales price & closing cost Realtor can show you properties, help you decide, educate you.
- Agent find properties, make offers, review contracts, negotiate terms, schedule inspections – coordinates with lender and title company.
Mortgage Company - Loan officer
Preferred lender : www.mortgagexhl.com
Loan officer will help you:
- Determine how much house you can afford
- The best financing for your situation
- Type of Financing-FHA, Conventional, Down Payment (3%- 20%)
- Explaining the cost of Financing/ The Process & How to maintain credit
- Get Pre-approved – Issue you Finance Letter
- Schedule Appraisal- Process your loan application
Title / Settlement Company
- Preferred Title : www.easterntitle.com
- Title Company help coordinates the transaction (buyer/seller)Title company verifies information about (property/seller/lender)
- Title company ensures, legal transfer of the property
- Title Company hold money in escrow for both parties
- Title Company also prepares the Documents, Deeds, Loan Docs for settlement.
Inspection
- Home Inspection is paramount
- It reveals the property Condition
- Structural(foundation, roof, framing)
- Mechanical ( A/C, Heat)
- Plumbing(Toilet Leak, Sink, Shower, bathtub
- Electrical (Outlets, lights, switches)
- Permanent fixtures
Cost Associated with buying a house
- EMD –Earnest Money Deposit (goes toward your down payment)
- Usually (1+%) of the property sales price offered.
- Down Payment (3% or more) of the sales price as per lender
- Appraisal (400 – $600)
- Paid to Appraisal Company
- Home Inspection (300- $500)
- Termite inspection, Sometimes required by lender ($40)
- Closing Cost (about 3% of Sales, include lender’s title, Title insurance)-(prepaid expenses, interests, lender fees).
- Homeowners Insurance
