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Home Buying

HOME BUYING In the home buying process, knowing what's ahead can help you make a smart decision Preparation Check credit Build/improve Set a score credit if needed Budget Check the section below to get a better estimate of BILL your budget. Creating a Budget Figure out your household's take-home pay after tax. Get an accurate affordability picture If you have irregular income, take the average of your last 12 months. List your household's recurring monthly expenses. Note which expenses are necessary, which are totally optional, and which are necessary but flexible. Figure out which expenses will go away. For example, if you're paying for renters insurance, you'll be able to cancel that after you buy the home. List the expenses you will add when you become a homeowner. These expenses will vary depending on the type of home you purchase. Pay attention to new expenses that may arise. Determine how much you have left after expenses to spend on housing. Don't forget to account for emergencies and retirement. Evaluate how much of the house you can buy. Figure out the purchase price you can afford based on the monthly payment at different interest rates. Pre-Qualification Vs Pre-Approval Getting a prequalification or a preapproval letter means you know how much you can spend. But they are not the same. CONTRACT Pre-Qualification Pre-Approval A general estimate of the amount that you may be approved for The actual loan amount you are approved for Lenders are able to discuss Provides a snap shot of financial status financing options You can use pre-approval letter to shop arround Can be used to make offers on properties Best used as financial guides towards financial goals Most sellers prefer pre-approval letter as it shows actual proof of ability to pay Purchasing the Home W2 Take your Find a Realtor Once you find the right house budget and go on a estimation and House Hunt documentation Determine additional concessions (repairs, closing costs etc.) Once both parts agree on the price, it's time to get everything in contract Make an offer CONTRACT Binding date; beginning of A reasonable initial all offer, should be lower contingencies on contract than budget to allow for negotiation Counteroffer; FOR SALE accept/reject Due Diligence CONTRACT What to pay more attention to Foundation Renegotiate as needed Lender sets up property appraisal Schedule home Lot / Exterior inspections Roof Attic / Basement Evidence of leaks Electrical Plumbing Appliances Heating/cooling system Check flood Purchase homeowner's insurance Odors maps Closing Lender distributes funds to closing agent Pay closing costs $= and escrow payments Homeowner will receive a closing DIsa.OSURE disclosure document three days before closing for review Receive settlement and deed SOLD Sources https://www.fha.com/fha_credit_requirements http://www.homebuyinginstitute.com/news/fha-credit-score-too-low-696/ https://www.veteransunited.com/realestate/va-loans-and-credit-scoreminimums-what-all-buyers-need-to-know/ https://www.nationwide.com/guide-to-buying-home.jsp https://www.nationwide.com/bidding-on-a-house.jsp https://www.nationwide.com/bank-mortgageinformation.jsp Nationwide Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2017 Nationwide.

Home Buying

shared by Mbtassino on Aug 15
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In the home buy process, knowing what's ahead can help you make smart decisions.

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Economy
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