Things to Consider When Buying a Home

SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert SEPTEMBER 2011 Things to consider when BUYING A HOME Historically low mortgage interest rates in the United States! .this is the best time to buy a home! But hurry up, as new home sales are on the rise, the mortgages will go up, accordingly. New Home Sales Mortgage Rates and Applications 1.6 350 units, millions (annualized), ЗММА $, thousands, 3MMA % MBA Mortgage Application index 1.4 300 8 - Index - Purchases Only 5 1.2 Unit Sales 250 4 1.0 0.8 200 6 - Average Price 0.6 5 - 30-Year Mortgage Rate 150 2 0.4 - 0.2 100 4 90 92 94 96 98 00 02 04 06 08 10 99 00 01 02 03 04 05 06 07 08 09 10 11 Median Single-family Home Price OZ Seattle Boston HOLLYWOOD New York Chicago Kansas City Los Angeles Houston Miami NY (data from Q2 2011) MA CA WA OZ FL IL TX MA-NH NEW YORK LOS ANGELES KANSAS CITY BOSTON SEATTLE MIAMI CHICAGO HOUSTON $384,800 (-2.3%) $355,700 (-1.7%) $292,300 (-4.3%) $287,200 (-6.5%) $186,300 (-13.0%) $185,000 (-9.8%) $156,500 (+0.4%) $137.000 (-9.0%) НОМЕ IN 6 STEPS BUYING 24 3 Search for your new home Search on the internet, there are great sites with a lot of listings. Link yourself up with a very experi- enced local real estate broker to 3. How much home can 1 Get pre-approved for your loan Getting pre-approved by an expert is critical, so that you know your loan is 100% ready to close and all details and documents are ready to go. 2 you comfortably afford? Get an expert to help you determine how much home you can comfort- ably afford by evaluating your finan- cial situation and giving you loan options and proposed payments. help you, and read about the area you are looking to purchase in. 4 Submit a formal offer Close 6 the deal Home inspection 5 time Time to test the market and see what the seller is looking to sell for. Once you know what you are quali- fied its best to start with aggressive offers, you can always go up in price. Get yourself a great deal! Before you buy you must have a certified home inspector inspect your new potential home. You need to makes sure that the major infrastructure items in the house Your bank will formally approve your loan once your contract is signed and you can proceed to clos- ing in approximately 30 days. are in good working order. BUYING H RENTING Vs. + AdvantagesDisadvantages + Advantages Disadvantages Feeling of safety, stability Limited mobility and community No maintenance costs| Possibility of eviction Mortgage-interest tax deduction Foreclosure risks Cheaper in the short run No tax advantages Cheaper in the long run Tax on property Increased mobility| Zero home equity Landlord independence Maintenance costs Sense of community, stability and security Rent fluctuations Capital from home equity Your home, your interior design decision MOST EXPENSIVE CITIES DTO BUY A HOME TOP 10 REAL ESTATE WEBSITES by US Market Share of Visits (%) May 2011 6.6% Yahoo! Real Estate 6.4% Realtor.com 5.7% Zillow 4.8% Trulia.com 2.4% MSN Real Estate $610,000 $609,500 $536,700 $515,100 $448,700 New York, NY San Jose, CA Honolulu, HI Anaheim, CA San Francisco, CA 2.4% FrontDoor Real Estate 'LEAST EXPENSIVE CITIES PTO BUY A HOME 2.3% Rent.com 2.2% Homes.com 2.2% AOL Real Estate $74,800 $75,200 $79,800 $85,900 $86,300 Ocala, FL 1.6% Apartment Guide Youngstown, OH Toledo, OH Lansing, MI South Bend, IN THIS INFOGRAPHIC IS SPONSORED BY: SOURCES: ABOUT SHAH: askshah.com Shah Tehrany is a National Mortgage Banker licensed in 20 states. He has over 10 years of mortgage experience and serves as the Managing Director at Franklin First Financial, Ltd. Are you looking to buy a home or refinance? Just Ask Shah. www.realtor.org ideas.thenest.com/real-estate www.scotiacapital.com www.mint.com/blog The Mortgage Expert