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![]() First Time Home Buyers From Dream to Reality with CENTURY 21® Infinity: On Your Way to Your First Home Buying a home is one of the most important personal and financial decisions you'll ever make. That's why CENTURY 21 Infinity wants you to have this step-by-step guide to help you find and buy your first home. We're also here to answer your questions along the way. We want your first real estate experience to be both hassle-free and rewarding. The following Guide explains the real estate process in plain English. What you're about to read is an overview of the procedures normally followed in a typical home purchase. Read on and see how finding and owning your dream home can be easier than you think with help from CENTURY 21 Infinity. Preparing to Find and Buy a Home Knowledge Is Power ... Accurate Information Is Essential Before you start looking for a home, become an educated consumer. Knowledge is power and misinformation gets in your way. First, learn about the process and requirements for buying a home. Common misconceptions include : renting is always cheaper than buying, you have to be a Permanent Resident of the United States to buy a home and you have to have a huge down payment to qualify for a mortgage.
Choosing Your Real Estate Professional Deciding to find and buy a home is one of the most important decisions of your life. It combines your personal hopes and dreams with wanting what's best for you and your family. It means making changes. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live. When you choose a Century 21 Infinity Agent, you're dealing with an experienced professional who understands your concerns and will provide you with the personalized service that makes all the difference. What should you expect in your first meeting with a real estate agent? A Century 21 Infinity agent typically will talk to you about the neighborhood where you want to live, home prices, schools, transportation, and the surrounding commercial and residential areas. Before you find a home, your agent can also assist you in talking with a mortgage representative about getting a "mortgage pre-approval". It's helpful to get pre-approved before you find a home so you'll know how much money you have to spend. You also can calculate how much you can afford in monthly payments. Century 21 Infinity has online financial calculators to help you. Have a Financial Plan Before You Find a Home You can reduce the stress of home buying by thinking ahead. Before you find a home you want to purchase, develop a financial plan. This plan becomes your guide not only for saving money for the down payment, but also for covering other expenses such as your credit check, mortgage application and closing costs. For more details about what to expect financially, ask your Century 21 Infinity agent. Establishing Credit Having an established credit history plays an important role in the home buying process. It's never too soon to start building a good credit history. Start by diversifying how you pay for things; don't pay for everything with cash. Pay your bills on time, limit your debt, reduce the number of credit cards you have, and use them responsibly. Your goal is to show that you are financially responsible and a "good credit risk."
A pre-approval is a simple calculation done by a mortgage lender that tells you (a) the amount you'll be able to finance through a loan and (b) what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Contact your Century 21 Infinity Agent for help in getting a mortgage pre-approval.
(2) Your Down Payment A down payment is the money you pay up front toward the purchase of your new home. Typically, the larger your down payment, the less you pay each month on the mortgage, and the lower the interest costs will be over the life of the mortgage.
(3) Your Mortgage Your options for financing the home you find depend on your personal financial situation and your unique needs. Check with a Century 21 Infinity agent for guidance about contacting mortgage lenders and getting a Mortgage Pre-approval. This will help you gauge how much you can afford to spend on a home and the financing options available to you. Here's an overview of typical financing options available:
(4) Closing and Other Additional Costs After you find a home and receive mortgage approval, the closing is when ownership of your new home officially transfers from the seller to you. In some cases, sellers pay the closing costs. If not, you need to be prepared to pay this additional cost. This can add another two to five percent to the home purchase price. These costs also can vary from state to state. For specifics, ask your Century 21 Infinity agent. Other additional costs may include:
Finding A Home Your Search
Where do you start when you're ready to find a home? Visit our Century 21 Infinity office by visiting Century 21 Infinity Office Directions, calling (702) 851-9600 or Contact Us Online. Narrowing your home search based on how much you can afford is one factor.
Making An Offer When you find a home you want to buy, you'll make the seller an offer in writing. Your offer is typically the first step toward negotiating a sales contract. That's why determining how much to offer is more complex than simply determining a price. Because of the large amount of money involved, both the buyer and the seller need to protect their investments and limit their risk. This is why when you make an offer, you not only specify the price you are willing to pay, but also the other details of the purchase such as:
Contingencies generally allow you to anticipate potential problems so if something goes wrong, you can cancel the contract without penalty. If you cancel a contract without having agreed upon conditions and contingencies, you could find yourself forfeiting your good faith deposit and money spent to inspect the property, as well as other damages. For this reason, it's recommended you retain an attorney. Your attorney will advise you about what to include in your offer to protect yourself.
Your Good Faith Deposit Along with your offer, you'll provide a "good faith" deposit that demonstrates to the seller your serious interest in buying. This is one of the additional costs mentioned earlier. This money is deposited only once the offer has been negotiated and accepted by both parties. The Home Inspection
After you find a home and make an offer, a house inspection is often ordered. The seller should have the property available for inspection by a professional.
Indispensable Insurance Before a mortgage company will approve your lending arrangement and allow you to close on your new home, they will typically ask you to show proof of title, title insurance, and homeowner's insurance. Your Century 21 Infinity agent or your mortgage representative can explain the details. Your real estate attorney can also provide counsel on title issues and title insurance. The Final Walk-Though Before the closing and property ownership is transferred, you and your Century 21 Infinity agent will want to visit your future house. This "walk-through" is an opportunity to ensure that the house has been left in the expected condition.
The Closing To be knowledgeable and prepared, ask your Century 21 Infinity agent and attorney to go over the details of the closing with you beforehand. The closing process can vary by area of the country and even within the same state.
Making Your Dream a Reality! Finding and buying a new home should be a rewarding experience. At Century 21 Infinity, we know the search for your dream home is about more than just putting a roof over your head. It's an expression of your hopes and dreams, your lifestyle and values. It's a place to spend time with family and friends, as well as your personal retreat at the end of your day. It's about making changes for your future. Century 21 Infinity agents are agents of change .. we help transform dreams into reality.
What is a First Time Home Buyer Loan? First time home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you should use a first time home buyer loan. These programs have restrictions and strings attached. While they are a perfect fit for some, first time home buyer loans are the wrong choice for others. A person’s first home purchase is a big deal. It takes time, energy, and money. To help with the money hurdle, some people use first time home buyer loans. These programs vary depending on where they’re offered, but the general idea is this: first time home buyer loans give financial assistance to qualified borrowers. They may do this in the following ways:
Note that first time home buyer loans available to you might offer any or none of the benefits listed above. You should research first time home buyer loans available in your area. A good place to start is the HUD Web site on home buying programs. Note that first time home buyer loans available to you might offer any or none of the benefits listed above. You should research first time home buyer loans available in your area. A good place to start is the HUD Web site on home buying programs. Who Gets First Time Home Buyer Loans? As you might imagine, individuals who have never owned a home are good candidates. In addition, some programs offer first time home buyer loans to people who have not found a home within the last three years. Again, check to see what’s available to you. You may have to meet certain income restrictionsto qualify for a subsidized first time home buyer loan. In general, these programs try to limit benefits to people with low and moderate income levels. If you earn too much, you won’t qualify for the program. First Time Home Buyer Loan Restrictions Most programs put a dollar limit on the property you’re buying. You probably can’t use a first time home buyer loan to buy the more expensive properties in your area. Instead, you’ll be limited to properties on the lower end of the spectrum. Again, the idea is to benefit people who have the most need. You also have to live in the home as your primary residence. If you're going to rent the place out, don’t use the first time home buyer loan. Finally, the home you buy most likely has to meet some physical requirements. It must be in good condition and free from any safety hazards (such as lead-based paint, for example). First Time Home Buyer Loan Pitfalls For some first time home buyers, these programs are perfect. They open the door to home ownership where a family would not have been able to buy a home. Communities also benefit from first time home buyer loans – homeowners take care of their property, get involved, and contribute to the economy. Nevertheless, first time home buyer loans can be the wrong choice in some cases. With a subsidized first time home buyer loan, you face some challenges:
Given these restrictions, you may do best to avoid subsidized first time home buyer loans. With a FICO credit score above 720, you probably won’t see an advantage with the subsidized first time home buyer loan. Once you get below 680, the subsidized program will start to look better. The best thing to do is to explore all your options. Take a look at what your traditional mortgage lender is offering, and compare it to the subsidized first time home buyer loans. Once you see how the numbers compare, consider the cost of flexibility. Back to Top |
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