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3 Best Factors to Consider In Order To Buy a Great Home

There are many reasons you should buy a home. This article applies to owner-occupied ownership when you buy a home, only. Rental real estate is quite different than owner occupied home ownership. I will walk you step-by-step through key elements of the home buying process.

The loans are more difficult to qualify for than owner occupied. Tax deductions are much treated differently. If you do not hold home investment long enough, you could be required to pay short-term capital gains taxes. These home buying tips will enable you to understand the most important elements of home buying you should know before your search.

Home buying the right way take skill

 

The More You Know, The More You Grow In Useful Facts


Here Are 3 Factors to Consider Before You Purchase a Home:

1. Home prices are low or reasonably priced for your area, which makes the area affordable

Home prices fluctuate about every 7-10 years. Occasionally, due to a catastrophic event where there are a lot of foreclosures, the prices go way down. When the event is over, and people are back to work the prices usually go back up.

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The prices fluctuate from low to high for several reasons. Some of the reasons are:

1) If there is a big layoff in a town, everyone is trying to sell at the same time and there are few buyers, home prices may take a nosedive.

2) A major industry has moved out of a town and there are few buyers for a home, prices will go down, 3) Interest rates have spiked up and it is hard for buyers to qualify for a mortgage and therefore prices of homes may correct down.

On the other hand, prices go up sometimes when:

1) Loans are easy to qualify for (as in the real estate crises from 2003-2008), and people got loans who should not have them, this causes many loan defaults in a short period of time.

 2) A new high paying company may move into the area and there is a shortage of homes to buy, people start bidding up homes, as in some areas of the U.S. that have high employment and low inventory of homes.

3) New homes are not being built, and new companies move into the area quickly, so there is a shortage of homes.

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You get the picture. Real estate does not go up constantly, as some beginner home buyers tend to think, there are sometimes corrections in a high market, and low markets go high for various reasons.

Never Rush to Buy a Home:

The point here is that you do not want to rush and buy a home in an area that you are not familiar with; the prices may be high and at the top of a market. For reasons unknown to you, prices are starting to come down.

This is important to know because, if you must sell in a short period, you may have to sell for less than you paid for the house. This is called, being under water with a mortgage, you will lose money.

Typical appreciation for a well-kept home usually runs around 3-5% per year, according to the National Association of Realtors.

Know what is going on in your area, make sure you are not buying at the top of a market, unless you know you will be in the area for a long time, otherwise, you could be stuck with a home you can’t sell for more than you paid.

You Will Have the Best House, for The Best Price Possible, if You Follow the Home Buying Process; When You Buy a Home.


2. Buy a home when you have had a steady job for a while.

It goes without saying that income is what pays the bills. Make sure that the company you work for is stable or your business is on sound footing before you buy a home with a mortgage.

Most mortgage companies will want to see 2 years of tax statements, in addition to that. They will usually also order their own copy directly from the Internal Revenue Service. If you are self-employed, agents will ask for  actual bank records of your small business deposits.

During this time also make sure you have savings in place for a down payment, and escrow and closing cost. It is also a good idea to have additional savings to keep in place in case of a job layoff.

3. Buy a Home when you plan on living in the area for several years.

As I discussed in number 1, real estate goes up and down. When prices get high, many times there is a correction and prices come down for a while.

If you happen to NOT do your homework and buy in a real estate market that is about to come down, for a variety of reasons, you may find yourself upside down with your loan for a while.

This will take more years to make a profit on your loan. You will have to ride out the correction, and get back your escrow and closing cost as an initial investment. Normally it takes about 4 years just to get back your escrow and closing cost as the home value increases.

Corrections in the Real Estate Markets:

If you must ride out a correction it could take many years longer. If you happen to buy at the bottom of a real estate market, you could get lucky enough to ride up the value of your home, and you could sell much faster or a profit. It is important the house is well-kept and affordable for you.

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 In any case, you should study your area, study the real estate market, study the economy or the changing of the economy in the area, and know when to buy. That is; know if you are at the bottom or top of a market. Real Estate works best when it is held long term, a key factor in home buying tips.

In normal cases, it could take as long as 8-10 years to make a profit from your real estate purchase. Use this calculator to find out the home you can afford.

This will take more years to make a profit on your loan. You will have to ride out the correction, then get back your escrow and closing cost as an initial investment. Normally it takes about 4 years just to get back your escrow and closing cost as the home value increases. The home buying process tighly weaves, escrow, title, costs, mortgages and time. 

In any case, you should study your area, study the real estate market, study the economy or the changing of the economy in the area. And know when to buy, that is; know if you are at the bottom or top of a market.

Use all of these great home buying tips to buy a great home, but first understand the home buying process.

Home ownership dream for women

Lois Center-Shabazz| Money Strategist | Course Delta Agency

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3 Best Factors to Consider When You In Order to Buy a Great  Home

Big Thing Budgeting in 7 Ways

How to Budget for the big things, use what I call Big Thing Budgeting.

  1. USE BIG THING BUDGETING TO GET OUT OF A MOUNTAIN DEBT: CREDIT CARDS, MEDICAL BILLS, PREDATORY LENDING

For Individuals, Couples and Small Businesses, you can get out of a mountain of debt if you focus like a laser beam on getting debt-free. It is not easy, but it is possible.

It will first require that you stop buying anything you don’t need. Get rid of the “I Got to Have it Syndrome”.

Start by keeping a log and inventory of your buying habits. Then slowly start to purge spending you don’t need to do. When you take an inventory of your buying habits, you will be surprised at the amount of unnecessary buying you do.
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Second, you must start paying off one thing at a time in a big way but pay on other bills at the same time. Start with the smaller bills, pay extra to those bills with the most you can afford, then pay a small amount extra to principle to your other bills — at the same time.

Big Thing Budgeting Shaves Thousands Off Your Budget       -Lois

You will see bills drop off one by one. Now, for the larger bills, you may have to start selling things you don’t need. From cars to yard sells, is where you can sell things you don’t need.

  1. BUDGET TO BUY A CAR

Save money for your next car while your current car is in good shape. Then, research the cost of the car you are interested in. Set a budget, then go through the internet and your local newspaper to see prices and figure out monthly payments, if you plan to finance. If you don’t plan to finance, you will see how much you need to save and for how long, to pay cash.

Consider buying a certified used car at a new car dealer or a one-year-old car from a new car rental agency. Make sure you know the new car prices and options on a new car so you can compare it to a new-used car with options.

Use Kelly blue book or kbb.com, to check for cars that are good for buying as used cars. You can also check for general pricing of new and used cars.

Ladies, don't get cheated buying a car.

  1. BUDGET TO BUY A HOME

Home buying requires doing a lot of research to discover 1. how much you can afford to pay for a home, 2. how to find a good mortgage company, bank, or credit union. The best place to start is your local credit union or bank due to the savings in fees, cost and time. 3. How to buy a quality home, and 4. How to get it properly inspected – some inspectors work for the realtors, so many won’t tell you when you the home you are interested in has major problems.

Therefore, it is best to contact tradesmen directly, like electricians, plumbers, roofers, and carpenters to get a fair assessment of possible home repairs.  Most of them will do an inspection in their specific area for a small fee.

Use at least 2 of each kind, so you can get a consensus as to what is wrong.  You can then budget for the down payment and escrow cost to purchase your next home.

Therefore, it is best to contact tradesmen directly, like electricians, plumbers, roofers, and carpenters to get a fair assessment of possible home repairs.

There is a Right Way and a Wrong Way to Buy Cars, Homes, and Education       -Lois

Most of them will do an inspection in their specific area for a small fee. Use at least 2 of each kind, so you can get a consensus as to what is wrong.  You can then budget for the down payment and escrow cost to purchase your next home.

Make sure you know exactly what your payment will be in regards to your loan. What will your payment be with Principle+Interest+Insurance+Taxes? You can also do mockups of an imaginary home to calculate what you should pay.

Ask friends or family what they pay for insurance and taxes for a home you are interested in. Taxes vary from state to state, you can also search your state websites. In some states, taxes go up as home values increase, but in others, the taxes stay the same.

Dream your best home - secrets to successful car buying tips for women

  1. BUDGET FOR VACATION

Don’t put your vacation on a credit card when you can save a little all year and pay cash for your vacation. It is as simple as that. Budget in transportation, food, lodging, tours, and shopping.

If you want to go on the cheap, vacation where you have family members or friends who live in or nearby vacation spot. Pay your family member to stay with them, or cover their restaurant costs and meals. Do the math, and see what works out.

  1. BUDGET FOR COLLEGE

Some people are obsessed with the “best college syndrome” due to the college propaganda machine.

If you have unlimited money, you can go where you want. But, if you must depend on financial aid, which usually includes substantial student loans, that is not an option. If there is one thing you want to keep as low as possible, is student loans.

Since there is 1. never a guarantee you will get a job in your field or keep it, 2. There is not a guarantee you will get a job that pays in accordance with your student loan 3. you can’t file bankruptcy on student loans.

Because of these items 1-3, you should keep student loans as low as humanly possible. That means avoiding high priced schools and high-priced areas to live in for college. The least expensive schools are community colleges, and state colleges and universities.

There are some colleges that are priced like state colleges and universities, but you must do your homework and compare all cost. Private colleges and universities are unreasonably high cost and they have a lot of hidden costs, which makes the total difficult to calculate.

The for-profit schools offer quick learning and high prices. Today, some of them are now calling themselves non-profit due to the unpopularity of the for-profit model.

Private colleges and universities are unreasonably high cost and they have a lot of hidden costs, which makes the total difficult to calculate.  The for-profit schools offer quick learning and high prices. Today, some of them are now calling themselves non-profit due to the unpopularity of the for-profit model.

The for-profit schools do massive advertising on television and the internet, this is your main clue. All colleges and universities have their cost listed on their websites. Make sure you find these costs and know exactly what you are getting into before you consider any college.

Your total student loan balance should not surpass your first years’ salary.  Example: If you plan to be a teacher and your first year’s income is $25,000, your student loan should be capped at $20,000. Understand the details of student loans with the eBook on student loans.

Don't stop thinking about your finances

  1. BUDGET TO PAY OFF STUDENT LOANS

There ae people all over Pinterest bragging that they paid off $60,000 of student loans in 5 years. This is possible due to re-amortization. When a loan is amortized to 20 years by your loan servicer, you can amortize it to 10 years by paying extra to principle every month.

If you have a 10-year loan, you can knock it down to 5 years. You can live tight, give up the finer things in life, and knock down those years with extra payment to principle.

You have to check your statements to make sure the extra payment is added to principle and you have to state that on your check, they will always try to put the extra to interest, even though it makes no sense. Big Thing Budgeting is essential when it comes to student loans, if not done correctly, these loans can follow you to your grave.

You have to check your statements to make sure the extra payment is added to principle and you have to state that on your check, they will always try to put the extra to interest, even though it makes no sense. Big Thing Budgeting is essential when it comes to student loans, if not done correctly, these loans can follow you to your grave. Learn more on my instagram.

  1. PREDATORY LENDING

Understand the way predatory lending works such as car title loans and payday loans. Why are many cars confiscated with a car title loan? Why do payday loan balances go from $500 To $3500?

I would have to write another article for an explanation, but a car title loan can easily double or triple if the money isn’t paid on the date due repeatedly, and a payday loan gets a rollover when the employee does not have the money to repay the loan on time.

Both problems push the balance way up over the top.  The most effective way to pay off these loans is to stay away from predatory loans. Using predatory lending is probably the direct opposite of using Big Thing Budgeting, don’t get caught in the predatory lending trap. Predatory lending also includes car title loans, unsubsidized student loans and high interest car loans.

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Home buying the right way take skill

Lois Center-Shabazz | Course Delta Agency

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Big thing budgeting in 7 ways, budgeting for a home and other things

Owner-Occupied Real Estate Now and in The Future as A Personal Investment

Owner occupied real estate now and in the future

Owner occupied real estate purchase as an affordable home

Your owner-occupied real estate now and in the future, is one of the best long-term investments one can make. Time has shown that owner-occupied real estate can produce tremendous long-term returns. In a few areas of the country the tremendous returns have even been short-term. In some cases, homeowners have sold homes held 30 or 40 years, for 30 to 40 times their original cost.

The least expensive for maintenance cost is the owner-occupied real estate investment, simply because most owners correct problems as they arise.

The hardest part of real estate investing is to know when prices are inflated or low. To understand this, you must do a lot of research or endure a lot of pain until prices stabilize. Residential real estate as an investment requires, skill, intelligence, research, intuition, a lot of time, very hard work, and luck.

Here are items to look for before and during your owner-occupied real estate now and in the future home search, for a successful property.

Good Credit Score

Before you start to look for a home the first steps are to;
Get a copy of your credit report
Go over it closely, make sure all the credit listed belongs to you
If you Find credit that does not belong to you, write Experian.com and challenge the reporting with them.
Stop charging, and start paying off credit you already have
Pay off anything that is past due, and maintain your bills monthly

Quality loan

Do not get a loan until your credit is cleaned up to the best of your ability, this may take months to a few years. Save for a down payment or get a no down payment loan and pay more points (or higher interest rate). Research any mortgage company you plan to use and make sure they are legitimate.

If you are a first-time home buyer consider FHA loans, or NACA (naca.com) to help with the qualifying process. Every city has a first time home buyers organization in town to help with the buying process.

Home ownership the right way-is pure joy

Quality home – Well inspected

Make sure you are getting a quality home, by getting quality inspections from plumbers, electricians, HVAC, and carpenters. There are many home buying nightmares where buyers used a lone home inspector who missed most if not all the problems. If you find problems in an inspection, you will know what you are up against. You can either: 1. Find another home, or 2. Ask for a reduction in price so the problem can be fixed in your increased loan amount.

Home purchased at the bottom or middle of a market

Know if your home buying market is in a bubble or if your home is over-priced. If it is you may not be able to sell the home for several years, even if you must move.

Affordable price

An affordable price is a home that fits your budget and is generally around 30% of your gross. Create a sustainable “overall budget” before you buy.

Well maintained

Look for signs the home has been well-maintained. Inspect the heating and air conditioning units well, the roof should stand the test of a heavy water hose. The floor should be level when you place a marble on the floor it should not roll, if it rolls, you may have a serious foundation problem.
Value increases over time: The more jobs or tourism there is in the area, the more valuable the area may be in terms of increase in home value over time. Then an area with no jobs or tourism can transform in several years when something valuable is added. As well as places that go under due to a decline in an area that has no jobs or amenities. It is best to look at an area with amenities at the time of sell.

No monthly house payment or rent

After the mortgage is paid off, you will have no house note or rent to pay. This is a tremendous savings. But, you will still have maintenance and taxes. It is important to factor in taxes as you age. Will your retirement check be enough for taxes and home maintenance?

The advantages and disadvantages of owner-occupied real estate is listed below:

Key advantages of owner-occupied real estate are:
• You can qualify for the lowest interest real estate loans available
• You can qualify for low down payment consideration, of 5%-10%. There are also extra low-down payment loans for first time buyers who qualify, as low as 3% down.
• You qualify for a full array of owner-occupied tax deductions. IRS Homebuyers Credit
• Most owner-occupied homeowners take pride and joy in maintaining their own home, so the long-term maintenance is usually reasonable.
• Owner-occupied real-estate profits have been tremendous when held long-term.
• There is a capital gain exclusion for taxes up to $250,000 if you have lived in the house for 2 of 5 years.

Home ownership dream for women

Key disadvantages of owner-occupied real estate:

• The debt carried when a home is leveraged with a mortgage loan.
• The responsibility of up-keep, for some this is an advantage, since they enjoy the up-keep.
• You are responsible for taxes.

Your owner-occupied real estate now and in the future, has many more advantages than disadvantages.

Lois Center-Shabazz | Course Delta Agency
Author, Blogger, Course Creator, Investor, & Money Strategist

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Fantastic Finances Poll For a Personal Finance Bounce

Help Us Create a Great Fantastic Finances Course for You.

We’re VERY close to finishing our long-awaited Fantastic Finances Course For a Personal Finance Bounce.

I have been working on this online course for more than four years, but I am finally going to wrap it up. I will be releasing it in September. This very short fantastic finances poll will help us help you get the right course.

fantastic finances pollThis course will be entirely focused on “Support and Positive Financial Change”. It will include eight weeks of printed pdf’s, 8 complete personal finance books by Lois Center-Shabazz — in the form of downloadable eBooks, video tutorials on 8 crucial personal finance topics, a guide to create your Most Valuable Finances (MVF) profile, a complete course outline to guide you through the Most Valuable Finances Course, a Facebook support group, and a weekly live question and answer session with Money Pro and course founder,  Lois Center-Shabazz.

It is going to be a complete brain dump of everything we know about “Support and Positive Financial Change”.

We are going to cover all the ways that we use to generate our support and positive change zones, and we are going to show you exactly how we change those zones to increase your net worth and financial IQ for life.

HOWEVER, we need your help. Before we finalize everything and send it off to the web course portal, we need to make sure we have covered everything. So please help us create the right online course with this Fantastic Finances Poll For a Personal Finance Bounce

This is where YOU come in. Please take a few minutes to answer this super-short survey — there is only one thing we want to ask you.

YOUR POLL QUESTION: What are YOUR top two questions about Support and Positive Financial Change that we absolutely NEED to answer in our Fantastic Finances Training Course? —->
PLEASE PLACE YOUR ANSWER IN THE COMMENTS BOX BELOW<—-
CHOOSE FROM:
Super Sane Savings
Guerilla Budgeting That Banks
Big Thing Buying: Cars, Homes, Education
Investment Insights: Know How to Grow Your Money The Right Way
Protecting Your Money After You Get it.
or All The Above

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5 Things to Consider For First Time Home Buyers

For First Time Home Buyers

5 Things to consider for first time home buyers

There are many things you need to do before you start looking for a home to buy.  Many people fail because they  go to a mortgage broker first, who rushes them into the process, get a home that is difficult to pay for, and fail. You will not be a part of this statistic if you follow a few simple rules. In this article I will tell you where to began with these 5 things to consider for first time home buyers:

1. The Home Buyers Mindset
2. Why Buy a Home
3. How to Keep Your Home Long Term
4. Resources to Help You Buy and Keep your Home
5.  The First Things You Need to do Before Contacting a Home Buyer Agency.

Ladies, it takes skills to purchase a home 5 things to consider for first time home buyers

1. The Home Buyers Mindset

  • Purchasing a home is an investment if the home is carefully chosen, is well-maintained home, and is affordable for your budget.
  • You have a home buyers mindset if you understand the above and you love to fix things and don’t mind home maintenance from detecting problems to getting them fixed in a timely manner.
  • Before you get involved with homebuying research, you should understand what it means to have plumbing, electrical, heating, air conditioning and roofing problems.
  • There is no landlord to call because you are your own landlord and are responsible for your own home.
  • The earlier you detect and fix things the better off you are.

Home ownership the right way-is pure joy

2. Why Buy a Home?

  • Your home is a place for privacy and this is probably the most important part about home ownership.
  • Your payment is frozen in time, this will benefit you financially long term versus having to rent.
  • Your payment will stay frozen in time provided you DO NOT take a loan against it. Home refinance is where many first time homeowners lose their home.
  • Your home is a place for your kids to grow up in and call home.
  • Your home is an investment in your future, f you maintain it, and keep your original loan.

3. How to Keep Your Home Long Term

  • Understand the first bill you pay monthly should be your mortgage. If you are sick, well, hurt or depressed, your mortgage has to be paid.
  • Do your research in quality home loans to avoid predatory loans. And, avoid refinance loans. Do it right the first time. Your home is not an ATM machine, don’t allow anyone to talk you into to treating it as such, by refinancing after you already have a quality loan.
  • Don’t allow anyone to talk you into using your home for car or education loans. Get a car loan at your credit union or bank, save money for your education or get an extra job to pay tuition. There are also education loans.
  • Keep your home maintenance current don’t let a leak turn into a flood. The difference in cost to repair and the amount of damage is huge.

4. Resources to help you buy and keep your home

  • There are local, state, and federal resources to help you with home buying.
  • You are required to take classes and should take classes in most first time home buyer programs.
  • Check www.hud.gov for federal resources to help you with home buying. Go to your state’s website and search home buying help for state resources.

5. The first things you need to do before contacting a home buyer agency and prepare for a quality low-interest loan;

A) Stop buying stuff

B) Start selling stuff you don’t need, don’t use, and don’t like – get rid of a large car loan payment if you can sell the car and get a cheaper one.

C) Pay off small bills first, that are the easiest to pay off.

D) Stop using credit cards, if you do, pay off your balances monthly.

All of these things will help to increase your credit score. The higher your credit score the better interest rate and quality loan you can get. First time home buyers need to be aware that getting a low-cost quality loan is at the top of their home buying agenda.

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Home ownership dream for women

 

How To Buy a Home So It Last For Decades

  how to buy a home so it last for decades

 

GET A  GOOD HOME LOAN TO BUY A HOME

Affordable Payment (P+I+T+I = principle,interest,taxes,insurance)

Your payment should be within the limits of your income to buy a home. If it is at all possible, base the payment on one income. It’s best to keep it at about 30% of income, before taxes, but you can go higher as you decrease other bills such as no car note, purchasing a home with low utilities, having a short commute and low gas usage, carefully budgeting groceries. The 30% is about what lenders look at also to buy a home.

Research articles about predatory lending and avoid it, if at all possible. It is called predatory because the requirements to qualify are low and the risks are high.

The Secrets to Successful Home Buying for Women

COST OF A LOAN TO BUY A HOME

Many people don’t know that loans cost money. This is covered in the escrow and closing cost fees and is extra from the down payment. There are 50 states and several cities within each state. Every state and the city within the states have their own closing cost schedule. Here is an example showing one city, within one state. The city is Los Angeles and the state is California, on a $200,000 loan.

LOS ANGELES CLOSING COST–LOAN AMOUNT $200,000, TO BUY A HOME

Origination fees charged by lenders         $1,030

Third-party fees $1,196

Taxes    $0

Total      $2,225

Loan amount     $200,000

ITEMIZED ORIGINATION FEES CHARGED BY THE LENDER

Origination points            $586

Commitment fee             $370

Document preparation  $58

Broker, originator or lender         $920

Processing          $1,195

Tax service          $76

Underwriting     N/A

ITEMIZED THIRD PARTY FEES

Appraisal             $461

Attorney, closing or settlement $639

Credit report      $25

Flood certification            $11

Postage/courier $100

Survey  $500

Taxes

Borrower’s share of state and local transfer taxes and fees            $0

Mortgage tax     $0

If you have sellers that are badly in need of a sell, sometimes they will agree to pay your sellers cost. Sometimes you can bundle the sellers cost in your loan.

THE AVERAGE COST OF HOMES

Some places in the country average home prices are $50,000 and Some $1 million. It depends on where you live. In places where there are several high-income jobs and a shortage of home inventory such as San Jose, California the cost of the average home is almost $1 million dollars. In contrast, the cost of the average home in Houston, Texas is less than $200,000.

WHAT TO LOOK FOR WHEN YOU SHOP FOR A HOME

INSPECTION

Many general inspectors do quick inspections and leave major work for you to discover after you buy. You can get inspections from actual tradespeople for a reasonable fee. The trades would include electricians, plumbers, air conditioning, roofing, and carpenters. They would be more likely to find major problems than a general inspector.

When you do find, problems wrong you have two options 1. Ask the sellers to fix them, or 2. Ask them to lower the price so you can fix them with extra money from the loan.

MAINTENANCE

This is difficult, but try to get copies of the electrical, gas, water, and other utility costs. Some homes have high utility cost and some have low cost. The larger the home, the more the utility maintenance cost are. Some high maintenance comes with old or malfunctioning equipment.

DISCLOSURE FROM SELLERS

Some states have strict disclosure laws and others don’t. Request that your seller discloses all potential problems with the home, neighbors, or the neighborhood.

CONTINGENCY CLAUSES

Make your home sell contingent on everything you ask for, otherwise, the deal is off. This will motivate the sellers, real estate agent, and lender to be honest and do everything in a timely manner. It also gives you an out if something is found to be wrong during the process and you can get your deposit back.

TAXES

Get a copy of the taxes paid for the year. Also, the real estate agent or lender can usually tell you what the home taxes are for your home.

ESCROW ACCOUNT TAXES AND INSURANCE

If you don’t want to have to pay a tax bill bi-yearly or worse yet yearly, you can request an escrow account, where you pay your taxes and insurance monthly with your payment. This is much easier than the lump sum, for most homeowners.

DOWN PAYMENT

Your down payment is in addition to your escrow and closing cost. Most lenders want a down payment of 10% to get a good interest rate to buy a home. There are some no-down loans, but generally, your interest rate and payment are more. I prefer the down payment loan, and lower interest rate – it is less risky for the homeowner.

MOST REQUESTED INFORMATION

You will be asked for proof you can purchase a home or secure a loan. You will be asked for 1. proof of income from a job or business, 2. proof of income from income taxes provided by you and the Internal Revenue Service, 3. credit reports that show credit score and credit history. 4. proof of source of downpayment 5. proof of rent history or payment history of current loan.

LOAN BALANCE LIMITS COMMUNITY AND JOBS, TO BUY A HOME

Start with and affordable home. Don’t let a real estate agent or a lender talk you into getting more home than you know you can afford. Sometimes they don’t consider your existing bills or obligations you know you will have in the future, like the need for a better car or a kid going to college.

Look for a good neighborhood. There is no such thing as perfect people or a perfect neighborhood. But, you can search schools, crime and jobs nearby. The searches are not always accurate, but they will give you an idea.

Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist

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