Buying Your First Home Buy Now Buy Now
Table of Contents Introduction:                Looking Ahead    1                New Homes vs. Older Homes    4                Which Home to Choose    4     Chapter1:       Location, Location, Location    7   Finding the Right Neighborhood  12 How Clean is This Neighborhood?  13 Is This a High Crime Area?  14 Average Home Value in the Neighborhood  15 Are There Community By-Laws?  16 What is the Home Close to  24 Is There Garbage Pickup  25          City Life vs. Country Living    25 City Life    26 Pros    26 Cons    27 Country Living    27 Pros    27 Cons    27          Suburban Living  28 Pros    28 Cons    28 Making the Commute  29 Schools in the Area    31                Grocery Shopping and Other Necessities    32          Other Location Consideration    33     Chapter 2:                   Working With a Realtor®  35     Choosing a Realtor         35     Experienced Agents vs. New Agents    46         Absentee Agents    48               Hard Working Agents    49     Preparing to See Homes with your Realtor®  57               Create a List    57               Viewing Homes    70               Taking Pictures    71                        Narrowing Down Your Choices                     72                                                  Information the Realtor® Should Tell You    73                        Paperwork    76                        Survey Neighborhoods    77                        More Reasons to Hire a Real Estate Agent  77                             Peace of Mind  77                        Wealth of Knowledge                                    78                                                            Confidence                                                  78                                                          Chapter 3:               Playing the Housing Market  82                Watching the Housing Market  82                Making the Most of the Housing Market           84                     National Interest Rates for Mortgage   85                     Building Rates in Your Area   86                     Number of Foreclosures in Your Area   87                     Stock Market and Gasoline Price   87                     In the End   88       Buying vs. Renting   89                                                              Buying a Home     90                     Pros   90                                                                                      Cons   91                              Renting a Home   91                                                                 Pros   91                                                                                Cons   91                     Rent to Own   92                                     New   94                                                                                  Use the Housing Market to Your Advantage   96       Chapter 4:                 Making a Realistic Offer                                        99   What to Do Before Making a Realistic Offer   99                       Attend Open House 100                       Find Out More About a Property    101                       Find Out More About Taxes in the Area 102                       Have an Appraisal Before Making an Offer 103                       How to Write a Purchase Offer 103                       Make an Offer 106                       Low/High Offers 107                       Making the Right Offer 108                       Handle Counter Offers 109                       Dealing with Rejection 110                    Considering Items in the Home                        111                    Understanding the Seller                                   112       What to Do in a Buyer’s Market                         115                            What to Do in a Seller’s Market        Chapter 5:         Home Inspection                                                128       The Importance of Home Inspection             128       How to Find a Home Inspection                     131       What to Expect From a Home Inspection     134       Places That Should Be Inspected                    136      Chimney/Fireplace                                             137      Attic/Basement/Crawl Space                            137      Swimming Pools                                                 138      Appliances and Smoke Detectors                    138      Termite Inspections                                           138              How Homeowners Will React                          141      How Home Inspection Lowers Price              143      The Final Walkthrough                                     147      The Closing                                                          149      When to Walk Away                                           151                                                                                                                                                                                Chapter 6:       Financing Your Home                                      153                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Types of Home Loans                                       154      Fixed Rate Mortgage Loans                            159      Adjustable Rate Mortgage Loans                  160      Balloon Mortgages                                           162      Jumbo Loans                                                     163      Where to Find a Lender                                  165      Applying For a Home Loan                            173      What Not to Do/Applying For Loan             176              Increase Your Chances for Approval            177      How Appraisal Can Affect Your Loan          180      Homeowner Reduces Selling Price              180      Higher Down Payment                                   180      Dispute the Appraisal                                     181      Find Another Lender                                      181      How Home Inspections Affect Your Loan  182      Additional Fees for Home Loans                 185                                                                                                                                                                                                                                                                                                                                                                                                                                                   Good Faith Estimates                                     191             Escrow and Other Loan Terms                     192 Chapter 7:                Contracts, Warranties, & Closing                227                     Contracts                                                           227                     Contingencies                                                  228                     Builder Contracts                                            230                     Mortgage Contracts                                        231                     Closing Agreements                                        231                     Home Warranties                                            232                     Closing                                                               234                     Signing Contracts                                            234                     Final Walk Through                                        234                     Paying Closing Costs                                       235                     Getting Your Keys                                            233                     Closing Cost Overview and Explanations    233                     Moving Tips                                                       238 Conclusion                                            258 Recommended Resources                    260
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Buying Your First Home Buy Now Buy Now
Table of Contents        Introduction:                Looking Ahead    1                New Homes vs. Older Homes    4                Which Home to Choose    4       Chapter1:      Location, Location, Location    7       Finding the Right Neighborhood  12 How Clean is This Neighborhood?  13 Is This a High Crime Area?  14 Average Home Value in the Neighborhood  15 Are There Community By-Laws?  16 What is the Home Close to  24 Is There Garbage Pickup  25          City Life vs. Country Living    25 City Life    26 Pros    26 Cons    27 Country Living    27 Pros    27 Cons    27          Suburban Living  28 Pros    28 Cons    28 Making the Commute  29 Schools in the Area    31                Grocery Shopping and Other Necessities    32          Other Location Consideration    33      Chapter 2:                   Working With a Realtor®  35     Choosing a Realtor         35     Experienced Agents vs. New Agents    46         Absentee Agents    48               Hard Working Agents    49     Preparing to See Homes with your Realtor®  57               Create a List    57               Viewing Homes    70               Taking Pictures    71                        Narrowing Down Your Choices                     72                                                  Information the Realtor® Should Tell You    73                        Paperwork    76                        Survey Neighborhoods    77                        More Reasons to Hire a Real Estate Agent  77                            Peace of Mind  77                        Wealth of Knowledge                                    78                                                            Confidence                                                  78                                                            Chapter 3:               Playing the Housing Market  82                Watching the Housing Market  82                Making the Most of the Housing Market           84                     National Interest Rates for Mortgage   85                     Building Rates in Your Area   86                     Number of Foreclosures in Your Area   87                     Stock Market and Gasoline Price   87                     In the End   88      Buying vs. Renting   89                                                             Buying a Home     90                     Pros   90                                                                                     Cons   91                             Renting a Home   91                                                                Pros   91                                                                               Cons   91                     Rent to Own   92                                    New   94                                                                                 Use the Housing Market to Your Advantage   96         Chapter 4:                Making a Realistic Offer                                        99   What to Do Before Making a Realistic Offer   99                       Attend Open House 100                       Find Out More About a Property    101                       Find Out More About Taxes in the Area 102                       Have an Appraisal Before Making an Offer 103                       How to Write a Purchase Offer 103                       Make an Offer 106                       Low/High Offers 107                       Making the Right Offer 108                       Handle Counter Offers 109                       Dealing with Rejection 110                    Considering Items in the Home                        111                    Understanding the Seller                                   112       What to Do in a Buyer’s Market                         115                            What to Do in a Seller’s Market            Chapter 5:         Home Inspection                                                128       The Importance of Home Inspection             128       How to Find a Home Inspection                     131       What to Expect From a Home Inspection     134       Places That Should Be Inspected                    136      Chimney/Fireplace                                             137      Attic/Basement/Crawl Space                            137      Swimming Pools                                                 138      Appliances and Smoke Detectors                    138      Termite Inspections                                           138              How Homeowners Will React                          141      How Home Inspection Lowers Price              143      The Final Walkthrough                                     147      The Closing                                                          149      When to Walk Away                                           151           Chapter 6:       Financing Your Home                                      153                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Types of Home Loans                                       154      Fixed Rate Mortgage Loans                            159      Adjustable Rate Mortgage Loans                  160      Balloon Mortgages                                           162      Jumbo Loans                                                     163      Where to Find a Lender                                  165      Applying For a Home Loan                            173      What Not to Do/Applying For Loan             176              Increase Your Chances for Approval            177      How Appraisal Can Affect Your Loan          180      Homeowner Reduces Selling Price              180      Higher Down Payment                                   180      Dispute the Appraisal                                     181      Find Another Lender                                      181      How Home Inspections Affect Your Loan  182      Additional Fees for Home Loans                 185                                                                                                                                                                                                                                                                                                                                                                                                                                                   Good Faith Estimates                                     191             Escrow and Other Loan Terms                     192    Chapter 7:               Contracts, Warranties, & Closing                227                     Contracts                                                           227                     Contingencies                                                  228                     Builder Contracts                                            230                     Mortgage Contracts                                        231                     Closing Agreements                                        231                     Home Warranties                                            232                     Closing                                                               234                     Signing Contracts                                            234                     Final Walk Through                                        234                     Paying Closing Costs                                       235                     Getting Your Keys                                            233                     Closing Cost Overview and Explanations    233                     Moving Tips                                                       238        Conclusion                                            258        Recommended Resources                    260
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