Published on May 11th, 2007 admin
Essential steps every first-time buyer should know
To prepare to own your first home, you should educate yourself about the home buying process. You can take a class or pick up books from the library. Also, read the real estate sections of your newspaper and consumer magazines.
Here are some things you will want to do:
Ask lots of questions
Learn what questions to ask where and when to ask them. When you are interviewing real estate agents your list of questions will be different than those you ask when shopping for a lender.
Published on May 11th, 2007 admin
Finally the time has come! You will be joined at settlement by your attorney or title company representative, the listing and selling brokers, and all owners. The attorney will have reviewed the title, provided title insurance, and obtained old and new lender information.
After all issues are resolved the attorney will explain the following:
Deed of trust or mortgage
Deed of trust note or mortgage note
VA, FHA, or lender forms
Settlement sheets
You and the seller will then sign all necessary documents. You will also pay the balance of the down payment and buyer’s closing costs with a cashier’s or certified check.
Published on May 11th, 2007 admin
Recommend first steps for buying a home
Before looking at houses for sale, be sure you do some “research.” Here are some of the questions you’ll need answers:
Check out interest rates
What are current interest rates for 15 year and 30 year fixed rate mortgages? Also, for 1 to 3 year and 5 year adjustable rate mortgages?
Shop for the best loan
Which form of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase significantly over the next few years?
Published on May 11th, 2007 admin
After signing a buyer’s purchase contract to sell your house, the preparation for settlement begins. Settlement, or closing escrow, is the process of transferring the title (ownership) of the home from seller to buyer.
A lot of times, the real estate agents will help take care of these arrangements. But the buyer and seller are ultimately responsible for managing to these details.
Buyer’s Responsibilities
