Full Description

Take the fear out of buying your first home

For many, the process of buying a home for the first time can seem intimidating and overwhelming. How to Buy Your First Home is your resource for information on the subject. This book guides you through the entire process, including:

Preliminaries—Renting versus buying, determining what you can afford, deciding where to live

Searching for Your Home—What to look for in a home, hiring a realtor

Finances—Mortgage basics, government agencies, home loans for veterans

The Buying Process—Weighing your mortgage options, hiring an attorney, making an offer, inspecting and appraising your home

The Future—Caring for your home and increasing the value of your investment

Included within the text are Attorney Tip boxes that highlight important facts. Click on This boxes will guide you to helpful websites for additional information about calculating costs, locating homes in your area and more.

Extensive appendices include a glossary of important terms, contact information for state offices of real estate regulation and sample worksheets to help you as you make your decisions.

Written by an experienced attorney, How to Buy Your First Home is the resource that will take the mystery out of buying a home.

Table of Contents

Introduction

Section 1: FREQUENTLY ASKED QUESTIONS

Top 20 Questions of First-Time Home Buyers -

Section 2: PRELIMINARIES

Chapter 1: Buying versus Renting -
-Words
-First Time Home Buyers
-Financial Reasons
Equity
Tax Advantages
Passing to Heirs
An Investment
Buying vs. Renting
-True Cost of Home Ownership
-Intangible Reasons
Status
Privacy and Work Schedules
Community
-Conclusion

Chapter 2: Qualifying Yourself for a Mortgage -
-Your Credit History
-Credit Reports
Free Credit Reports
-Credit Scores
Improving Your Credit Score
-Credit Report Errors
Repairing Your Credit Report
Correcting Credit Report Errors
-Credit Counseling

Chapter 3: Calculating What You Can Afford -
-Common Debt-to-Income Ratios
Housing-to-Income Ratio
Debt-to-Income Ratio
-How to Use These Ratios
-From Monthly Payment to Total Mortgage
-Cost of Living Increases
-Your Lifestyle

Chapter 4: Qualifying the Neighborhood -
-How to Research a Neighborhood
On the Internet
Field Trips
In the Library
From Your Couch
-How to Select a Location
-The Food Shopping Test
-Other Cost of Living Amounts
-Public Improvement Plans
-Old vs. New

Section 3: SEARCHING FOR YOUR HOME

Chapter 5: Deciding Which House Features are Important -
-The Building, Itself
-Features
-Essentials
-Handy-Man’s Special or Fixer-Upper
-We are All Getting Older
-Condominiums and Townhomes
-Building from the Ground-Up
Building Your House
Buying in a Builder’s Development
Advantages/Disadvantages of Building

Chapter 6: Working with Real Estate Agents and Brokers -
-Real Estate Professionals
The Real Estate Profession
-Problems with Real Estate Agents
Changing Agents
-Whose Interest is Protected by the Real Estate Agent
-How Real Estate Agents get Paid
-Multiple Listing Services (MLS)
-Comparables
-Viewing a House Up for Sale
Notes and Checklists
Home Warranty
Home Inspection
-What Not to Say to Real Estate Agents and Sellers
-Games Played to Make the Sale
Inflating the Worth of the House
Another Offer
-When Do You Legitimately Need to Act Fast

Chapter 7: Handling the Emotional Side of a Home Purchase -
-Emotions in House Hunting
Under a Deadline
House is Beautifully Decorated
It is a Real Steal
Using the Seller’s Emotions
-Buyer’s Remorse
When Buyer’s Remorse is Legitimate
Legal Consequences of Allowing Buyer’s Remorse to Run Amuck

Section 4: FINANCES

Chapter 8: Explanation of Mortgage Basics -
-Prequalifying
-Preapproval
-Mortgage Lender Types
Portfolio Lenders
Mortgage Bankers
Direct Lenders
Mortgage Brokers
What Does This Mean for You
-Mortgage Types
Adjustable Rate Mortgage (ARM)
Assumable Mortgages
Balloon Mortgages
Buy-Down Mortgage
Convertible ARM
Deferred Interest Mortgage
Faith Financing
Fixed-Rate Mortgage
Subprime Mortgage
Wraparound Mortgage
Zero Down Mortgage
-Necessary Documents to Apply for a Mortgage
-Internet Mortgages
-Your Mortgage is Approved, Now Lock-In That Rate
-Your Mortgage is Not Approved
-Points

Chapter 9: Government Agencies and the
Secondary Mortgage Market -
-Housing and Urban Development Agency (HUD)
Federal Housing Administration (FHA)
Ginnie Mae
-Fannie Mae
-Freddie Mac
-Government Agencies and the First-Time Home Buyer
-Secondary Mortgage Market

Chapter 10: Additional Sources of Money -
-Living Together
Roommates
-Friends and Relatives
-Retirement Savings
-Local Government Assistance
-Zero Down Payment
-Low Interest Mortgages
-Renting with an Option to Buy
Pluses
Minuses

Chapter 11: VA Guaranteed Home Loans -
-Qualifying
-VA Appraisal
-The Loan
Approval
Advantages
Disadvantages

Section 5: THE BUYING PROCESS

Chapter 12: The Legal Side of Real Estate -
-Do I Need an Attorney
-Title Searches and Surveys
-How to Hold Title
Joint Tenancy
Tenancy by the Entireties
Tenancy in Common

Chapter 13: The Offer -
-The Contract
-What is in a Real Estate Contract
Components of a Real Estate Contract
-Negotiation
Things to Remember in Negotiations
-Earnest Money
Escrow

Chapter 14: Appraisers, Inspectors, and
Homeowners Insurance -
-Appraisers
-Inspectors
The Inspection
Defects
-Insurance
Home Insurance
Flood Insurance
Mortgage Insurance
Title Insurance

Chapter 15: The Closing -
-The Walk Through
-What Really Happens at a Closing
-Closing Documents
What to Bring to the Closing
-Closing Costs
-Problems

Section 6: THE FUTURE

Chapter 16: Enjoying Your Home -
-Responsible Home Ownership
-Keeping Utility Expenses Down
-Correspondence from the Mortgage Company
-Congratulations—You Get a Tax Benefit
-Reducing Your Mortgage Debt

Chapter 17: Foreclosure and How to Avoid It -
-Preventing Foreclosure
-When You Can’t Pay the Mortgage
-Federal Housing Authority (FHA), Fannie Mae, and Freddie Mac

Staying Positive -

Glossary -

Appendix A: Internet Sites by Subject -

Appendix B: Worksheets -

Appendix C: Sample Letters -

Appendix D: State Offices of Real Estate Regulation -

Appendix E: HUD-1 Settlement Statement -

Appendix F: HUD Offices -

Appendix G: VA Guaranteed Loan -

Appendix H: VA Regional Offices -

Index -

About the Author -

Excerpt

Editorial Reviews

Customer Reviews

Customer Reviews: