Step 1 - Know How Much You Can Afford
Before you start looking for a house, you need to know how much you can afford in terms of monthly home loan payments, property taxes, maintenance and your general living costs.
Ginne Mae, a government housing initiative, offers a free calculator to help you figure out how much house you and your family can actually afford. It's available online at - http://www.ginniemae.gov/2_prequal/intro_questions.asp?Section=YPTH.
Step 2 - Know Your Rights
Whether you're a low-income home buyer or a wealthy real estate magnate, you have to know your rights. The HUD (Department of Housing and Urban Development) offers a very informative series of reports dedicated to protecting consumers and prospective home buyers from predatory lending practices. You can read them here: http://www.hud.gov/offices/hsg/sfh/pred/predlend.cfm.
Other resources to look into include the Real Estate Settlement Procedures Act (RESPA) and the Fair Housing Act.
Remember, you're the customer and you deserve to be treated with respect. As a borrower, you have the right to shop for financing, request a written Good Faith Estimate of your total costs, ask your mortgage broker exactly what they can do for you, ask any questions you need to clearly understand the process and associated expenses, understand your fee structure and the right to be evaluated for a loan on criteria that's free from discrimination.
Step 3 - Find a Loan
When looking for home financing, you want to find the best balance among low-rate financing, a loan that fits your lifestyle and plan, and a lender that's going to provide ongoing, quality customer support. Don't be stingy on the time investment at this stage, as finding the right lender will pay off for decades!
Step 4 - Find a House
Using a real estate agent and armed with your pre-qualification, you'll begin your search for a home. Based on what you can afford and your wish list of options and amenities you want in a home, you should be able to locate what you're looking for. Take the time to solicit recommendations from people you know and respect before selecting an agent.
Step 5 - Make an Offer
An offer is a tricky minefield of negotiations and real estate law. But, with guidance from your trusted real estate agent, you'll get through it. If you are uncomfortable with the price of a home, feel free to counter-offer what you believe it is truly worth in the current real estate market and that neighborhood.
Step 6 - Have the Home Inspected
Every offer should be contingent on a full home inspection. Hire a quality and experienced inspector who can give you a complete evaluation of the home and let you know if any major renovations or repairs are going to be needed. If the inspector identifies expensive needs, that will either afford you room for negotiation on the price or an opportunity to move on to another home.
Step 7 - Get Insurance
Lenders are going to require you to have insurance on the property, at least until they no longer own a large chunk of it.
Step 8 - Close the Deal
Last, but not least, is signing and closing the deal. Once you've gotten to this point, you've secured your financing, the offer has been accepted and you're finally signing the deed to your new home. Shortly thereafter, you will be moving in!
- Related Videos
- Related Articles
- Ask / Related Q&A
- Real Estate Home Mortgage Deduction Soon to Vanish
- Mortgage Advice for Real Estate Loan, Mortgage Loan Refinance
- 4 Real Estate and Mortgage Fraud Tips
- Attorney, Ct Real Estate Reverse Mortgages Wills & Trusts Foreclosure Lawyer Ct
- 5 Tips To Ensure That Your Offer To Buy A Fort Lauderdale Real Estate Home Or Condo Is Accepted
- The Real Estate and Mortgage Industries can (and will) survive
- Stop and Reverse the Real Estate and Mortgage Crises
- Real Estate Financing - Mortgages - Secrets Of The Trade




Top 5 Bellevue Condos
By: Ashish | 26/11/2009A condo can give you the best of both worlds---a home and a profitable mode of investment. If you are in the lookout for suitable Bellevue condos that can serve both the purposes, here is good news for you!
A Skiing Adventure Redefined With Vail Colorado Condos
By: Ashish | 26/11/2009Vail Colorado condos are the part of world class resort community, which was conceived, designed and developed by Vail Resorts Development Company. Situated in world’s one of the most amazing locations, Vail Colorado condos make a profitable real estate investment.
Florida Oceanfront Condos
By: Ashish | 26/11/2009Vilano Beach is another place where you can find solitude. Just south of Jacksonville, Vilano Beach is home to a number of oceanfront Florida condos that are ideal for second homes.
Hawaii Condos Vacation Rentals---Information for the Travelers
By: Ashish | 26/11/2009Hawaii condos are particularly good option for the travelers in large groups. If you are traveling with a large family and kids, Hawaii condos are the best way to explore the land of Aloha and indulge in many activities that this tropical paradise has to offer.
Things to Consider Before You Buy West Virginia Condos
By: Ashish | 26/11/2009West Virginia condos offer you the most hassle-free housing solution. Even then condo living comes with some kind of restriction. So take note of a few important points before you invest in West Virginia condos.
Pre Foreclosure Lists - Are they worth?
By: Samanta | 26/11/2009These days, hundreds of houses are undergoing the process of foreclosure. You must know that the process of foreclosure will only start, in case the borrower of the mortgage loan is not in a financial to repay the amount of loan. If the borrower has missed three to four installments of a loan then the lender has the right to start the process of foreclosure.
Upcoming tends in the Gurgaon property market
By: Nitin | 26/11/2009Now we shall discuss about the upcoming trends in the gurgaon properties and the property market. There have been immense changes in the real estate market. Gurgaon is a very attractive place to reside in spite of growing population.
Secrets about property auction
By: Nisha | 26/11/2009Property auction is the option for many people who are looking for reasonable properties. Some people have no idea about the facts of the whole auction process while participating in the auction. You need to know the secrets of property auction and prepare manually before making your presence at the auction place and before you start bidding.
3 Types of Home Mortgage Financing Options
By: Ben Horne | 28/09/2008 | FinanceWhen choosing a mortgage, you have a variety of options - from fixed rate to adjustable rate and balloon payments. To learn more about the different types of mortgage financing that are available, keep reading. Adjustable Rate Mortgages (ARM) Adjustable rate mortgages tend to be popular when interest rates are high. The...
Home Mortgage - 4 Key Qualification Requirements
By: Ben Horne | 12/06/2008 | Real EstateWhen you apply for a mortgage, your loan officer, broker or underwriter is going to take you through the application process and then ask you to provide proof or documentation supporting your answers. To learn more about how that application process works and exactly what it takes to qualify for...
Wells Fargo vs. Chase Home Mortgages - What You Need To Know
By: Ben Horne | 06/06/2008 | FinanceFor an overview of both Wells Fargo home mortgages and Chase mortgages to learn more about the services each offer, keep reading. WELLS FARGO Wells Fargo is one of the United States' most versatile mortgage lenders. They offer a range of refinancing products, mortgage programs, types of mortgages and arrangements for borrowers...
Mortgage Advice For Frequently Asked Mortgage Questions
By: Ben Horne | 24/05/2008 | Real EstateAs you start your search for a mortgage, there are a few questions you need to ask yourself in order to narrow your search and know what you're looking for. Unfortunately, the answers to those questions aren't always easy. For some honest mortgage advice on the answers to your mortgage...
3 Primary Types Of Home Mortgages
By: Ben Horne | 17/05/2008 | Real EstateThere are three major types of home mortgages - fixed rate mortgages, adjustable rate mortgages and balloon mortgages. Each of these types have their own sub types, depending on the length of their terms and overall flexibility. To learn more about the three major types of home mortgages, along with...
3 Types Of Home Mortgages Available To Buyers
By: Ben Horne | 09/05/2008 | Real EstateThere are three major types of home mortgages - fixed-rate mortgages, adjustable rate mortgages and alternative or combination mortgages. Each of these has its benefits and disadvantages along with different types of lending and interest setups within each major type. To learn more about the pros and cons of the...