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Home Buying 101

Home Buying 101. The Reality of Realty. Why buy a home?. How to Buy a Home. Simply put, buying a home involves three steps…. Save for youtube clip. Finding a home you like and can afford. We would all like to live in a big house on a hill, but most of us can’t afford that type of home.

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Home Buying 101

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  1. Home Buying 101 The Reality of Realty

  2. Why buy a home?

  3. How to Buy a Home Simply put, buying a home involves three steps… Save for youtube clip

  4. Finding a home you like and can afford We would all like to live in a big house on a hill, but most of us can’t afford that type of home. This means we have to determine: Save for youtube clip

  5. What features in a home are most important to you? Click here to play a game to see what home features are important to you!

  6. What can you afford? When you buy a home, you will probably have to take out a home loan. The agreement to pay back that loan between you, the borrower, and the lender is called a mortgage. The home loan (or mortgage) will consist of the principal and the interest. Save for youtube clip

  7. What can you afford? Other things that could be added to a mortgage… Save for youtube clip

  8. What can you afford? Save for youtube clip

  9. What can you afford?(What does this mean for me?) Save for youtube clip There are a lot of free home affordability calculators on the internet; click here for one from Yahoo!

  10. Getting Pre-Approval • Save for youtube clip

  11. What a lender wants to see for pre-approval • Save for youtube clip

  12. What a lender wants to see for pre-approvalIncome History • Save for youtube clip

  13. What a lender wants to see for pre-approvalProof you pay bills on time • Save for youtube clip

  14. What a lender wants to see for pre-approvalLow amount of debt • Save for youtube clip

  15. Credit issues • Save for youtube clip

  16. Credit IssuesWhat is in a Credit Report? • Save for youtube clip

  17. Credit IssuesCredit Reports • Save for youtube clip There are three different credit bureaus that generate credit reports Lenders will use a credit score based on scores from all three credit bureaus

  18. Credit IssuesCredit Reports • Save for youtube clip Make sure your credit report is correct

  19. Debt vs. No Debt • Having a history of debt and paying it off on time can increase your credit score • Continuing to have debt, however, can lower the amount of money you can borrow

  20. Debt vs. No DebtHow Debt Affects the Size of a Loan

  21. Debt vs. No DebtThe Impact of Debt ($100 a month credit card bill) • Save for youtube clip

  22. Lenders • Save for youtube clips There two main ways to find a lender

  23. Programs for first time or low income homebuyers • Save for youtube clip

  24. The Role of Realtors • Save for youtube clip

  25. House hunting Tips • Save for youtube clip

  26. House Hunting Tips • Save for youtube clip

  27. The transaction processYou’ve been pre-approved for a loan and found a home you like... • Save for youtube clip

  28. The Transaction Process • Save for youtube clip

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