Make your home buying process smooth and efficient
We are in a hot market right now and it may seem like a long road of battles ahead. But with the right tools in your arsenal and the right team helping you, the process will get easier and you will be a step closer to your dream home. With over a decade of experience in this industry, my team and I are ready to provide you with the knowledge and insight you need to succeed.
It is highly rewarding to buy a house and call it your own. Whether this is your first home or not, we can help. When you have the tools at your fingertips, you can be confident in your ability to search, negotiate terms and be prepared at closing.
Purchasing a new home can be overwhelming. Without the right resources and information, the buying process can be stressful and frustrating. With our online services, you can avoid the pitfalls. We will be there to help every step of the way.
When it comes to the home buying process, there is alot to know and understand. With over 30 years in sales and real estate experience, our team will provide you with our top tips and insights into the current real estate market today.
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Steps FOR buying a Home
Buying a home can be an enormous undertaking, be sure to retain the services of a qualified Realtor.
Money Matters – the most important part of financing is your knowledge of the options available.
Know your needs
Evaluate as you drive through a community. Consider the following questions as a basis for determining your location needs.
At The Showing
While it's exciting to look at a home that could potentially be yours, be sure to keep an eye out for a few important things.
Making an offer to buy a home entails many factors. You and your Sales Associate will discuss the following factors prior to putting the offer on the table.
Sales contracts may differ significantly yet all should clearly set forth the responsibilities and privileges of all the parties involved.
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Common mortgage terms
The payment of extra money on a loan now so as to provide a lower interest rate over either a given period or over the life of the loan. To buy-down a mortgage, the buyer pays additional points to the lender, which will decrease the interest rate for a specific period.
Conventional home mortgages, first mortgages up to loan amounts mandated by Congressional directive, which meets the qualifications for sale or delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).
A structured, short-term loan to provide funds necessary to begin construction on buildings or homes.
The convertible ARM is a combination of both fixed-rate and adjustable rate mortgages, allowing the best of both options in one package.
Adjustable Rate Mortgage
A mortgage, which allows the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change. The change in interest rate will result in a change in the periodic payments due under the mortgage. ARMs are attractive when short-term interest rates are trending lower.
Usually a short-term fixed-rate loan that involves small payments for a certain period of time with the balance due in a single, large payment at a time specified in the contract. Whenever the balloon mortgage becomes due, the entire unpaid balance is due. Generally, the homeowner must either refinance or sell the property.
A mortgage loan made by an institutional lender without the inclusion of government guarantees such as VA or FHA loans.
Deferred Interest Mortgage
A mortgage in which the payment is not sufficient to cover the principal and the interest and the payment portion of the interest is postponed until a certain date at which time the interest postponed is added to the principle owing.
Federal Home Loan Mortgage Corporation (FHLMC)
The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the largest national supplier of home mortgage funds. It is commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.freddiemac.com.
Federal Housing Administration (FHA) Loans
Federal Housing Administration (FHA) low-rate loans are available to Americans with smaller incomes who are interested in modestly priced homes. Down payment requirements are usually lower than the prevailing ones.
Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development, it is also referred to as "Ginnie Mae". This government agency guarantees the payment of principal and interest on all of its pass-through securities, and its guarantee is backed in turn by the full faith and credit of the U.S. Government.
Federal National Mortgage Association (FNMA)
The U.S.'s largest supplier of mortgages to home buyers and owners, a corporation established by Congress and owned by stockholders. It is commonly referred to as 'Fannie Mae,' this government-sponsored enterprise is chartered by Congress. This federally chartered agency buys mortgages from lending institutions, pools them with other loans, and sells shares to investors. Detailed information may be found at http://www.fanniemae.com
A secondary financing option in which a new larger mortgage is created to encompass the first mortgage. This large second mortgage is used to preserve the low interest rate on the first mortgage for a potential buyer.
Reverse Annuity Mortgage (RAM)
A type of mortgage where the property's equity serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property.
The interest rate you pay and the monthly principal and interest payments are agreed upon from the outset and will not change throughout the entire term of the mortgage
Renegotiable Rate Mortgage (RRM)
Similar to an Adjustable Rate Mortgage, this type of mortgage allows the interest rates and payments to be adjusted periodically according to an index.
Graduated Payment Mortgage (GPM)
A mortgage that usually starts the borrower with low payments that are gradually increased over five to ten years, before leveling off for the remainder of the term of the loan until the loan is fully amortized. Negative amortization usually occurs until the payment reaches the level payment stage. Usually government insured loans (VA or FHA)
Growing Equity Mortgage (GEM)
This is a long-term mortgage whereby the borrower agrees to increase his payment each year by an agreed amount. The added money per payment is applied directly to the outstanding principal on the mortgage. The mortgage thereby is paid off in a shorter number of years
Veterans' Administration Loans
Mortgage loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans' Administration, enabling veterans to buy a residence with little or no money down.
Shared Appreciation Mortgage (SAM)
It is a loan arrangement where two or more parties participate in the purchase of real estate and share the appreciation and tax deduction. Similar to shared equity mortgages.
Rollover Mortgage (ROM)
A mortgage where the payments are only guaranteed for three, four, or five years. The borrower is allowed to refinance at the end of the term at the interest rate then applicable.