FSBO Services Resources Online For Sale By Owner Home Seller Buyer Sell Buy Real Estate Homes Houses Owners Sell without Brokers Realtors Agents

FSBOService.net Home | Sitemap | Top Ten Tips for New & Repeating Home Buyers

Consumer Resources

Loans

Low-Rate Mortgage & Home Equity Loans

You Can Still Find a Low Rate on a Mortgage or to Refinance Your Equity.

LendingTree Mortgage Loans

Fast, Easy and FREE mortgage quotes at Loan.com!

Getsmart.com FREE QUOTES Home Loans for any Credit Score or Rating! Choose from 200 Lenders

How to Pre-qualify a Buyer When You Sell Your Home "By Owner"

Protect your most Prized Possessions, Your Family and Your Home! Click Here if you are 3 months or more Behind on your mortgage payments

Forms

US Legal & Real Estate Forms

60+ Real Estate Forms

Topics:

Real Estate How To's

HOT! Profit from Preforeclosures

Sell your home FSBO without an Agent, Realtor, Broker

Articles

The Most Common Mistakes Home Sellers Make

Borrowers Getting Pushed Toward Higher Rates than Necessary

Sitemap

Top

Top Ten Tips for New & Repeating Home Buyers
(BEFORE You Sign a Contract!)

1. Check your personal credit report and history. What is your FICO (Fair Isaac Company) or Credit Score? What is your rating? Get your credit history in order before beginning the home buying process. Don't just hope for the best, plan for it.

2. Develop a monthly budget based on your actual income and expenditures to determine what is realistically affordable when adding a mortgage payment (which will include taxes, insurance, PMI and possibly other fees). Lenders have formula for determining whether you can afford the monthly payment.

3. See a mortgage banker or mortgage lender first. Shop around, learn what current rates, points, fees are in the area you are interested in purchasing a home in. Compare mortgage brokers and originating mortgage lenders to find one that will work best with you and your situation. Speak to them on the phone or meet in person if possible. The better your credit (see #1), the more options and better deals you will have access to and the more lenders you will have anxious to have your business.

FSBO Service Net QUICK TIP!

4. Needs vs. Wants: What features do you actually need in your new home versus what you ideally want? Don't simply make an emotional decision, make a financial, logical and rational one based first in practical reality (not mythological fairy tales). Fall in love with what you can afford! Then, when your heart and mind match, you'll be in the best of both worlds.

5. Take time to learn important terms and understand their meaning such as points, escrow, APR (Annual Percentage Rate), LTV Ratio (Loan to Value), PMI (Private Mortage Insurance), closing fees, appraisal value, pre-payment penalties, pro-rated fees, T&I (taxes and insurance), pest and home inspection reports, HUD requirements, seller obligations, buyers rights and responsibilities.

6. Once you've narrowed your lender choices, thoroughly investigate the mechanics, details and logistics of the deal - are there additional costs, such as origination and/or application fees? What is required to lock in the lowest rate? How long from approval to getting your completed, ready-to-sign closing papers? (which you must review ahead of time!)

FSBO Service Net QUICK TIP! "The Top TEN Dirty Little Secrets of Mortgage Financing"

7. Learn about the various types of mortgage packages and their features. Analyze all hidden and obvious costs and benefits, pros and cons. Figure out, with your lender or bank loan officer, what type of mortgage arrangement is best for your circumstances. Few real estate agents know much about lending and they are not interested in what will work for you -- most are primarily interested in getting the most money possible into their pockets the fastest way possible.

8. Get pre-qualified and pre-approved so you know exactly what you can afford as well as being prepared to seriously consider your home, house, condo, coop, or other real estate purchasing options.

FSBO Service Net QUICK TIP! It is much better to buy the smallest, least-improved home in a grand neighborhood than the grandest home in a neighborhood of small or modest homes.

9. Visit as many homes as possible, both in and somewhat out of your approved range, and decide on the area, type of house you are interested in and can realistically afford based on your approved loan amount. Research recent and other previous home sales in the neighborhood you are seriously considering.

FSBO Service Net QUICK TIP! Be sure to read: Common Home Seller Mistakes to learn why home buyers benefit the longer a home has been on the market! However, a long time on the market can also mean underlying problems -- be sure to do your research!

10. Work closely and cooperatively with the mortgage lender(s) you have already researched for their honesty, integrity and proven track record -- and be accessible to him/her in order to secure the best possible loan.

These tips compiled from various sources including: Mortgage Bankers Association www.mortgagebankers.org plus the writer's personal and professional experiences.

Email Address
Yes! Please send me my FREE Report on Enhancing & Preparing My Home for 'Sale By Owner', plus exclusive offers, tips, free reports and article updates from FSBO Service Network We respect your privacy and will never disclose your address. You will receive a confirmation and you may unsubscribe at any time. We are a no-spam site!