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Wednesday, July 14, 2010
Damina Tea And Smoking
If you decided to buy a home and no where to start, the first step you should take is to see if you qualify for a mortgage loan and how much money they can lend. You can do this online with a mortgage broker (mortgage broker) or directly with a bank. Then they will tell you if you qualify and the price of the property that fits your income.
The second step is to choose a real estate agent or real estate brokers to begin to show houses. You can find one online, in your local yellow pages or better alo an acquaintance may recommend one.
Once you find the house you like, the next step is to sign a sales contract with the seller, then the loan application to a lender or mortgage broker to buy your home. Do not confuse the first step in applying for the loan itself. What he did at the beginning was just ask to pre-qualify, but that was not a loan application. The last step is to close it when you lay the transfer of title to the property.
At each step mentioned usually have options for negotiation of terms, conditions and costs to get more benefit. Below we explain these business opportunities. Need to look far care and look at many options before making a decision.
Actually, there is no process to buy a home that is standard in all areas. Even his personal experience may differ from what is explained here.
This is only a general guide on the steps involved in buying a home, and thus will have an idea and will not be so lost when the time comes.
Buying and financing a property
realtor
As a general rule the first person who makes the query about buying a home is a real estate agent. The agents provide useful help and advice on aspects of buying a home. This real estate agent representing the seller and the real estate agent representing the buyer. It may be the case that one agent representing the buyer and the seller. An agent who is truly a professional in every sense of the word give good service and want to look for the best interest of his client.
Most often, the real estate agent will offer help so you can get your loan. They work with certain entities for all transactions, lenders, title companies or escrow agent or closing. With respect the loan for your home, you do not have to go with a lender recommended by the real estate agent, you can get the credit of loan on their own.
Nah, you should compare costs and services offered by other lenders with whom he recommended real estate agent. If it does then how will you know if they are giving a good interesy good terms? It is of fundamental importance to compare before making your choice about the type of loan you will get. The easiest way to make comparisons is online, so you can get several estimates without having to leave home.
What is Escrow?
The Escrow is the one responsible for the closures. They act as intermediaries and not only represent the interests of the seller but also the buyer. This is where you make deposits of money, they are specialized to deal with buying and selling and money management. It is usually the seller who chooses the escrow company that was used in the transaction.
Get a Escrow for the transaction of buying a home is paramount to avoid mistakes. The importance of obtaining a very large Escrow. When "open escrow the seller and the buyer set the terms and conditions of the transfer of ownership. These terms and conditions are delivered to a third party called Escrow. Escrow is an impartial institution independeniente. Is the vehicle through which the instructions of both seller and buyer parties is carried out without preference.
Terms of the sale agreement
Price. For the vast majority of home buyers, the price of the sale is the most important term of the contract. Note that there are other non-cash terms that are also very important in the contract.
Title. The title refers to the lawfulness of their new property. The seller must transfer the clear title and free from all claims of other parties at his house. The claims made by third parties against a new property is known as liens. For the same reason one of the expenses that a buyer must pay a new property is the policy of title insurance. The title company is responsible for reviewing the title is clean and WITHOUT ANY tax, if any that should be fixed before closing, the title company is responsible to deliver a clear title, the new buyer.
Mortgage Clause. The sales contract should clearly stipulate the repayment of the deposit on the die if the sale is canceled for failing to obtain a mortgage. For example, sales contract may allow the cancellation of the sale if you can not get a mortgage with an interest financing or less than those specified in the contract.
Termites and dangers. Your lender will require a certificate from a certified and qualified inspector can determine if the property is free of termites and other hazards. You have the right to cancel the contract or ask the seller to repair anything that is a danger or if the property had termites.
housing. It is essential to make an inspection of the property. An inspection may determine the status of electrical systems, plumbing, heating and air conditioning. It is also necessary to examine the structure itself of the property to ensure its soundness and to determine the condition of the roof, siding, windows and doors.
is usually the buyer who must pay for this inspection, so you can choose for themselves the inspectors to do the job. This will ensure that the inspector works for them and not the seller
If not satisfied with the results of the inspection, you can cancel the contract, but this must be stipulated in the contract of sale from the beginning, the agent representing you must ensure that this be included in the contract .. Is also the option to renegotiate a lower price or require the seller to make needed repairs.
Hazard lead-based paint in housing built before 1978. If you buy a property that was built before 1978, you have certain rights regarding the dangers of lead-based paint and lead poisoning. The real estate agent should give you information about it. THIS INFORMATION comes from the Environmental Protection Agency (EPA for its acronym in English), "Protect your family from lead in your home, or other information on lead hazard approved by the EPA. The real estate agent has to tell what he knows about lead-based paint hazards or lead-based paint in the property, and provide any reports relevant to the topic.
People are buying the property have a minimum ten days to conduct an inspection of risk to lead-based paint or lead hazards. But to cancel the sale based on the results of an inspection of risk, it needs to make negotiations with the seller.
Finally, the seller must provide you with the contract of sale a disclosure form which must include a Lead Warning Statement (Lead Warning Statement). You, the seller and agent will sign a confirmation that they have fulfilled the conditions relevant to such notice.
Other environmental risks. Each city or state may have different laws apply to buyers or sellers to verify the possible environmental risks, as well as loss of underground oil tanks, the presence of asbestos, lead water pipes and other similar dangers. They should then take steps to eliminate such hazards. Negotiations can be made regarding who pays for these expenses.
Division of expenses. It is very important to reach an agreement with the seller regarding such shall be divided expenses related to the house, for example, taxes, costs of the condo association and debt service. Unless otherwise agreed, the buyer will only be responsible for the portion of the expenses incurred after the date of closing escrow.
Closing Costs. There are costs that are borne by the buyer and others paid by the seller. This can be negotiated with the seller. Search
a loan
Both the lender and the type of loan will influence the closing costs, and also in the monthly payment on your loan. There are plenty of lenders it available for your choice. You can find them online or in the yellow pages of local telephone directory.
Mortgage brokers or mortgage brokers. Mortgage brokers or mortgage brokers, offer to find a lender or lender willing to give you a mortgage. A mortgage broker will work directly for you then he or she will help you get the best.
Government Programs. You may qualify even a government loan, loan secured by the Federal Housing Administration, Federal Housing Administration (FHA)] or guaranteed by the Department of Veterans Affairs, Veterans Affairs or similar programs operated by cities or states. Generally these programs require little down payment or between. Make consult your lender or broker about these programs.
loan rates. The loans may have an interest rate fixed or variable. Loans with fixed interest rate payments are always the same bone that does not change, loans with variable interest rate can have different indexes and margins which determine how much and when can raise or lower your monthly payment. If you get a loan with variable interest rate, also known as mortgages with adjustable interest rates ("ARM" for short in English), should receive information from your lender or mortgage broker about it, these are required by law or Truth in Lending Truth in Lending Act, that best describe the ARM. The most loans are made at 30 years or less, and have equal monthly payments. In an ARM loan payment amounts may vary and these variations depend on changes in the interest rate on the market. Loans are also short payment terms and a large payment at the end, these types of loans are called for redemption on maturity or ballon payment. You must choose the type of mortgage loan and term that best suits your financial needs. This is an important decision that should not be taken lightly.
rate interest, points and other costs associated with the purchase. Generally the price of a mortgage loan is determined in terms of an interest rate, points and other costs. A point equals 1% of the total amount of the loan. Points are usually paid to the lender, mortgage broker or mortgage broker or both, these expenses are paid for the closing of Escrow. You can pay fewer points in exchange for a higher interest rate or more points for a lower interest rate. Check with your lender, mortgage broker or mortgage broker about points and other costs associated with obtaining a loan to buy a house.
The Truth Disclosure Report on the Loan will show the annual percentage rate (Annual Percentage Rate OAPR) and here also will be given information about the payment of the loan that it obtained. The APR takes into account the interest rate and also the points, fees the mortgage broker or mortgage broker and other expenses to be paid. Ask for the APR before you apply for the loan and compare several lenders or mortgage brokers to see who offers the best option.
are closing costs that are required by lenders. Your mortgage lender will require certain closing costs, such as a title insurance mentioned above. They can also charge you for ordering and other services related to the closure, such as credit report and evaluation. Although today to review the new laws must be paid at the beginning when this is sorted, I mean you can not make the order without the borrower's pay before.
A lender may also make other charges, as fees for loan processing, document preparation, flood certification or fees for the loan application. You must request an estimated closing costs before choosing a lender. Some mortgage lenders or loan brokers offer "no cost" or "no points", but after all they charge anyway because the only way you can do these loans supposedly "no points" or recovery is taking The highest interest to the borrower, which in the end it comes out more expensive. If the bill gets through the 30 years he gets a lot more expensive to "pay no points." Think well before choosing either option.
You must make comparisons with three or four lenders before deciding, should never go alone with one. Making comparisons of borrowing costs and comparing the APR is an effective way to find a good loan.
insurance and tax payment. The monthly mortgage payment will be calculated on its own. Then comes the payment of taxes and fire insurance. If you have given or coupling between 20% or more, you can pay the taxes and insurance Property fire separate payment. In this case the charges would come as any. The fire insurance is paid once a year and the taxes twice a year. If you gave less than 20% of entering or payment, depending on what state you live, better alo have to pay all together with the house payment. But while 20% have been from you anyway can choose to have it all together. A lot of people like to make a single payment. If this were the case, part of your monthly payment will be deposited in a "security deposit account" (also known as reserve or escrow account), this is to service your lender can pay your property tax . This may also include insurance Fire property, mortgage insurance (PMI) and / or flood insurance. Check with your lender, mortgage broker or lender if you must open a deposit account as security for the payment of taxes and insurance.
Transferring your loan. While you got the loan with a bank often given after surgery end time, another company started the collection of payment. The collection of your loan payments are known as "service" the loan. Your lender will inform you if the service takes care of your loan or transfer it to another entity. Usually when you make these changes is immediately when you turn to make the first payment or may arise after de un tiempo. Como quiera que sea a usted se le debe informar con antisiopacion sobre este cambio.
Seguro hipotecario o PMI. El seguro hipotecario privado o PMI, o el seguro hipotecario del gobierno protegen al prestamista contra no pago y permiten al prestamista aprobar prestamos que se consideran mas riesgosos. Los prestamistas generalmente exigen seguro hipotecario para prestamos cuando el enganche o entre es menos del 20% del precio de venta. Para el seguro de mortgage o PMI se hacen los pagos mensuales y estos estan juntos con el pago del mortgage. El seguro hipotecario no es lo mismo que el seguro de incendio, son dos cosas totalmente distintas.
Bueno con este resumen sobre los prestamos hipotecarios para la compra de una casa, espero que le hayan aclarado las dudas y que ahora tengan un mejor entendimiento como funciona el proceso de comprar casa.
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