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First Time Home Buyers Guide

Let’s get started!

Just Ask

Joe !

Joe CarrollREALTOR®

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Steps to Get Started

1. Determine your budget and how much you can afford.

2. Get pre-approved for a mortgage.

• When applying, you’ll most likely need to furnish:

Two most recent pay stubs. W-2 forms for the past two years. Federal tax returns for the past two years. Last two months bank statements. Long-term debt information such as credit cards, auto loans etc.

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Joe !

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Getting Approved

A lender will check your credit to see if you’re a good candidate for a loan.

If your credit rating is poor, there are things you can do to improve it.

Make sure the report is correct. If not, call to fix it. Begin to pay your bills on time. Use two to four credit cards so you can keep track of them. Keep a separate checking and savings account. Keep the same job for a few years.

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Pre-Approved vs. Pre-Qualified

Pre-Approved: confirmation the lender will give you a commitment to support your purchase.

Pre-Qualified: an estimate of what you can afford.

Being pre-approved makes you a more attractive candidate to the

seller when making an offer.Just Ask

Joe !

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Deciding On A Mortgage

Fixed Rate Mortgage: the interest rate stays the same for the entire term of the loan.

Adjustable Rate Mortgage: the interest rate is linked to a financial index and may fluctuate with market conditions. As such, payments may vary over the life of the loan.

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Calculating Your Budget

To estimate your budget, add up your total financial worth and then subtract all the cost in the purchase.

Some expenses you may carry:

Down payment Mortgage Insurance Taxes Points Attorney’s fees

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Joe !

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The Fun Begins

Before you search for your dream home, some things you should consider:

Size of property Type of neighborhood you desire Quality of school system Nearby public transportation Urban or suburban

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PICK A REALTOR®

Realtors® are very different from the average real estate agent.

• Realtors® are held to a much higher standard than most agents.

• Realtors® Work for you at NO COST TO YOU !!!

• Realtors® are experts in the Industry and know all of the legal aspects of contracts and liabilities.

• Realtors® are experienced in property negotiations and will get your dream home at a price that YOU want.

• Realtors® are FULL-TIME professionals that live, breath and sleep Real Estate.

• Oh Yeah ! Did I mention that they work for you at NO COST TO YOU !

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Finding a REALTOR® is like finding a friend. You need to feel that they are listening to

your needs and will fight for YOUR interests. Things to look for are :

WHAT TO LOOK FOR IN A REALTOR®

• Is the REALTOR® listening to what YOU want, or are they looking off into space.• Is the REALTOR® knowledgeable about the area that you are interested in ?• What tools do they have to help you find your dream home?• How flexible are they when it comes to working around YOUR schedule?• How accessible are they? Do they answer your calls or call you back in a reasonable time frame?•Do you trust them to represent you in negotiations?

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HOUSE HUNTING

House Hunting can be very arduous . It takes you and your REALTOR ® several weeks or months to find your dream

home. There is no time limit to finding the perfect home.Your REALTOR® understands how important this decision is

to you. Do not feel that you are “ Bothering” your realtor or that you are seeing too many houses. This is what we do. Take your time and make sure that the home you choose is the

perfect fit .

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Writing the Offer

Once you’ve found the perfect home, Your REALTOR® will write up the offer and ensure all paperwork and activities are completed so you can close on your property.

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ACCEPTANCE OF THE OFFER

After you and the seller have agreed upon a price of the home, There are certain things that you need to do before closing. Here is a list of what your REALTOR® will help you complete before closing to ensure you stay in compliance with the contract:

• Scheduling all inspections.

• Finalizing the loan process.

• Preparing all documents necessary to stay in compliance with the contract, and to ensure a smooth closing.

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The Closing

This is the meeting where the transaction is finalized. Your REALTOR® will guide you through all closing procedures to make your home officially yours.

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Thank You !

For more information on buying or selling a home, please visit my Blog at

Myrealestateguru.blogspot.com

If you have any questions, Please contact me at :Joseph.carroll@coldwellbanker.com Or call Direct to : ( 618) 920-6189