Successful home buying and mortgage
attainment is not an event that comes to some people
and not to others because of chance or luck. If that’s
an idea you've harbored in the past—eliminate it
from your mind right now. Successful home buying and
mortgage attainment can be predicted, but you must have
a plan and follow that plan.
If you give a blueprint to a building
contractor,do you think that it will be a matter of
chance, or luck, that he will complete the structure
successfully? Certainly not. He merely begins at the
beginning and follows the plan step by step to its completion.
It is true for building a modest home, a tall skyscraper,
or your dream home.
The Action Plan below is your blueprint
for success. If you follow it, successful home buying
and mortgage attainment can be yours.
You're probably asking, "Where
do I start?"Because of today’s increasingly
complex world, The Action Plan is the starting point—
follow the time proven logical sequence below and contact
your nearest MortgagePlanner.
Complete
Financial Inventory
Assets
Liabilities
Cash available
Credit
Capacity (income & debt)
Budget
Complete
Wants and Needs Assessment
Description of home
Location
Schools
Recreation
Shopping
Transportation
Church
Resale potential
Employment access
Home
Buying Objectives
Understand your rights as
a consumer
Borrower’s Bill of Rights
Home Buyer’s Bill of Rights
Protect your equity
True Value of the home
Cash down
Closing costs
Determine the risks or benefits when
using,or not using a mortgage planner or real estate
professional
Understand the role of the lender Use property inspections
to your advantage
Understand the appraisal process
Anticipate closing surprises
Know your legal and tax planning needs
Accept marketplace realities
Prepare for your next role as a seller
Obtain
Financial Pre-Approval
Shop for a mortgage planner
Hire the mortgage planner that will protect your interest
Contract for mortgage services
Qualify for home loan
Wholesale interest rates
Loan application and package
Pre-qualification
Pre-loan processing
Pre-approval letter
Loan processing is complete
Hire
an attorney
Know your legal rights as a home
owner before signing legal documents
Identify contract terms to protect the buyer
Interview
real estate brokers
Know the different types of real
estate services available
Shop for a real estate broker
Hire the real estate broker that will protectyour
interest
Develop a
negotiating strategy
Smart Home Buying Tactics (refer
to the last paragraph)
Inspect
available product (homes)supply
Newspapers, MLS, the Internet (WWW)
Obtain
independent appraisal
True value
Conduct
necessary home inspections
The general condition of the home
Re-negotiate
important contract terms
Contract terms to protect buyer
Preview
closing documents
24 hours in advance of closing
Mortgage planner review with borrower
Real Estate Broker review with Buyer
Close
when satisfied
Close only when you understand all
the details of the Home Buying transaction
Mortgage Planner & Real Estate Broker will attend
closing
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Home
Buying Tactics
- Pre-plan your home buying
strategies and tactics.
- Know your financial limits
and opportunities.
- Seek out the services of a
Mortgage Planner.
- Request the services of an
independent appraiser who will objectively evaluate
the property’s value.
- Engage a real estate licensee
as your agent or consultant to guard your property
and financial interests.
- Hire the services of a home
inspector who will objectively evaluate the
condition of the property.
- Consult with a knowledgeable
attorney about legal matters affecting your
real estate transaction.
- Keep information about your
financial abilities and buying motivations confidential.
- Focus on protecting your equity
position.
- Review your financial goals
and home loan annually.
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