Strategic Points Group: Buying Homes: Preparing for a new home

Strategic Points Group Massachusetts and Rhode Island Real Estate

Strategic Points Group Massachusetts and Rhode Island Real Estate Home

Strategic Points Group Massachusetts and Rhode Island Real Estate About Us

Strategic Points Group Massachusetts and Rhode Island Real Estate Careers

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Phone: 508-636-2800 - Fax: 866-838-6190

Are you ready?
Your knowledge and experience will play a large part in successful real estate transactions. Planning is essential to making the home buying experience easier. In doing so, you'll be able to anticipate requests from realtors, lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the home buying process.

What do you want?
Do you know what you want? Are you planning to move to a new area due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of property that you do not now have? Do you have a purchasing time frame in mind?

Whatever your answers, the more you want to know about real estate, the more likely you are to effectively define your goals. These are all worthwhile questions.

Do you have money?
Real estate and financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years financing has evolved which now requires only a 3 percent downpayment or less. In fact, a number of programs now allow purchasers to buy a home with nothing down.

In addition to a down payment, borrowers also need cash for closing costs (the costs associated with closing the loan). Several newly emerging loan programs like down payment assistance not only allow the purchase of a home with no money down, but also include the closing costs.

Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, and a lot going towards interest. Most homebuyers choose to buy with some cash up front.

In markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Sellers are sometimes motivated to help contribute to the transaction expenses.

How is your financial situation?
For most loans with little or nothing down you need fair to good credit for at least one year prior to purchasing. Lenders generally want to be assured that other debts like credit card bills, rent, car payments are paid in full and on time.


			New Mortgage

			Refinance

			Home Equity

			Debt Consolidation

			Construction

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Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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