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Home Buying 101. The Reality of Realty. Why buy a home?. How to Buy a Home. Simply put, buying a home involves three steps…. Finding a home you like and can afford. We would all like to live in a big house on a hill, but most of us can’t afford that type of home.

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Presentation Transcript
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Home Buying 101

The Reality of Realty



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How to Buy a Home

Simply put, buying a home involves three steps…


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Finding a home you like and can afford

We would all like to live in a big house on a hill, but most of us can’t afford that type of home.

This means we have to determine:


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What features in a home are most important to you?

Click here to play a game to see what home features are important to you!


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What can you afford?

When you buy a home, you will probably have to take out a home loan. The agreement to pay back that loan between you, the borrower, and the lender is called a mortgage.

The home loan (or mortgage) will consist of the principal and the interest.


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What can you afford?

Other things that could be added to a mortgage…



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What can you afford?(What does this mean for me?)

There are a lot of free home affordability calculators on the internet; click here for one from Yahoo!








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Credit IssuesWhat is in a Credit Report?


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Credit IssuesCredit Reports

There are three different credit bureaus that generate credit reports

Lenders will use a credit score based on scores from all three credit bureaus


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Credit IssuesCredit Reports

Make sure your credit report is correct


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Debt vs. No Debt

Having a history of debt and paying it off on time can increase your credit score

Continuing to have debt, however, can lower the amount of money you can borrow


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Debt vs. No DebtHow Debt Affects the Size of a Loan


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Debt vs. No DebtThe Impact of Debt ($100 a month credit card bill)


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Lenders

There two main ways to find a lender






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The transaction processYou’ve been pre-approved for a loan and found a home you like...



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