The good news about buying a home
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Lorain County Association of REALTORS ® April 10, 2008 Lorain County Community College. The good news about buying a home. National Association of Realtors®. DID YOU KNOW?. You can own a home for a monthly payment equivalent to what you currently pay in rent!.

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Lorain County Association of REALTORS®

April 10, 2008

Lorain County Community College

The good news about buying a home

National Association of Realtors®


DID YOU KNOW?

  • You can own a home for a monthly payment equivalent to what you currently pay in rent!

Based on a national survey conducted by the National Association of Realtors


DID YOU KNOW?

  • Homeownership provides a tax benefit.

Based on a national survey conducted by the National Association of Realtors


DID YOU KNOW?

  • 60% of a homeowners wealth is from their homes.

Based on a national survey conducted by the National Association of Realtors


DID YOU KNOW?

  • Home values have increased an average of 6% per year, nationally.

Based on a national survey conducted by the National Association of Realtors


DID YOU KNOW?

  • Rents increase on average about 2% per year.

Based on a national survey conducted by the National Association of Realtors


DID YOU KNOW?

  • On average the value of a home nearly doubles every ten years.

Based on a national survey conducted by the National Association of Realtors


Steps to Homeownership

Step 1:Find a local REALTOR ®

  • REALTORS® are responsible for protecting the best interest of their clients.

  • REALTORS® can guide you through every step of the homebuying process.


Steps to Homeownership

Where to find a local REALTOR ®

www.LoCAR.org

www.MyNewCommunity.net

www.realtor.com


WHAT A REALTOR® PROVIDES

  • Obedience

  • Loyalty

  • Disclosure

  • Confidentiality

  • Accountability

  • Reasonable skill and care


WHAT A REALTOR® PROVIDES

  • Negotiating Experience

  • Market Knowledge

  • Professional Competence

  • Marketing Experience


Steps to Homeownership

Step 2:

  • Assess your Credit and Finances

  • Determine what You can Afford

    You can obtain a free credit report from www.annualcreditreport.com

    Identify and resolve credit problems to receive the best loan terms possible.


Steps to Homeownership

  • Determine what you can afford, two rules of thumb:

    1.) Your maximum monthly mortgage payment should not exceed 28 percent of your gross (pre-tax) income.

    EXAMPLE: Monthly Income: $1,500

    Mortgage Payment: $420


Steps to Homeownership

Determine what you can afford, two rules of thumb:

2.) Your maximum debt load, including your mortgage payment, should not exceed 43 percent of your gross (pre-tax) income.EXAMPLE: Monthly Income: $1,500

Maximum Debt Load: $645


Steps to Homeownership

Step 3:

  • Decide on what you need:

    location,

    number of bedrooms,

    bathrooms,

    square footage,

    style,

    age

    Prioritize them with what you can afford (price).


Steps to Homeownership

Step 4:

SHOP FOR A HOME

Your REALTOR® can help you consider things like:

  • Type of neighborhood that appeals to you.

  • Quality of the school districts.

  • Property tax rates.

  • Affordability


Steps to Homeownership

Step 5:

MAKING AN OFFER & NEGOTIATING

THE PURCHASE TERMS

A REALTOR® will help you:

  • Develop a purchase offer and strategy.


Steps to Homeownership

Step 5:

MAKING AN OFFER & NEGOTIATING

THE PURCHASE TERMS

A REALTOR® will help you:

Negotiate the terms & conditions with the

seller’s agent.


Steps to Homeownership

Step 5:

MAKING AN OFFER & NEGOTIATING

THE PURCHASE TERMS

A REALTOR® will help you:

Reach an agreement on the price, and

how/when you buy it.


Steps to Homeownership

Step 6:

OBTAIN A MORTGAGE

A REALTOR® can help you:

  • Select your lender.


Steps to Homeownership

Step 6:

OBTAIN A MORTGAGE

A REALTOR® can help you:

What type of mortgage meets your financial situation.


Steps to Homeownership

Step 6:

OBTAIN A MORTGAGE

A REALTOR® can help you:

Understand the loan application process.


Steps to Homeownership

Step 7:

CHECKLIST FOR THE CLOSING

Obtain insurance on the home.


Steps to Homeownership

Step 7:

CHECKLIST FOR THE CLOSING

Have a professional inspect the home.


Steps to Homeownership

Step 7:

CHECKLIST FOR THE CLOSING

Walk through before signing the closing statements.


Steps to Homeownership

Step 7:

CHECKLIST FOR THE CLOSING

Read and understand all the closing documents.


Steps to Homeownership

Step 8:

CLOSE

After all documentation has been signed and monies paid, possession is transferred at the

county court house and you receive the keys

to your new home!


Steps to Homeownership

Step 9:

“THE MOVE”

Remember, the expenses associated with moving, from packing materials and utility hookups to the cost of movers or truck rental.


Steps to Homeownership

Step 10:

CELEBRATE!

CONGRAGULATIONS … You and your REALTOR® have turned the American dream into your reality

for personal and financial growth,

self-reliance, security, pride of ownership, and prosperity for you and your family.


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