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.
The Reality of Realty
Simply put, buying a home involves three steps…
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:
Click here to play a game to see what home features are important to you!
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.
Other things that could be added to a mortgage…
There are a lot of free home affordability calculators on the internet; click here for one from Yahoo!
There are three different credit bureaus that generate credit reports
Lenders will use a credit score based on scores from all three credit bureaus
Make sure your credit report is correct
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
There two main ways to find a lender