You are going to embark on a journey toward the American dream of becoming the owner of your own home. As with any journey toward a prized goal, you may encounter problems along the way. Stroman Title is here to help you leap the hurdles, navigate the obstacles or smooth the snags that might impede your journey. Before you begin, let’s look at some important issues that will provide you with the answers and the steps that will make your journey a pleasant and rewarding experience.
HOW MUCH HOME CAN YOU AFFORD?
Another Deciding Factor - Your Credit
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Important Advice To Remember:
CHOOSING THE BEST REAL ESTATE AGENT
Important Advice To Remember:
SELECTING THE MOST ADVANTAGEOUS LENDER
SMALL Credit Unions
Employers & Unions
Find A Lender Today
Again, remember, your realtor should be able to provide a great deal of assistance in finding just the right lender. The following directory also will help you locate a lender right for you.
CHOOSING THE RIGHT MORTGAGE
WHAT IS AN FHA LOAN?
There are several notable FHA home loan programs available, such as:
Veterans Administration Guaranteed Loans (VA)
VA loans have most of the advantages of FHA loans, and then some, but they also have eligibility restrictions. They are available only to veterans of the armed services, those currently in the service and their spouses. VA loans are typically half a percent or more below market rates, and they can be obtained with no money down.
Determine your likes, dislikes, & dream Features
To help your real estate agent with this process, make three lists – a need list, a do-not-want list and a dream list. Factor in your current housing needs, likes, dislikes and possible future changes in your life and lifestyle, such as more children, less children, parents moving in or out and other major life changing factors. For your dream list, write down all of the features you would love to have in your home.
Example Needs List:
example Do-Not-Want List:
Example DREAM LIST:
Things To Remember Before Making an Offer
- Look at the surrounding houses in the neighborhood. Are the homes and yards well kept? The condition of these homes will affect the value of the home you buy.
- Is it visually appealing? Explore the lot thoroughly. Does it offer adequate privacy? Will you maintain the ground or hire someone? Do you like the landscaping or would you design your own? When looking into the back yard, are you greeted with the sight of a transformer, radio broadcasting tower, gas station, bus stop or ball field where night games are played?
- What kind of area is it in? How close are shopping facilities, banks, churches, hospitals, schools, parks and movie theatres? And, of course you’ll want to know what, if any, crime rate is associated with the neighborhood. Go to the local police station and ask for records of robberies, break-ins, vandalism, assaults and drug-related problems in the neighborhood. Is crime increasing or decreasing?
- What is the traffic like and how will it affect your commute to and from work? Heavy traffic also produces noise and air pollution.
- Is the home in an area that floods when it rains. How fast does the water drain from the streets and yard? Slope and the soil’s ability to absorb water will determine where and how fast water drains away from the house. You can check out local flood information through Stewart’s Flood Information Division to find out if the house is in a flood plain.
things to consider before settling
- Don’t fall in love with the first home you see. New listings come onto the market all the time. The best deal may still be ‘just around the corner’. The more homes you see, the more you’ll learn about what you want and what each house has to offer.
- Don’t choose a house because you like the interior decorating – a well furnished home isn’t always the most structurally sound. Check out the actual structure of the home. Keep in mind, the furnishings will be leaving with the current owner.
- Go through the house with a fine-tooth comb. Open cabinets, turn on every switch, notice details, move furniture away from the walls, look in the attic, turn on faucets and flush the commodes. Look for water spots on walls and ceilings – you don’t want to find out after you’ve bought the house that the roof is leaking.
- Don’t be pushed into making a selection. Make your decision only when you’ve seen enough to pick the best one