Steps to Homeownership
Sellers will give greater consideration to your offer if you include this document from your lender.
What is a mortgage loan conditional approval?
The person who ensures all guidelines for the loan program are met before approving a mortgage loan.
Who is the underwriter?
The one thing that you can not change about your home once you've purchased it.
What is the location?
The document you receive from your lender that clearly outlines the costs associated with the loan.
What is the Loan Estimate?
The Minimum Down Payment Required on an FHA loan.
What is 3.5% of the Purchase Price?
Homebuyers should develop one of these so they know how much they can comfortably afford to pay for their home on a monthly basis.
What is a budget?
Assessing a homes value is their responsibility.
What is an appraiser?
Something you can negotiate the seller to pay for, in your sales contract so it is not an out of pocket expense for you.
What are closing costs?
The formula your lender uses to determine the maximum monthly payment.
What is the Debt to Income Ratio?
The minimum down payment required for a Conventional loan can be as low as.
What is 3% of the Purchase Price?
The 1st Thing a Lender will review when completing a mortgage application for Pre-Approval?
What is your credit?
Someone you can contact if you need more information about the home buying process, assistance with credit repair, review of your loan documents, or assistance with foreclosure prevention you should meet with this person.
What is a Non-profit Housing Counselor?
The money you provide with your offer that shows the seller that you are serious about purchasing.
What is Earnest Money?
Principle, Interest, Taxes, Insurance, Mortgage Insurance Premium, and if applicable Homeowners Association Dues, and Condo Fees.
What is the monthly mortgage?
The minimum down payment for a VA loan.
What is 0% of the Purchase Price?
The person who's name appears on the sign in front of a home for sale and has a legal responsibility to represent the seller's best interest in a real estate sales transaction.
What is the seller/listing agent?
This person will review your accepted purchase offer contract, negotiate through the inspection period, review the closing disclosure and will be present at the closing.
Who is your Real Estate Attorney?
The document the seller must provide that reveals anything that they are aware of that is wrong with the home.
What is the Seller's Disclosure?
You must review the Loan Estimate and inform your lender that you intend to proceed with the loan before they can do this.
What is order the home appraisal?
This type of of loan will allow you to purchase and rehab a property.
What is a purchase renovation loan?
The person who helps you find a home, prepares the paperwork to put an offer on a home for sale, and has a legal responsibility to represent the homebuyer.
What is a buyers agent?
The person you hire to evaluate and report on the condition of the home you have put an offer to purchase.
Who is the Home Inspector?
Clauses in the sales contract that release the purchaser from the contract under certain circumstances, such as an unsatisfactory home inspection, or you are unable to obtain financing.
What are contingencies?
The three "C"s the lender looks at when evaluating your application.
What are Credit, Capacity, and Collateral?
In order to be considered a 1st Time Home Buyer you must not have had a property in your name in ____ many years.
What is 3 years?