As the market is constantly changing and there is currently a lot of negative press about the housing market, I felt it was helpful to post part of this more positive article. It is wise to council with a good realtor to make sure you are aware of the housing market surrounding your area!
Existing Home Sales Rise In February
Reported by Walt Molony, wmolony@realtors.org
WASHINGTON, March 24, 2008 -
Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8% below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.
Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.92% in February from 5.76% in January; the rate was 6.29% in February 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said that negotiation and knowledge are even more important in the current market. “Consumers need to be aware of local market conditions and comparable sales prices to have a clear picture of a home’s value,” he said. “Realtors® understanding of local markets, negotiating expertise, and transaction experience are invaluable to both buyers and sellers, today as much as ever.”
Thursday, March 27, 2008
Common Closing Costs
Common Closing Costs for Buyers
From Realtor.org
As a buyer you will likely be responsible for a variety of fees and expenses that you, and the seller, will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:
* Down payment
* Loan origination
* Points, or loan discount fees, which you pay to receive a lower interest rate
* Home inspection
* Appraisal
* Credit report
* Private mortgage insurance premium
* Insurance escrow for homeowner's insurance, if being paid as part of the mortgage
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording
* Title insurance policy premiums
* Land survey
* Notary fees
* Prorations for your share of costs, such as utility bills and property taxes
For your information you can usually plan on paying about 3% of the purchase price in 'closing costs'.
Your lender must provide a good-faith estimate of all settlement costs so you will know up front what to expect!
From Realtor.org
As a buyer you will likely be responsible for a variety of fees and expenses that you, and the seller, will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:
* Down payment
* Loan origination
* Points, or loan discount fees, which you pay to receive a lower interest rate
* Home inspection
* Appraisal
* Credit report
* Private mortgage insurance premium
* Insurance escrow for homeowner's insurance, if being paid as part of the mortgage
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording
* Title insurance policy premiums
* Land survey
* Notary fees
* Prorations for your share of costs, such as utility bills and property taxes
For your information you can usually plan on paying about 3% of the purchase price in 'closing costs'.
Your lender must provide a good-faith estimate of all settlement costs so you will know up front what to expect!
Friday, March 21, 2008
Top 5 Cities to Find a Job
Top 5 Cities to Find a Job:
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
5. Fort Worth, Texas, with job opportunities in teaching, construction, even vision care products and air craft equipment.
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
3. Austin, Texas, is a vibrant and young city with an entrepreneurial spirit, so a good place to think about opening a small business. Also a wide range of career choices in technology.
2. Witchita, Kan., where aircraft and petroleum industries have bounced back and looking to hire for their production lines. There are also plenty of opportunities for health care workers.
1. Salt Lake City, Utah, tops the list in job growth with opportunities in nursing, education and banking.
By TORY JOHNSON
ABC News.com
March 10, 2008
To view the video about this subject:
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=6905329
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
5. Fort Worth, Texas, with job opportunities in teaching, construction, even vision care products and air craft equipment.
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
3. Austin, Texas, is a vibrant and young city with an entrepreneurial spirit, so a good place to think about opening a small business. Also a wide range of career choices in technology.
2. Witchita, Kan., where aircraft and petroleum industries have bounced back and looking to hire for their production lines. There are also plenty of opportunities for health care workers.
1. Salt Lake City, Utah, tops the list in job growth with opportunities in nursing, education and banking.
By TORY JOHNSON
ABC News.com
March 10, 2008
To view the video about this subject:
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=6905329
Thursday, March 20, 2008
Ways to Raise Your Credit Score
5 Ways to Raise Your Credit Score – And Fast
By Ryan Osbourne
Mortgage Planner
If you are looking to improve your credit score quickly, now is the time to get started. Give us a call. We’ll review your credit and find out exactly where you stand and where you need to get to. In the meantime, here are some great strategies you can utilize right away to give your score a little boost.
1. Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with your mortgage professional first. Canceling those cards may inadvertently undo all of your hard work.
2. Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you up to 80 points in certain instances. Some creditors, such as American Express® and certain cards issued by Capital One®, actually have a policy of not reporting available credit. However, most companies will report your credit limits if you ask them in writing.
3. Take Some Credit: If you have a credit card account in very good standing, make sure that all three credit bureaus know about it. Just like your credit limits, some creditors don’t report your information to all three credit companies – this is why credit scores often vary between bureaus. If this is the case, give them a call to find out why. Correcting this oversight could provide a significant boost to your score. Also, if you’re in very good standing, ask your creditor for a lower rate or higher credit limit. This will increase the gap in the debt you owe versus the credit you have available. Sometimes hinting about closing an account can suddenly bring out the generous spirit of certain card issuers. Give it a try. The worst they can say is no.
4. Protect Your Interests: Your credit is calculated based solely on the information available to your creditors. If you have a HELOC, make sure it’s listed as a mortgage or an installment account on your credit reports and not a revolving debt. If you had a bankruptcy, be sure that all items associated with the bankruptcy are being reported correctly, that is with a zero balance. This action could increase your score by 50-100 points. Because simple mistakes like these can wreak havoc on your credit score, it’s important to monitor your credit every four to six months.
5. Even the Score: If you find information on your credit report that you believe is inaccurate or incomplete, then you have the right to dispute it free of charge. For the fastest results, visit the appropriate credit bureau’s website and file a complaint online. If supporting documents are necessary, you have to file your dispute by mail. If you’d like more information or a copy of our Sample Dispute Letter, give us a call right away. We’ll be glad to help you in any way we can or, if it becomes necessary, refer you to credit professionals you can trust.
From Ryan Osbourne
Mortgage Planner
Questions or comments for Ryan call: 801.748.4877
By Ryan Osbourne
Mortgage Planner
If you are looking to improve your credit score quickly, now is the time to get started. Give us a call. We’ll review your credit and find out exactly where you stand and where you need to get to. In the meantime, here are some great strategies you can utilize right away to give your score a little boost.
1. Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with your mortgage professional first. Canceling those cards may inadvertently undo all of your hard work.
2. Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you up to 80 points in certain instances. Some creditors, such as American Express® and certain cards issued by Capital One®, actually have a policy of not reporting available credit. However, most companies will report your credit limits if you ask them in writing.
3. Take Some Credit: If you have a credit card account in very good standing, make sure that all three credit bureaus know about it. Just like your credit limits, some creditors don’t report your information to all three credit companies – this is why credit scores often vary between bureaus. If this is the case, give them a call to find out why. Correcting this oversight could provide a significant boost to your score. Also, if you’re in very good standing, ask your creditor for a lower rate or higher credit limit. This will increase the gap in the debt you owe versus the credit you have available. Sometimes hinting about closing an account can suddenly bring out the generous spirit of certain card issuers. Give it a try. The worst they can say is no.
4. Protect Your Interests: Your credit is calculated based solely on the information available to your creditors. If you have a HELOC, make sure it’s listed as a mortgage or an installment account on your credit reports and not a revolving debt. If you had a bankruptcy, be sure that all items associated with the bankruptcy are being reported correctly, that is with a zero balance. This action could increase your score by 50-100 points. Because simple mistakes like these can wreak havoc on your credit score, it’s important to monitor your credit every four to six months.
5. Even the Score: If you find information on your credit report that you believe is inaccurate or incomplete, then you have the right to dispute it free of charge. For the fastest results, visit the appropriate credit bureau’s website and file a complaint online. If supporting documents are necessary, you have to file your dispute by mail. If you’d like more information or a copy of our Sample Dispute Letter, give us a call right away. We’ll be glad to help you in any way we can or, if it becomes necessary, refer you to credit professionals you can trust.
From Ryan Osbourne
Mortgage Planner
Questions or comments for Ryan call: 801.748.4877
Reasons to Own a Home
7 Reasons to Own Your Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don't rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the "Buy vs. Rent" calculator at www.GinnieMae.gov
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don't rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the "Buy vs. Rent" calculator at www.GinnieMae.gov
Wednesday, March 12, 2008
True or False?
Can you guess which one of the following statements are true and which are false?
1. Apples, not caffeine, are more efficient at waking you up in the morning.
2. Alfred Hitchcock didn't have a belly button.
3. A pack a day smoker will lose approximately 2 teeth every 10 years.
4. People do not get sick from cold weather, it's from being indoors more often.
5. When you sneeze all of your body functions stop, including your heart.
6. Only 7% of the population are lefties.
7. 40 people are sent to the hospital for dog bites every minute.
8. Babies are born without kneecaps. They don't appear until 2-6 years old.
9. The average person over 50 has spent 5 years waiting in lines.
10. The toothbrush was invented in 1498.
11. The average housefly lives for one month.
12. 40,000 Americans are injured by toilets every year.
13. A coat hanger is 44 inches when straightened.
14. The average computer user blinks 7 times a minute.
15. Your feet are bigger in the afternoon than any other time of day.
16. Most of us have eaten a spider in our sleep.
17. The real reasons ostrich's stick their head in the sand is to search for water.
18. The only two animals that can see behind themselves without turning their heads are the rabbit and parrot.
19. Michael Jackson owns the rights to the Southern Carolina State Anthem.
20. Prince Charles and Prince William never travel on the same airplane,just in case there is a crash.
21. The first Harley Davidson motorcycle, built in 1903, used a tomato can for a carburetor.
22. If coloring weren't added to Coca-Cola, it would be green.
They are all true!
From the Healthy Utah March 2008 issue
1. Apples, not caffeine, are more efficient at waking you up in the morning.
2. Alfred Hitchcock didn't have a belly button.
3. A pack a day smoker will lose approximately 2 teeth every 10 years.
4. People do not get sick from cold weather, it's from being indoors more often.
5. When you sneeze all of your body functions stop, including your heart.
6. Only 7% of the population are lefties.
7. 40 people are sent to the hospital for dog bites every minute.
8. Babies are born without kneecaps. They don't appear until 2-6 years old.
9. The average person over 50 has spent 5 years waiting in lines.
10. The toothbrush was invented in 1498.
11. The average housefly lives for one month.
12. 40,000 Americans are injured by toilets every year.
13. A coat hanger is 44 inches when straightened.
14. The average computer user blinks 7 times a minute.
15. Your feet are bigger in the afternoon than any other time of day.
16. Most of us have eaten a spider in our sleep.
17. The real reasons ostrich's stick their head in the sand is to search for water.
18. The only two animals that can see behind themselves without turning their heads are the rabbit and parrot.
19. Michael Jackson owns the rights to the Southern Carolina State Anthem.
20. Prince Charles and Prince William never travel on the same airplane,just in case there is a crash.
21. The first Harley Davidson motorcycle, built in 1903, used a tomato can for a carburetor.
22. If coloring weren't added to Coca-Cola, it would be green.
They are all true!
From the Healthy Utah March 2008 issue
Tuesday, March 4, 2008
1000 Marbles
1000 Marbles
Author: Unknown
The older I get, the more I enjoy Saturday mornings. Perhaps it's the quiet solitude that comes with being the first to rise, or maybe it's the unbounded joy of not having to be at work. Either way, the first few hours of a Saturday morning are most enjoyable.
A few weeks ago, I was shuffling toward the garage with the morning paper in hand. What began as a typical Saturday morning turned into one o f those lessons that life seems to hand you from time to time. Let me tell you about it:
I turned the dial up into the phone portion of the band on my ham radio in order to listen to a Saturday morning swap net. Along the way, I came across an older sounding chap, with a tremendous signal and a golden voice.
You know the kind; he sounded like he should be in the broadcasting business. He as telling whom-ever he was talking with something about "a thousand marbles." I was intrigued and stopped to listen to what he had to say...
"Well, Tom, it sure sounds like you're busy with your job. I'm sure they pay you well but it's a shame you have to be away from home and your family so much. Hard to believe a young fellow should have to work sixty or seventy hours a week to make ends meet. It's too bad you missed your daughter's dance recital and your mother's birthday." he continued, "Let me tell you something that has helped me keep my own priorities."
And that's when he began to explain his theory of a "thousand marbles." "You see, I sat down one day and did a little arithmetic. The average person ives about seventy-five years. I know, some live more and some live less, but on average, folks live about seventy-five years.
"Now then, I multiplied 75 times 52 and I came up with 3900, which is The number of Saturdays that the average person has in their entire lifetime.
Now, stick with me, Tom, I'm getting to the important part.
It took me until I was fifty-five years old to think about all this in any detail", he went on, "and by that time I had lived through over twenty-eight hundred Saturdays.I got to thinking that if I lived to be seventy-five, I only had about a thousand of them left to enjoy. So I went to a toy store and bought every single marble they had. I ended up having to visit three toy stores to round up 1000 marbles. I took them home and put them inside a large, clear plastic container right here in the shack next to my gear."
"Every Saturday since then, I have taken one marble out and thrown it away. I found that by watching the marbles diminish, I focused more on the really important things in life. There is nothing like watching your time here on this earth run out to help get your priorities straight."
"Now let me tell you one last thing before I sign-off with you and take my lovely wife out for breakfast. This morning, I took the very last marble out of the container.
I figure that if I make it until next Saturday then I have been given a little extra time. And the one thing we can all use is alittle more time."
"It was nice to talk to you Tom, I hope you spend more time with your family, and I hope to meet you again here on the band.This is a 75 Year old Man, K9NZQ, clear and going QRT, good morning!"
You could have heard a pin drop on the band when this fellow signed off. I guess he gave us all a lot to think about. I had planned to work on the antenna that morning, and then I was going to meet up with a few people to work on the next club newsletter.
Instead, I met an old friend for breakfast that day and he said, "What brought this on?""
My reply, "Oh, nothing special, it's just been a long time since we spent a Saturday together and hey, can we stop at a toy store while we're out? I need to buy some marbles."
Author: Unknown
The older I get, the more I enjoy Saturday mornings. Perhaps it's the quiet solitude that comes with being the first to rise, or maybe it's the unbounded joy of not having to be at work. Either way, the first few hours of a Saturday morning are most enjoyable.
A few weeks ago, I was shuffling toward the garage with the morning paper in hand. What began as a typical Saturday morning turned into one o f those lessons that life seems to hand you from time to time. Let me tell you about it:
I turned the dial up into the phone portion of the band on my ham radio in order to listen to a Saturday morning swap net. Along the way, I came across an older sounding chap, with a tremendous signal and a golden voice.
You know the kind; he sounded like he should be in the broadcasting business. He as telling whom-ever he was talking with something about "a thousand marbles." I was intrigued and stopped to listen to what he had to say...
"Well, Tom, it sure sounds like you're busy with your job. I'm sure they pay you well but it's a shame you have to be away from home and your family so much. Hard to believe a young fellow should have to work sixty or seventy hours a week to make ends meet. It's too bad you missed your daughter's dance recital and your mother's birthday." he continued, "Let me tell you something that has helped me keep my own priorities."
And that's when he began to explain his theory of a "thousand marbles." "You see, I sat down one day and did a little arithmetic. The average person ives about seventy-five years. I know, some live more and some live less, but on average, folks live about seventy-five years.
"Now then, I multiplied 75 times 52 and I came up with 3900, which is The number of Saturdays that the average person has in their entire lifetime.
Now, stick with me, Tom, I'm getting to the important part.
It took me until I was fifty-five years old to think about all this in any detail", he went on, "and by that time I had lived through over twenty-eight hundred Saturdays.I got to thinking that if I lived to be seventy-five, I only had about a thousand of them left to enjoy. So I went to a toy store and bought every single marble they had. I ended up having to visit three toy stores to round up 1000 marbles. I took them home and put them inside a large, clear plastic container right here in the shack next to my gear."
"Every Saturday since then, I have taken one marble out and thrown it away. I found that by watching the marbles diminish, I focused more on the really important things in life. There is nothing like watching your time here on this earth run out to help get your priorities straight."
"Now let me tell you one last thing before I sign-off with you and take my lovely wife out for breakfast. This morning, I took the very last marble out of the container.
I figure that if I make it until next Saturday then I have been given a little extra time. And the one thing we can all use is alittle more time."
"It was nice to talk to you Tom, I hope you spend more time with your family, and I hope to meet you again here on the band.This is a 75 Year old Man, K9NZQ, clear and going QRT, good morning!"
You could have heard a pin drop on the band when this fellow signed off. I guess he gave us all a lot to think about. I had planned to work on the antenna that morning, and then I was going to meet up with a few people to work on the next club newsletter.
Instead, I met an old friend for breakfast that day and he said, "What brought this on?""
My reply, "Oh, nothing special, it's just been a long time since we spent a Saturday together and hey, can we stop at a toy store while we're out? I need to buy some marbles."
10 Ways to Prepare for Homeownership
10 Ways to Prepare for Homeownership
(Tips from Realtor.org)
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help you through the process.
(Tips from Realtor.org)
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help you through the process.
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