Here's a great Mortgage Calculator site-that really gives you great
information- courtesy of the Realtor's Magazine and the FHA fannie mae
web site pages -some of it is pre-filled and it will help you to figure out
maximum Closing costs & give you a good idea of taxes and insurance costs
along with income tax benefits:
|**Professional Realty Partners, Inc. Richland Mortgage & 1st Commercial Funding are separate business entities.
Using the resources of one company does not imply use of another. Persons wishing to Buy or Sell Real Estate are encouraged to research and
decide for themselves on using any company that transacts business in the marketplace.
So what do you do when you don't know much about buying and financing a Home??
Professional Realty Partners, Inc.
Helping our client's to live the good life...
Ten things you need to remember about house hunting!
1. When you open the door and you are "wowed!" Give it serious thought! How much? Are there any major systems
in need of repair? Decide before you leave the house whether it's worth getting a contract offer to purchase issued
immediately..."Time is of the Essence" in this game & chances are if you loved it-so did the last guy that looked at the
2. Never be in a hurry! Well, nobody's perfect and no house is either! Yes, get the offer in...but do the due diligence
work and research what you're getting "married" to...
3. To make sure you don't miss any documents or disclosure's and that the offering price and terms of the contract
are priced in the right range-it's a good idea to have a professional represent you-in fact a Realtor whose affiliations
show that they've concentrated in the intricate possibilities & pitfalls and have other educated contact's & community
experience in the area, goes a long way!
4. Did you consult with a financial professional to determine how much you should spend and how much those
payments workout to be? Did they tell you what the different programs are and how they'd affect you in the short term
and in the long term? Did they go over your financial situation and make recommendations on keeping healthy credit
or improving the score you have?
5. Did you check out your credit report with the Financing professional to determine if you have any "quick fixes" that
could lessen the final interest rate you get for the program you select?
6. Lending professionals were in the past mostly uneducated and with great cash incentives and little training, many
past Loan Officer's weren't encouraged to attend schools or increase their educational levels because they viewed it
as a short term windfall job...alot of brokers felt the same way-they were pressured to make the money while it was
there too. There's one thing many Borrower's forgot about buying anything... shopping and finding a professional to
prepare the largest transaction they'd ever do seemed to fade when they were cajoled and prodded to close now or
else the rate may go up! Always, interview the Loan Officer, Financing Professional or whatever they call themselves!
Do they seem to have a grasp of the transaction? Do they know anything about the rates, market trends, programs
available or what documents to present right off the bat so you can prepare comfortably for your closing. Are they
reputable??? Do they return phone calls? Are their office hours convenient- In a nutshell -Do they promise AND
deliver! Or promise and Dodge??? there's nothing wrong with getting it in writing, especially now that RESPA is getting
tighter and tighter about the disclosure documentation before you get yourself in trouble.
7. Do you have a down payment? Well, these days nobody needs to save for a down payment of 20%, however,
closing costs paid out of pocket will save you substantial monthly charges over the long term- you might even afford a
new car on the savings!
Never underestimate the power of amortization over 30 years- expect to pay 2.25 to 3X's the original price of the home
by the time 30 years are over!
8. So will your financing representative show you how to minimize the interest paid over the life of the loan? Maybe
you already have a financial planner -if he's not planning out your mortgage then you still need a mortgage financing
professional to plan out your mortgage repayment plan.
9. Will the financing and real estate professionals team up to help your transaction go smoothly?
10. Relax. Enjoy. It's exhilarating to acquire a piece of property that you can call your private castle. Decorating,
family interests, friends for a backyard BBQ'd dinner, it's the American Homeowner's dream! The "Partner's" will
dedicate themselves to getting you on that path even if you're not exactly ready right now! We'll help you to get in a
better position so you can be educated about home purchase in the future.
If you are interested in any topics listed below fill-in the request to have the information emailed to you by
listing the numbers of the publications you are interested in below, in the Submission form, & then
"Submit" it to us!
Publications Index: For Buyers
Our Latest Publication:
#37 Tax Credits, Grants, Free Money? Federal, State and Local Incentives to Purchase a home
#1 10 Things to Take the Trauma Out of Homebuying
#2 How High Tech Is Your Home?
#3 10 Questions to Ask a Home Inspector
#4 What Your Home Inspection Should Cover
#5 How Comprehensive Is Your Home Warranty?
#6 5 Property Tax Questions You Need to Ask
#7 10 Questions to Ask Your Condo Board
#8 10 Questions to Ask Your Lender
#9 6 Creative Ways to Afford a Home
#10 10 Things a Lender Needs From You
#11 Choices That Will Affect Your Loan
#12 5 Things to Understand About Homeowners Insurance
#13 10 Ways to Lower Your Homeowners Insurance Costs
#14 5 Things to Understand About Title Insurance
#15 What Not to Overlook on a Final Walk-Through
#16 Common Closing Costs for Buyers
#17 What to Keep From Your Closing
#18 Tips for Packing Like a Pro
#19 7 Reasons to Own Your Own Home
#20 Tax Benefits of Home Ownership
#21 10 Steps to Getting Your Finances in Order
#22 Budget Basics Worksheet
#23 8 Ways to Improve Your Credit
#24 5 Factors that Decide Your Credit Score
#25 Your Property Wish List
#26 Tips for Finding the Perfect Neighborhood
#27 Tips for Buying in a Tight Market
#28 The Pros and Cons of Condos
#29 5 Reasons You Need a REALTOR®
#30 Questions to Ask When Choosing a REALTOR®
#31 10 Steps to Prepare for Homeownership
#32 How Big of a Mortgage Can I Afford?
#33 Steps to Prepare for Homeownership
#34 10 Tips for First-Time Homebuyers
#35 5 Common First-Time Homebuyer Mistakes
#36 How do you find the right Contractors to help improve your homes Value?
Home Inspectors Identify
Top 4 Repair Problems
( February 9, 2006) -- Half
of the resale homes on
the market today have at
least one significant
defect, says the National
Association of Home
The trade association
surveyed its members
and identified these four
most common major
problems found in older
homes on the market:
• Improper grading
and drainage around the
house, leading to actual
or potential water
• Insufficient electrical
service to the house,
protection and amateur,
often dangerous, wiring
• Roof damage,
including worn and
improper roof flashing.
• Faulty heating and
air conditioning systems,
including controls with
Source: The Kansas City
Star (02/05/06) Also
reprinted from Realtor
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