Wednesday, July 13, 2011

The nuts and bolts of home buying

Are you planning to move to a new community, facing a lifestyle change or is buying an option, not a requirement?
What would you like in terms of real estate that you do not now have?
Do you have a purchasing time frame?
These are all questions you might ask yourself before you opt to buy or sell property. The more you know about the real estate marketplace, the more effectively you can define your goals.
Do you have the money?
Homes and financing are closely intertwined.
Recently, several innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
That’s beautiful, right? Yet, there is always another side to the equation. Less money down means higher monthly mortgage payments, so most home buyers choose to buy with some cash up front.
In a buyer’s market, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Speak with local REALTORS® for details.

For a more in depth look at home buying, go here:
http://www.realtor.com/home-finance/buyers-basics/guide-how-to-buy-a-home.aspx

-Ralph Bartholdt
Agent, Keller Williams Realty Coeur d'Alene
(208) 582-1867

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