Buy A Home

Buying your first home is one of the things which really says "you've arrived, you're a fully fledged grown-up" don't you think. It's exciting, it's something you've probably dreamed about for many years, but it's also expensive and can be a pretty difficult thing to manage - especially in this day and age when mortgage lenders have had their fingers burned so many times and are making it more and more difficult for young (and even not so young) people to get onto the property ladder. You'll generally need at least 10% of the asking price of the property for a deposit.

How To Get A Home Loan

• First of all you need to find a suitable lender. Ask about for this, search the internet, ask friends and family, maybe your real estate agent will point you in the right direction.
• Fill out the loan application form
• Within three days (according to the law!) you should have an estimate of the closing costs from the lender. This should include information about the type of program the lender has selected, the rates, the terms and any other information - prepayment penalties for example
• Don't accept the first thing you are told. Compare prices and costs with other lenders if possible
• Try a bit of negotiation on the fees. You never know until you try and you're going to need every penny you can keep hold of
• Provide your lender with all of the necessary documentation - proof of earnings etc
• Pay the up-front fees - processing fee, credit report fees etc
• Review all of the loan papers and make sure everything matches with your original estimate
• Sign the papers and make sure that your deposit is in your account a few days before completion
• Pay the deposit by cashier's check to the attorney or company handling the sale of the property
• Sign on the dotted line, collect your deed and set of keys.

Welcome to the exciting world of home owners.