JALEX Real Estate Services – First Time Homebuyer’s Basics

Posted on September 29, 2010 by JA/LEX Real Estate in Chambersburg homes for sale Shippensburg mls listings Shippensburg real estate

Step 1 – Are You Ready?
Brought to you by: JALEX Real Estate Services

10 Steps to Shippensburg area Home Ownership
Knowledge and experience are the keys to successful real estate transactions. JALEX Real Estate Services offers you professional, exoerienced local Shippensburg area REALTORS that can help you with your home buying or selling needs.
One of the keys to making the home-buying process easier and more understandable is planning. In doing so, you’ll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the home-buying process.

Do You Know What You Want?
Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the Shippensburg real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting with your local JALEX Real Estate Agent.

Do You Have The Money?
Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and 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.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most home buyers choose to buy with some cash up front.
As to closing costs, in markets where buyers have leverage, 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 your JALEX Real Estate sales professional about closing cost assistance options.

Is Your Financial House in Order?
Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

Stay tuned for more about the home buying process from JALEX Real Estate Services.
Step 1: Are You Ready?
Step 2: Get a REALTOR®
Step 3: Get Loan Pre-approval
Step 4: Look at Homes
Step 5: Choose a Home
Step 6: Get Funding
Step 7: Make an Offer
Step 8: Get Insurance
Step 9: Close the Loan
Step 10: What’s Next?