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INVITATION TO LEARN ABOUT FINANCE and REAL ESTATE
Very special greetings to all the readers of our site. From now on and in different editions, I invite you to learn everything about financing, refinancing, purchase and sale of properties. Today I will present you the topics we will analyze. They can be classified in five steps: Step 1: Educative Are you really willing to have your own house? The answer is very important since the purchase of a house requires Money, Time and a lot of Energy. The second question is: will I be able to afford the total costs required in buying house? These are: Down Payment, Closing Costs, Costs regarding the organization of the new house, monthly Budget for mortgage payments , Insurances... and first and foremost... Taxes! In order to help yourself find the answers, you must analyze: · Which are your present debts? · Your income and expenses · How is your credit history? And do you have a stable job? In addition, it is very important that you properly train yourself to obtain information by attending seminars on housing education, or by other means, because it is important to know that: A well- informed buyer is a happy owner! Step 2: Mortgage research Initially, we apply to a Loan with Commercial Banks, Financial or Mortgage Companies, Saving Associations, etc. We must carefully plan the first interview with the Loan Officer, and elaborate a questionnaire with all doubts, since once the decision is taken, it will be more difficult to revert it and we must have the following documents at handy, as they are basic and will help us speed up the loan: W-2 form of the last 2 years. Receipts corresponding to the last month, or proof of Income (if you work on your own), bank account Status of the last two months, Reports on Debts, Credit cards, etc. You will need to show that you can properly afford a loan, because if you really wish to buy your house, you will need to have a clean record, that is to say, it will be important that you demonstrate that you settle your accounts on time: rent, water, light, gas, telephone, mobile phone, car, insurance, cards and any other debt you may have got into. To obtain a loan it is fundamental to have good credit history since the moneylenders want to have clear and detailed information of the people to whom they are going to assign the loan. For that reason, the applicant will have to show that he has been responsible in the payment of his debts and that he still is. Step 3: Searching for a House! Analyze what you can buy. And compare it to what you want to buy. Your preferences, location, size, rooms, baths, kitchen, deck, common areas and other specifications. To determine if you want a Single house, Townhouse or Condominium. It is very important that the Real estate agent clearly advises you on the purchase of the property and that he or she uses the computerized system with access to all properties of every company (MLS). Then, with the electronic key, he must visit the house you choose. In this step we obtain the termites certificates, the property guaranty and the property insurance and an inspection of the house is carried out. Step 4: Closing! Carefully prepare yourself for this day. The last meeting is the closing of the loan for the purchase of your house. After this you end your loan process and obtain the keys to your house. This step comprises title investigation, boundaries study and everything related to the legal part of documents. Phase 5: Enjoy your House! Make your family happy, since all of you have made a huge effort to acquire this new property. Enjoy it, organize yourself as a good buyer and plan the future. We will constantly be writing about this and much more. For inquiries please contact: Darío Ortíz Hispanic Real Estate & Financial Group LLC
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