What’s in it for me?…Hot Niche! People always buying used cars from private sellers. Top commission paid with this eBook “Buying a Private Car” that takes the buyer from start to finish to find their dream car. Buying A Private Car eBook
I’m a first time home buyer, and I have no idea about the process. I can’t seem to find any good resources on the web regarding this issue: Is hiring a buyer’s agent a good idea, or is it better to go it alone (especially considering my knowledge of real estate is limited to what I’ve picked up on the web)? How is the buyer’s agent commission usually paid? Does anyone have any good websites they can refer me to regarding the home buying process?
In a perfect world, every buyer would apply 20% of the purchase price toward a down payment on a loan transaction. They would have 720 credit scores and have worked at the same company (which they do not own themselves) for the past 10 years. They pay their credit card balances off every month, own their car outright, and have a savings kitty equal to their yearly income. Trust me, these people do exist. We lenders just don’t see them every day. But doing a loan for these individuals is a walk in the park.
Most of us try to save what we can. That’s important when buying a home. However, many mortgage products allow for varied down payment options from 20% down plus closing costs to coming to the table with no money at all.
To come to the table with no money at all, you must either be a first time homebuyer or your income is under a certain mandated amount. These programs are designed to boost the home buying segment of our population and allow modest income receiving individuals to be homeowners. Providing they have a good credit and work history and haven’t owned a home in the past three years, they are perfect candidates for 100% financing. If the value of the property allows it and the seller is willing, oftentimes the seller can contribute anywhere from 3-6% if the closing costs. Mortgage insurance (MI), incorporated into the monthly payment, will be required by the lender, and normally it’s at a reduced rate. If you’re income is below a certain level, you can deduct the mi from your taxes. That’s how you can show up, buy a house and put no money down.
There is a certain something to be said for having confidence when purchasing a home. The financial concerns that come with home buying can be a confusing thing to deal with at first. However, there are a few steps that a new home buyer can take in order to build their confidence and streamline the buying process.
This is a series of videos I’ll be making as I go through the home buying process. In this segment I talk about visiting homes & pre-reqs such as having a good credit score. Cameos in the video include Don, Kat, Ryan, and Shane. Music selection is “A Nakht in Gan Eydn” by The Alexandria Kleztet www.thesixtyone.com A new place for finding creative commons attribution 3.0 songs is at TheSixtyOne. Check it out and join the YouTube group over there! On the username “YouTube” I’ve gone through and favorite 80+ songs that are safe to use on youtube, or check out the full creative commons section for many more for non-partners!
