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Finding
the Right Location
The
location of a home is perhaps the most important factor in the selection
process. You may want to have two or three locations or neighborhoods
in mind as each will probably have specific advantages.
When
looking at a home, it is wise to know as much as possible about
the area. There are many ways of obtaining additional informationrmation
about a particular location, including:
- Driving and
walking through the area
- Inquiring
at city hall and local library
- Asking questions
of storekeepers and people on the street
Use
the following list of attributes to compare different areas in which
you are looking to buy a home.
Community
Services
- Police and
fire protection
- Method of
trash collection, etc.
- Water supply
and pressure
- Proximity
to hospitals
Streets &
Transportation
- Street maintenance
and lighting
- Proximity
to major roads or highways
- Convenience
of public transportation
Personal
- Lifestyle
of neighbors
- Privacy and
safety
- Availability
to recreational facilities, parks, libraries, etc.
- Proximity
to places of religious worship
Schools
- Quality
of education
- Proximity
to home
Environment
- Proximity
to sources of noise, odor or pollution
- Availability
of recycling services
Shopping
- Proximity
to grocery stores, drug stores, malls and department stores
Other
- Zoning protections
- Property
taxes
- Pending assessments
or government actions
- Unusual deed
restrictions
- Expected
future growth of area
Loan Application
Information Back
to top
When applying
for a loan, you will need:
- Copy of Accepted
Earnest Money Contract.
- Copy of
Social Security Cards and TDL.
- Residence
Addresses for Past 7 Years.
- Name and
Address of Employers for the Past 2 Years with W-2's, 1099's,
etc.
- Last 2 Pay
Stubs Showing Gross Monthly Salary and all Deductions.
- Names, Addresses,
Acc't. #'s and Balances of all Checking and Savings.
- Last 3 Statements
on all Checking, Savings, Investments, IRA, etc.
- Names, Addresses,
Acc't. #'s, Balances on all Open Charge Accounts.
- Addresses,
Loan Information and Lease Agreements on all Other Real Estate
Owned.
- Est. Value
of all Personal Property.
- Face Value
of Life Insurance, Retirement Acc't., Profit Sharing Acc't. and
Cash Value.
- Certificate
of Eligibility and/or DD 214 and/or Statement of Service for VA
Loan.
- Money for
Appraisal and Credit Report.
- If Self
Employed: 2 Years Tax Returns.
- If a Corporation
or Partnership: #14 for Individuals, Corp. and/or Partners.
Today's Mortgage
Alternatives Back
to top
30-Year Fixed-Rate
Mortgage offers a predictable monthly payment and protection
from interest rate increases. However, to take advantage of falling
rates you must refinance and pay closing costs and other fees.
15-Year Fixed-Rate
Mortgage may offer a lower rate than a 30-year loan. You'll
build equity faster, cut overall interest costs and own your home
free and clear in only 15 years.
Adjustable-Rate
Mortgage (ARM) will probably offer a lower initial rate than
fixed-rate loans. The rate can fluctuate up or down, but many ARMs
have rate caps limiting increases. The option of converting an ARM
to a fixed-rate mortgage is currently available from some lenders.
The Convertible ARM allows the borrower to lock in an interest rate
and predictable payments for a smaller fee than would normally be
charged to refinance.
Graduated
Payment Mortgage is designed for buyers with the potential of
future income growth. Monthly payments start low and increase over
the 15 or 30-year term.
Biweekly
Mortgage allows you to pay off your loan quickly. By making
26 biweekly payments per year you save on interest and build equity
faster.
By shopping
around now, you'll be ready to apply for your loan the day you sign
a contract. A REALTOR® can assist you in finding local lending
institutions that can provide you with detailed informationrmation on the
mortgages available to you.
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