Step by step instructions to Be A Keen Lodging Purchaser

Presentation Transcript

How to Be A SMART HOUSING CONSUMER Presented by Marilyn Albertson, Utah State University Extension Salt Lake County Are Your Ready 1

Know the Steps to the Home Buying process Know the amount you can bear the cost of Know what you're lodging needs are Know what amount of cash you should make the buy Know who is on your group How would you be able to settle on an insightful lodging choice?

Are you certain you need to claim a home? This is the ideal opportunity to assess whether you are truly prepared for the dedication Next Ask Yourself - Are You Ready to Buy?

Attend a homebuyer training class Assess your monetary preparation Decide on your lodging needs Find out what amount of house would you be able to manage the cost of Shop for a house Steps in the Home Buying Process

Make an offer Home Inspection Appraisal Apply for a Mortgage Close on the Loan Move in Steps in the Home Buying Process

⌂ A type of constrained reserve funds ⌂ Homeowners have a feeling of pride and status in the group ⌂ A property holder may have a superior FICO score ⌂ Mortgage installments add to a venture ⌂ Monthly installments more often than not stays steady for many years Advantages of Owning a Home?

⌂ Some families experience issues in planning for repairs, upkeep and home changes ⌂ Home support can be a bother ⌂ Real property charges could increment dramatically ⌂ The family may have higher moving-in costs, since new things may must be purchased for a home Disadvantages of Home Ownership

⌂ Some money related dangers: a house can lose in esteem, neighborhood quality can diminish ⌂ It is a long haul responsibility; mortgage installments for a long time ⌂ Not extremely versatile ⌂ The family may feel less secure if neighbors are not close Disadvantages of Home Ownership

Do you have a consistent pay and stable employment? Do you suspect staying in the same geographic area from 3 to 5 years? Have you made a spending so you know how much you can sensibly manage the cost of for housing? Ask Yourself . . .???

Do you have a built up credit record or can you manufacture a non-conventional financial record with records of installments to past l landlords and service organizations? Is your credit ideal? Do you pay your bills on time or before the due date? Have you been pre-affirmed by a moneylender so you know the amount you can get in view of your salary and existing obligation? Ask Yourself . . .???

Is your current obligation sufficiently low that it will not constrain your capacity to fit the bill for a mortgage? Have you investigated the advantages and requirements of the various financing options that are presently accessible to home buyers? Do you have enough cash put something aside for the down installment and shutting costs? Ask Yourself . . .

Costs of Purchasing A Home Upfront Costs Down Payment Closing Costs Settling-In Costs On-Going Costs Monthly Mortgage Payment and Interest (PI) Taxes and Insurance (T & I) Are Your Ready 3

Earnest Money Inspection Appraisal Credit Report Down Payment How Much Should You Have Saved?

Homeowners Insurance Title Company Fees Closing Costs Emergency Fund Moving In Costs Other How Much to Save?

Be capable with all cash transactions and exercises Don't make a difference for various Mastercards Pay your bills and credit accounts on time Start the sparing propensity now Avoid high understudy advances Ways to Protect Your Credit Now

Have a Spending Plan Track your consumptions Learn approaches to decrease spending Learn to spare Pay your bills on time Don't purchase an excessive number of different things using a credit card right before you need to purchase a home Financial Tips to Get Yourself Ready

Know the amount you can bear to pay Have a practice plan to check whether you are ready Have great solid job Avoid unneeded obligation Financial Tips

Learn to spend short of what you make and save somewhat every month Be careful about promoting that supports you to burn through cash on things that you don't need Evaluate advance towards your objectives regularly. Budgetary Tips

Pay you charges on time Have a home upkeep and repair subsidize Maintain your home and yard Make essential repairs rapidly before they get excessively costly Contact your bank quickly on the off chance that you have an issue making your home payment Sustaining Home Ownership

Be a savvy customer Don't put different buys and Visa debt on home value advances Don't purchase things that you needn't bother with that make it difficult to make your lodging payment Avoid Putting Your House at Risk