How to Buy a House home
Learn the basics
1.	The Basics
2.	How much home can you afford?
3.	The Down Payment
4.	The Loan
-	Assuming a Loan
-	Owner Financing
5.	Qualifying for a loan
6.	Understand Closing Costs
Do the groundwork
7.	Get your finances in order
8.	Check Your Credit Report
-	Repair bad credit
-	Establish Credit if you don't have any
The Process
10.	Find a Lender
11.	Evaluate the bank's offer
12.	Start looking at houses
13.	Get the Disclosure
14.	Make an offer / Sign a Contract
15.	Have the House Inspected
16.	Problems on the Inspection?
17.	Renegotiate the terms
18.	Appraisal, Survey, & Insurance
19.	Appraisal went through?
20.	Closing!

After the purchase

Avoding scams

More about Mortgages

How much loan can you get?

Figuring your monthly pmt.

15- vs. 30-year loans

Prepaying your mortgage

How to figure mortgage interest

Private Mortgage Insurance

Paying Points

If you won't live long enough to pay off the mortgage

Other Topics

Renting vs. Buying: Which is better?

Homebuyer Tax Credit

Buying is an investment

Appreciation

Paying cash vs. getting a loan

The Debt Ratio

Tax breaks are actually welfare for the rich

Other

Links to helpful sites

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Appraisal went through?

« Back: Appraisal, Survey, & Insurance « » Next: Closing! » Once you've asked the lender to order the appraisal, check with the lender daily to make sure it's still on track. Some lenders are lazy so you may have to take the initiative if you want to move the process along. With an inattentive lender, everything can come to a halt. (I've seen it happen.) If the contract expires because your lender dropped the ball, you might lose your ability to buy the house, and possibly even forfeit your earnest money. Let's say the appraisal has been completed. If the appraisal says the house is worth substantially less than the asking price, then your lender won't loan you the money for that house. You'll either have to get the owner to lower the price, pay the difference in cash, or start the whole process over again with a new house. It's rare that you'd be in this position, because your realtor should let you know if the seller is asking too much for the house before you sign a contract. But if the appraisal says the house is worth around as much as everyone thought it was (or more), then you're ready to buy! There's only one more step, the closing. .

Amount spent so far.   Red items apply towards the purchase. Amounts are typical, not exact. $40 Credit Check To the Lender $150 Option Fee Paid to the Seller. Might apply towards purchase, depending on contract. Allows you to walk away for any reason. $1000 Earnest Money Held in Escrow, probably by the Title company $400 Inspection To private inspection company to find physical problems with house $100 Termite inspection To private company; required by your lender ($700) Termite treament (If necessary) $450 Appraisal Ordered by the bank so the can make sure the house is worth loaning money on $2140 - $2840 Total

« Back: Appraisal, Survey, & Insurance « » Next: Closing! »