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.	Clean Up Your Credit Record
9.	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

Understand Compound Interest

Private Mortgage Insurance

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

Other Topics

Renting vs. Buying: Which is better?

Paying cash vs. getting a loan

The Debt Ratio

Tax breaks are actually welfare for the rich

Other

Links to helpful sites

Fan Mail

Michael Bluejay's home page

Email Me

How to Buy a House

Easy-Qualify loan in Austin 0% down Michael Bluejay (the author of the website) is offering loans to homebuyers in Austin, Texas. Here are the terms: Your credit does not matter, but your ability to pay does. No down payment is required, though you can make a down payment if you like, in order to lower your monthly payments. Your monthly payment will be about 1.15% of the purchase price, including closing costs, taxes, insurance. (e.g., on a $100,000 home, the payments would be about $100,000 x 0.0115 = $1150/mo.). The interest rate is 10%, and I do not require private mortgage insurance. We'll roll most of the closing costs into the mortgage, so they'll be part of your monthly payment, and you won't have to come up with a bunch of closing cost money at the time of the sale. If you already have a high-interest mortgage and would like to refinance at 10% for 30 years, I can do that too. These loans are available for homes in Austin, Texas only. If you're able to get a bank loan you should do so, because the interest rate will be lower. My program is intended for people who cannot get a loan from a bank. Note that you're not married to the higher interest rate forever. If you start fixing your credit with my credit repair instructions, you should have good enough credit to move your loan to a bank in two years -- and get a lower interest rate. Contact me at (512) 322-0638 or use the form below. This box is for inquiring about the above mortgage offer ONLY! If you send anything else (especially requests for help/advice) it will be deleted on sight. For those inquiring about the mortgage offer, don't forget to include your phone number or email address so I can contact you!)

Closing

« Back: Appraisal went through? « Let's assume the appraisal went through okay. Great, you're ready to close! Closing is when you and the seller sign the ream of papers at the title company's office (although you'll probably each go in at different times) and the money changes hands. You'll need to bring a bank check (not a personal check) for the down payment. If your closing costs weren't rolled into your loan, you'll also need to bring a bank check for the closing costs, too. For the mortgage money itself, just ask your lender to wire the money directly to the title company. That way you won't have to walk around with a big, scary check.

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 $3000+ Closing costs Varies a lot. Get the Good Faith Estimate from your lender. $5140 - $5840+ Total

Congratulations! Now you know how to buy a house. I hope this guide has been helpful to you. You may also be interested in the Appendix Topics: Mortgages * How much loan can you get? * Understand Compound Interest * Paying off a 30-yr. loan in 15 yrs. Other Appendix Topics: * Renting vs. Buying: Financial Impacts * Don't pay cash even if you can * The Debt Ratio * Figuring your monthly pmt. * Tax breaks are actually welfare for the rich Or in the Links to Other Helpful Sites.