| First Time Homebuyer Information - Mortgage Loans | | | | What features are most important to me? Number |
| and Home Loans | | | | of bedrooms? Number of bathrooms? |
| 06th May 2007 | | | | Does it have special features like a garden, a |
| Author: Heartland Financial Corporation | | | | fireplace, a yard or a garage? |
| Buying a home as a first time homebuyer is one of | | | | Do I want a newly constructed house or a house |
| the most important personal and financial decisions | | | | that has been lived in before? |
| you'll ever make. That's why Heartland Financial | | | | Is it most important that the house be near a |
| Corporation and Heartland Homes Corporation wants | | | | specific school, my job, or public transportation? |
| you to have a step-by-step guide to help you find | | | | What is the school district like? |
| and buy your first home. We're also here to answer | | | | Are there kids in the neighborhood who are the |
| your questions. We want your first time homebuyer | | | | same age as my own? |
| experience to be both hassle-free and rewarding. | | | | Does this house need a lot of repairs? |
| The following first time homebuyer guide explains the | | | | Making a First Time Homebuyer Real Estate Purchase |
| real estate and mortgage financing process in plain | | | | Offer!!! |
| English. What you're about to read is an overview of | | | | When you find a home you want to buy, you'll make |
| the procedures normally followed in a typical home | | | | the seller an offer in writing. Your offer is typically |
| purchase or mortgage financing process. Read on and | | | | the first step toward negotiating a sales contract. |
| see how finding and owning your dream home can | | | | That's why determining how much to offer is more |
| be easier than you think with help from Heartland | | | | complex than simply determining a price. Because of |
| Financial Corporation. | | | | the large amount of money involved, both the buyer |
| Preparing to Find and Buy a Home as a First Time | | | | and the seller need to protect their investments and |
| Homebuyer | | | | limit their risk. This is why when you make a first |
| First off, knowledge is power! Accurate information is | | | | time homebuyer offer, you not only specify the price |
| essential to first time home purchasing in California! | | | | you are willing to pay, but also the other details of |
| Before you start looking for a home, become an | | | | the purchase such as: |
| educated consumer. Knowledge is power and | | | | How you intend to finance the home. |
| misinformation gets in your way. First, learn about the | | | | Amount of the first time homebuyer down payment. |
| process and requirements for buying a home. | | | | Who pays the closing costs? |
| Common misconceptions include? Renting is always | | | | What inspections will be performed? |
| cheaper than buying? You have to be a Permanent | | | | Whether or not personal property is included in the |
| Resident of the United States to buy a home? And | | | | purchase. |
| you have to have a huge down payment to qualify | | | | Terms of cancellation. |
| for a mortgage. | | | | Any repairs you want done. |
| Here are the facts. You only need a work permit to | | | | Date you will take physical ownership and possession |
| buy a house. And in some cases, the starter costs of | | | | of the property. |
| renting may be the same as buying a home for the | | | | How to settle disputes should they occur. |
| first time. As you start your search to find a home, | | | | Property Conditions |
| keep informed. Talk with people who've gone | | | | Your Heartland Homes Agent can tell you how the |
| through the home-buying process. Attend a first time | | | | property compares with the rest of the |
| homebuyer seminar. Most of all make sure your | | | | neighborhood. |
| prepared for the following steps. Make sure you are | | | | Home Improvements |
| Pre-Qualified or Pre-Approved for your first time | | | | Take note of what the previous owners have done |
| homebuyer mortgage loans | | | | to the house to determine if these improvements |
| Complete our FREE First Time Hombuyer Mortgage | | | | warrant the asking price and/or were done correctly. |
| Application Form!!! | | | | Market Conditions |
| Apply Online for a First Time Homebuyer Mortgage | | | | If the market is "hot," it's often considered a "seller's |
| Application Form | | | | market." This may give you, the buyer, less room to |
| Now, choosing a Real Estate Professional to assist | | | | negotiate your ideal price because there may be |
| you!!! | | | | other people willing to pay more for the home. |
| Deciding to find and buy a home is one of the most | | | | If the market is "slow," then it's considered a "buyer's |
| important decisions of your life. It combines your | | | | market." In times like these, houses often sit for |
| personal hopes and dreams with wanting what's best | | | | longer periods of time without receiving acceptable |
| for you and your family. It means making changes. | | | | offers. When reasonable offers do come in, sellers |
| That's why it's in your best interest to choose an | | | | may be more willing to negotiate. |
| experienced real estate agent who listens to and | | | | Seller Motivation |
| understands your needs, and works in the area | | | | If an individual needs to sell quickly due to his or her |
| where you want to live. When you choose a | | | | personal situation, he or she may be more willing to |
| Heartland Homes Agent, you're dealing with an | | | | negotiate. |
| experienced real estate professional that understands | | | | Once you find a home and submit your offer, you |
| your concerns and will provide you with the | | | | then wait for the seller's response. The seller can |
| personalized service that makes all the difference. | | | | accept, reject or counter your offer with one for a |
| What should you expect in your first meeting with a | | | | higher amount. This begins the process of price |
| real estate agent? A Heartland Homes real estate | | | | negotiation that continues until both parties either |
| agent typically will talk to you about the | | | | agree on a price or decide to go their separate ways. |
| neighborhood where you want to live, home prices, | | | | The Home Inspection |
| schools, transportation, and the surrounding | | | | After you find a home and make an offer, especially |
| commercial and residential areas. Before you find a | | | | as a first time home buyer, a house inspection is |
| home, your real estate agent can also assist you in | | | | often ordered. The seller should have the property |
| talking with one of our mortgage loan consultants | | | | available for inspection by a professional home |
| about getting a first time homebuyer "mortgage | | | | inspector. |
| pre-approval", if you haven't already applied online. It's | | | | In a typical home inspection, experts examine the |
| helpful to get pre-approved for your First Time | | | | existing conditions of the property. Home Inspections |
| Homebuyer Mortgage Loan before you find a home, | | | | may be required by law with the elements inspected |
| so you'll know exactly how much money you have | | | | varying by region, state, and/or your agreement. |
| to spend, and the home price that you can afford | | | | The most common type is the General Home |
| comfortably. You also can calculate how much you | | | | Inspection. A home inspector can provide you with a |
| can afford in monthly mortgage payments. Heartland | | | | complete service that covers from the basement to |
| Financial Corporation has online financial calculators to | | | | the attic, as well as the exterior of the home, walls, |
| help you. | | | | chimneys, and fixed appliances such as refrigerators |
| Have a Financial Plan Before You Find a Home, as a | | | | and stoves. Other specific elements that can be |
| First Time Homebuyer!!! | | | | included: (not a complete list) |
| You can reduce the stress of first time home buying | | | | Termite inspection |
| by thinking ahead and being prepared. Before you | | | | Plumbing |
| find a home you want to purchase, develop a | | | | Water Quality |
| financial plan. This plan becomes your first time home | | | | Lead |
| buying guide not only for saving money for the down | | | | Radon |
| payment, but also for covering other expenses such | | | | Septic Tank |
| as your credit check, mortgage loan application and | | | | Asbestos |
| closing costs. For more details about what to expect | | | | Electricity |
| financially, ask our Heartland Financial Loan | | | | The Final First Time Homebuyer Walk-Though!!! |
| Consultants. | | | | Before the closing and property ownership is |
| Establishing Credit or Rebuilding and Repairing your | | | | transferred, you and your Heartland Homes Real |
| Credit!!! | | | | Estate Agent will want to visit your future home. |
| Having an established credit history plays an | | | | This "walk-through" is an opportunity to ensure that |
| important role in the home buying process, especially | | | | the house has been left in the expected condition, |
| as a first time home buyer. It's never too soon to | | | | and as agree upon in the first time home buyer |
| start building a good credit history or rebuilding or | | | | purchase contract. |
| repairing your credit. Start by diversifying how you | | | | You should make sure that all the items the owner |
| pay for things; don't pay for everything with cash. | | | | agreed to leave are still there, such as kitchen |
| Pay your bills on time, limit your debt, reduce the | | | | appliances. This may also include furniture and |
| number of credit cards you have, and use them | | | | accessories listed in the final sales contract. If there |
| responsibly. Your goal is to show that you are | | | | are problems, discuss them with your Heartland |
| financially responsible and a "good credit risk." | | | | Homes Real Estate Agent. In some cases, you can |
| It's also important to review your credit report. This | | | | ask for a discount or credit at the closing to cover |
| is a record of past and current debt that states | | | | missing items or last-minute damages to the |
| when, how and if you paid. Make sure that the | | | | property. |
| information contained in your credit report is accurate. | | | | The First Time Homebuyer Closing!!! |
| By reviewing your credit report, you'll have the | | | | To be knowledgeable and prepared, ask your |
| opportunity to correct any errors. | | | | Heartland Homes Agent to go over the details of the |
| Why is your credit so important? | | | | closing with you beforehand. The closing process can |
| The better your credit history, the better your credit | | | | vary by area of the country and even within the |
| score. And the higher your credit score, the more | | | | same state. |
| likely you will have more mortgage loan options with | | | | Generally, the seller is required to provide clean title |
| better terms. | | | | to the property at closing. Your Heartland Homes |
| Additional information on Credit and Credit Scores can | | | | Real Estate Agent, Heartland Financial Agent can help |
| be found here. | | | | you make sure all documents are provided and steps |
| Click here - For more information regarding Credit and | | | | followed. |
| Credit Scores | | | | Making your First Time Homebuyer, House Your |
| Finding a Home - Your Search as a First Time Home | | | | Own!!! |
| Buyer!!! | | | | Now that you found your dream property, it is time |
| Where do you start when you're ready to find a | | | | to make your first time home buyer house your |
| home? Contact the Heartland Homes office nearest | | | | home. Visit Dream, Discover, do and find a whole |
| you by visiting our website at Heartland Homes | | | | range of products and services to help with your |
| Corporation. Narrowing your home search based on | | | | home remodeling, gardening and decorating needs. |
| how much you can afford is one factor, and being a | | | | First Time Homebuyer - Making Your Dream a |
| first time homebuyer is another. | | | | Reality!!! |
| You'll want to have an idea of the features you | | | | Finding and buying a new home as a first time |
| "want" versus "need" in a home to help your | | | | homebuyer should be a rewarding experience. With |
| Heartland Homes Real Estate Agent guide you in a | | | | Heartland Homes Corporation and Heartland Financial |
| successful home search. Then the fun begins! Your | | | | Corporation, we know the search for your dream |
| Heartland Homes Real Estate Agent will provide you | | | | home is about more than just putting a roof over |
| with information on houses for sale and take you to | | | | your head. It's an expression of your hopes and |
| visit the ones that interest you. You'll have the | | | | dreams, your lifestyle and values. It's a place to |
| chance to discuss the pros and cons of each house | | | | spend time with family and friends, as well as your |
| with someone who has real estate knowledge and | | | | personal retreat at the end of your day. It's about |
| experience. And don't be afraid to ask questions. | | | | making changes for your future. |
| Remember, one of these houses you visit could be | | | | QUICK and EASY, First Buyer First Time Mortgage |
| your future home and a major financial investment. | | | | Application Form. |
| Throughout the process, your Heartland Homes Real | | | | Apply Online for a First Time Home Buyer Mortgage |
| Estate Agent will help you fine tune your search | | | | Application Form |
| criteria to find the home of your dreams. As part of | | | | Heartland Financial Corporation |
| the search, you'll probably visit "Open Houses." Visiting | | | | A California Mortgage Loan Company, specializing in |
| an open house includes personally touring the house | | | | home loans, mortgage loans, refinance loans, second |
| that's for sale to get a first-hand view of the home | | | | mortgage loans, and home equity lines of credit. |
| and property. You may want to visit open houses on | | | | Accepting all types of credit, even bad credit |
| your own or with your Heartland Homes Real Estate | | | | mortgage loans. We even specialize in First Time |
| Agent. Either way, it's a chance to get a better feel | | | | Homebuyer Loans and Loan Programs. Free first time |
| for the market, neighborhood, and styles of homes | | | | home buyer information, and free bad credit |
| available. | | | | information. Free mortgage forms, free mortgage |
| With each house you tour, ask yourself these | | | | calculators. |
| questions: | | | | |