Preparing For Your Home Search Financing Your New Home
	Preparing For Your Home Search Whether you're a first time buyer or an experienced buyer, the purchase of a home is a very exciting prospect, but it is also complex and at times it can be frustrating. I'd like to give you some idea as to what to expect. 1. You should select a "Buyers Agent" who will provide you with the security and comfort of an agent representing you throughout the entire buying process. Select me for your agent and you will be assured of having a very smooth and enjoyable home buying experience! 2. Our first consultation will help me to understand what your needs and desires are for your new home. We will determine mortgage financing criteria and qualifications as well as the different types of loans. We will examine the sales contract, riders, earnest money requirements and the offer procedure. I will explain MAP MLS, MLSNI and the ability to show all company's listings in all areas. For this reason I will ask that you contact me for information on any property regardless of which company has it listed. 3. We will do an initial tour viewing a cross-section of homes where we can refine your likes and dislikes. Then I will prepare a listing of homes for viewing which meet your criteria. I will also assist if you find a home that is not on the list that you would like to learn more about. 4. When you find a home for which you'd like to make an offer, together we will determine the terms based on your particular needs. I will assist you in the filling out of all legal papers and matters. (The contract will be contingent upon your attorney's approval and a building inspection). I will make the arrangements with the listing agent and the seller to present the offer. At which point the seller has the option to accept, reject or counter the offer. When both parties agree on the contract terms it is then time to apply for a loan. 5. Applying for a loan is a very detailed process. I'll supply you with a list of the most frequently required information needed to process your loan. Most loans take around 35 days although it is not uncommon for this to take longer. Financing Property The following is a list of some of the methods of financing the acquisition of the home or income property of the buyer's choice. Although this list is not all inclusive, it represents the most common means of financing, as well as a number of unique financing alternatives. 1. All Cash Down payment plus new, conventional loans 2. Fixed Rate, Level Payment 3. Adjustable Mortgage Loan (AML) (Banks) 4. Adjustable Rate Mortgage (ARM) (S&L's) 5. Graduated Payment Mortgage (GPM) 6. Graduated Payment Adjustable Rate Mortgage (GPARM) 7. Pledged Account Mortgage 8. Buydown Mortgage Down payment plus assumption of 1st with.. 9. Cash to Existing Mortgage 10. Institutional 2nd 11. Institutional Wrap 12. Seller Second 13. Seller Wrap Down payment plus government insured or financed 14. Federal Housing Authority, FHA - various plans, rates, term 15. Veterans Administration, VA - Various plans, rates, terms 16. G.I. and State Veterans Programs Other sources of down payment or entire purchase price 17a. Down Payment Stocks, bonds Other property Relatives Sale of other assets Bridge loans 17b. Entire Purchase Price Existing mortgages on other properties New mortgages on other properties Exchange of other properties Other Unique Mortgages 18. Growing equity mortgage (GEM) 19. Shared appreciation mortgage (SAM) 20. Reverse annuity mortgage 21. Land sale contract (contract of sale) and/or lease options Within each category listed above are many subcategories. For example, floating rate mortgages (AMLs, ARMs, GPARMs) can be structured with or without negative amortization, etc. Further, certain mortgage instruments, i.e., Lease Options, Land Sale Contracts, SAMs, and others should only be used with the assistance and advice of an attorney. Note: The above information is to be used for discussion purposes only, and may be subject to numerous state and local variations. Advice of counsel should be sought where appropriate.

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