Why Rent? Own Your Own Dream Home!

by Rich, Jason R.

• ISBN13: 9781599180359
• ISBN10: 1599180359
• Edition: 1st
• Format: Paperback
• Copyright: 2006-10-10
• Publisher: Entrepreneur Press

Summary

Your Dreams Can Come TrueYou CAN Buy Your Own HomeDo you throw away money on rent month after month? Is your only hope of making a profit on your home getting your security deposit back after your lease runs out? Don't waste your hard-earned dollars paying your landlord's mortgage. With these strategies from experts in real estate, personal finance, taxes and mortgages, you can afford to buy your own home!In just three hours, learn how to: Raise the money for a down payment Organize your personal finances so you can meet mortgage payments Choose the mortgage type that's best for your financial situation Discover your ideal home based on your budget and lifestyleTake the first step toward financial freedom-homeownership. Get the inside story on how to stop paying your landlord's mortgage and buy your own first home.

Table of Contents

Introduction	vii
Are You Ready to Become a Homeowner?	1	(26)
Are You Ready to Buy a Home?	2	(5)
Review Your Credit Reports and Obtain Your Credit Score	7	(9)
Benefits of Homeownership over Renting	16	(2)
Forming Your Home-Buying Team	18	(2)
Planning for Your Future	20	(2)
The Steps Leading to Homeownership	22	(5)
Prequalifying for a Mortgage	27	(22)
Why Prequalify for a Mortgage?	28	(2)
Finding a Mortgage Broker or Lender	30	(7)
Choosing Your Lender or Broker	37	(3)
Prequalification vs. Preapproval	40	(2)
The Prequalification Process	42	(5)
You're Prequalified--Now What?	47	(2)
Mortgage Mania	49	(44)
Choose the Right Mortgage Product for Your Needs	50	(3)
Meet Mortgage Consultant Mark Giordani	53	(15)
Prime vs. Sub-Prime Credit History	68	(1)
15-, 20-, and 30-Year Fixed-Rate Mortgages	69	(3)
Adjustable-Rate Mortgage (ARM)	72	(3)
Balloon Mortgage	75	(1)
Biweekly Mortgage (aka Two-Step Mortgage)	76	(2)
More Mortgage Options for People with Less-Than-Perfect Credit	78	(5)
FHA Loans	83	(2)
Interest-Only Mortgage	85	(3)
VA Loans	88	(1)
Assumable Loans	89	(3)
Finding Your Dream Home	92	(1)
Finding the Perfect Home	93	(34)
Working with a Real Estate Agent	96	(4)
Creating a Home Tour Checklist	100	(2)
Questions to Ask a Real Estate Agent	102	(1)
Meet Thomas Stevens, President, National Association of Realtors	103	(9)
Alternative Methods for Finding Your Dream Home	112	(1)
Real Estate Web Sites Worth Checking Out	113	(6)
Deciding Where You'll Live	119	(2)
Other Things to Consider When Choosing Your Dream Home	121	(4)
Determining Your Personal Needs	125	(1)
You've Found Your Dream Home--Now What?	126	(1)
Why Rent? Own Your Dream Home!
Making an Offer on Your Dream Home	127	(20)
Discovering the Value of the Home	128	(1)
Make a Formal Offer to the Seller	129	(4)
Start by Evaluating the Seller's Asking Price	133	(1)
Get the Home Appraised and Inspected Early On	134	(3)
Advice from a Professional Home Inspector	137	(6)
Negotiating Your Best Price	143	(3)
You've Agreed on a Price--Now What?	146	(1)
The Purchase and Sale Agreement	147	(12)
What Is a Purchase and Sale Agreement?	148	(1)
The P&S Gets Packed with Important Information	149	(3)
Protect Your Investment with Insurance	152	(6)
It's Time for Your Closing!	158	(1)
The Closing: Congratulations! You're Almost a Homeowner	159	(16)
What Is a Closing?	161	(2)
Be Prepared at the Closing	163	(1)
Fees Associated with the Closing	164	(3)
Navigating Through Piles and Piles of Paperwork	167	(3)
Closing-Related Mistakes to Avoid	170	(4)
Congratulations, You Are a Homeowner!	174	(1)
Planning Your Move	175	(24)
Contacting Your Current Landlord	177	(1)
Ten Tips for Packing up Your Stuff	178	(2)
Hiring a Mover or Renting a Moving Truck	180	(8)
Packing Supplies Checklist	188	(3)
Contacting Your Utility Companies	191	(4)
Get Ready for Moving Day	195	(4)
Appendix A Web Site Directory	199	(5)
Appendix B Glossary	204	(13)
Index	217