Atlanta Dunia

Step One: Is Owning a Home = Right for=20 You?
There are many factors to consider when contemplating = homeownership. While there are benefits and drawbacks to owning a home, = you have=20 to decide what is best for you. Homeowners experience the freedom of = having a=20 place of their own and the benefit of an investment where the equity = potentially=20 increases each year. Historically, homes have appreciated in value, = making them=20 worth more than when they were purchased. Additionally, there are = significant=20 tax benefits to owning a home and paying mortgage = interest.
Homeownership=20 also means you are responsible for all maintenance and repairs. In = addition to=20 paying the mortgage every month, there are other expenses to keep in = mind:=20 homeowner=92s insurance, property taxes, condominium fees and utilities. = In the=20 event you wish to move, selling a home is more difficult and more time = consuming=20 than giving notice to a landlord.

	An engineer = and a=20 project planner author Upendra Bhatt = is=20 a Licensed Realtor associated with Prudential Georgia Realty. He = has been=20 assisting individuals with their need to buy or sell their homes = or=20 business as a realtor dealing residential and commercial estates. = He=20 can be reached at: (R) 770-923-2423, Cell: 678-478-2578, = or (O)=20 770-923-2423

Step Two: Assess Your Finances: = How Much Can=20 You Afford?
Once you have decided to become a homeowner, = you=20 should review your finances and determine how much you can af-ford per = month.=20 Begin by analyzing your current monthly expenses. It may be necessary to = cut=20 back on some areas of spending in order to afford a mortgage payment and = the=20 other costs of owning a home. After paying your current monthly expenses = (rent,=20 groceries, etc.), do you have any money left over? How much are you = willing to=20 spend on housing each month? How much money can you use as a down = payment? Most=20 of the LENDER mortgage loan programs require that monthly housing = expenses do=20 not exceed 28% of your gross monthly income. The amount of housing = expenses plus=20 any other monthly payments on installment debt (e.g. credit cards, car = loans)=20 should not exceed 36% of your gross monthly income. Depending on the = loan and=20 insurance type, the ratios may be as high as = 33%/41%.

Step Three: Check Your Credit=20 Report
When applying = for a=20 mortgage, a lender will look at how much you can afford to pay and your = credit=20 history to determine if you qualify for a loan. Consumers should check = their=20 credit report for discrepancies before going to a lender. Obtaining a = copy of=20 your credit report is simple. You can call one of the three major credit = reporting bureaus for a copy of your credit report.
Equifax = 1-800-685-1111 http://www.equifax.com/ &= nbsp; &n= bsp; =20 =
Experian=20 1-888-397-3742 http://www.experian.com/
Trans = Union=20 1-800-888-4213 http://www.transunion.com/ =

The report will = detail=20 your credit history, including credit cards, loans and any court = judgments or=20 collection notices. When you receive the report, verify that all the = information=20 is correct. If you find a discrepancy, write a letter to the credit = bureau to=20 correct the entry.

Step = Four: Mortgage=20 Pre-qualification
Once you have determined how much you = can spend=20 each month on your new home, you can determine the maximum sale price = you can=20 afford. The maximum sale price you can afford will vary depending on the = purchase price and the size of your down payment. A mortgage = pre-qualification=20 will give you an estimate of the amount of money you can borrow to = purchase a=20 home.
Any of lenders can issue a pre-qualification letter to a = prospective=20 home buyer. You will need to provide the lender with information on your = income,=20 assets and debt. There is no fee for pre-qualification, and you are not=20 committed to obtaining a loan at this time.

Step Five: Mortgage = Pre-approval

A mortgage pre-approval is not the same as pre-qualification. A = pre-approval=20 means you have completed the application process and have a written = commitment=20 from the lender to give you a mortgage loan for a certain = amount.

Step Six: Find Your Dream=20 Home
What Kind of Home is Right for You?
Everyone=92s = dream home=20 contains different things. While your next door neighbor may want a = backyard=20 pool in his dream home, you may want a large yard for children to play = in. Since=20 there are many different ideas of what makes a dream home, you need to = decide=20 what features you absolutely must have in your new home.
Homes come = in many=20 styles and sizes. There are single- family dwellings, duplexes, town = homes,=20 condominiums and cooperative units. Within each home there are many = differences,=20 such as the number of bedrooms and bathrooms. Create a list of things = you must=20 have for your new home.
Then make a wish list of those amenities you = would=20 like to have, but can live without.
- What kind of home do you = want?
- How=20 many bedrooms, bathrooms do you need?
- Where do you want to = live?
- Are=20 schools and shopping conveniently located?
- What kind of = transportation is=20 available?

Step Seven: Find a Real Estate=20 Agent
Today, it is common for = home=20 buyers to hire a real estate agent to assist them in finding a home. A = seller=92s=20 agent is obligated to the person selling their home and will look out = for their=20 interests. A buyer=92s agent is responsible to you and is obligated to = follow your=20 instructions. Real estate agents receive a portion of the sale price as = their=20 commission. The commission is typically paid by the seller. Make sure = the agent=20 you select is licensed in this state and familiar with some of the areas = you are=20 considering.

Step Eight: Selecting a=20 Home
Once you have selected a real estate agent to help = you in=20 your search, share your home requirements and wish list with your agent. = Discuss=20 how much you can afford to spend. The mortgage pre-qualification process = with a=20 lender will help you determine the sale price you can afford. The = information=20 you provide will help your real estate agent locate homes that fit your = needs.=20 The real estate agent will then show you homes that seem to fit your = needs. Take=20 your time when viewing a home for sale. It may be helpful for you to = take notes=20 indicating what you like and what you don=92t. You should ask questions = about the=20 neighborhood, the quality of the home and what it takes to maintain = it.
Once=20 you have found a home you would like to own, work with your real estate = agent to=20 prepare a purchase offer for the seller to consider. This offer will = often be=20 accompanied by a good faith deposit that will be part of your down=20 payment.

Step Nine: Making an = Offer
A=20 purchase offer is a written proposal stating what you are willing to pay = for the=20 home, when the closing date will be and any other terms that will be = included in=20 the contract the buyer and seller need to agree upon. The offer will = also=20 include an expiration date, at which time the offer becomes invalid if = the=20 seller has not responded.
If a seller would like to change any = portion of=20 your offer, you may receive a written counter-offer detailing their = changes to=20 your offer. You are free to accept the counter-offer or make one of your = own.=20 The proposal does not become a binding contract until both parties agree = to the=20 terms and provide their signatures.

Step Ten: Hiring a = Lawyer
Many=20 home buyers choose to be represented by an attorney, although you are = not=20 required to hire an attorney to buy a home. An attorney will be your = advocate in=20 a real estate closing (settlement) and can provide valuable assistance = and legal=20 advice. Shopping for an attorney is similar to shopping for a real = estate agent.=20 Ask friends and family for recommendations. Be sure to choose a lawyer = who has=20 experience with real estate transactions and has represented home buyers = before.=20

Step = Eleven: Home=20 Inspection
A professional home inspection is advised to be = completed prior to closing. The purchase offer and purchase contract may = contain=20 a clause that allows you to renegotiate with the seller or decide not to = purchase the home if the profession-al home inspection reveals serious = problems=20 with the home. It is a good idea to be present for the home = inspection.
The=20 inspector will conduct a visual survey of the structure and systems of = the home=20 from basement to roof. The inspector will provide you with an objective = written=20 assessment of the home and any problems discovered. An inspector will = also=20 provide you with an estimate for any repairs listed in the report. Your = real=20 estate agent or attorney can help you work with the seller to fix the = problems=20 or lower the purchase price.

Step Twelve: Obtaining a=20 Mortgage
Once you have a contract to purchase the home of = your=20 dreams, your LENDER will help you select the right mortgage for your = situation.=20 Lender has many different be-low market-rate mortgage options for = first-time=20 home buyers and buyers purchasing a home in urban target areas.
If = you did=20 not complete the pre-approval process, you will need to complete a = mortgage=20 application now. When completing an application, you will need to bring = the=20 following information:
Pay stubs for the past two to three=20 months
W-2 forms for the past two years
Amount of = credit=20 card/other debt
Recent bank statements from all = accounts
Proof=20 of any other income
Address and description of the property you = wish to=20 purchase
Sales contract
Lender requires three years of = tax=20 returns to establish first-time home buyer status.
Lender will = consider=20 any number of variables in reviewing your mortgage application. To = obtain an=20 mortgage, you must meet the applicable income and purchase price limits, = have an=20 acceptable credit history, have money set aside for the down payment and = have=20 stable employment and income.
Each Lender program has different = income and=20 purchase price requirements. Your approved lender can assist you in = selecting=20 the mortgage program that is right for you and determining if you meet = the=20 income/purchase price requirements. Find Lender near you.
Generally, = when you=20 apply for a mortgage, you will be charged a non-refundable application = fee to=20 cover the costs of the home appraisal, credit report and the lender=92s=20 underwriting costs. The application process may take any-where from one = to six=20 weeks depending on the availability of your underwriting documents. = Within three=20 business days of submitting your loan application, your lender is = required by=20 law to provide you with a good faith estimate of the closing costs you = will pay.=20 Once the lender has issued a loan commitment, a closing date can be=20 set.

Step = Thirteen: Prior to=20 Closing
Prior to closing on your new home, you and your = lender=20 need to complete a few final tasks.
Title Search
Before the = lender=20 gives you a mortgage, a title search must be done to verify that the = seller=20 truly owns the property and that there are no liens (claims) on the = property.=20
Title Insurance
The lender will also require title = insurance to=20 protect their investment in case a question about the validity of the = title=20 arises after closing. Additional title insurance to protect your = investment is=20 also available.
Homeowner=92s Insurance
You will need to = obtain=20 homeowner=92s insurance prior to closing. A paid receipt and declaration = of=20 issuance must be presented at closing.
Survey
Most = transactions=20 will require providing the lender with a certified property survey. The = survey=20 is a technical drawing of the property and its structures. A survey can = take a=20 few weeks and should be ordered in advance of the closing date. The = buyer is=20 usually responsible for ordering and paying for it.
Flood=20 Search
The lender will order a flood search on the property you = are=20 buying. The flood search determines whether the property is located in a = designated flood zone.
Septic Certification
If the = property you=20 are purchasing contains a septic tank, a system certification by an = engineer or=20 septic expert may be required.
Termite Inspection
In = certain areas,=20 a termite inspection must be completed prior to the closing. A = certificate of=20 inspection should be delivered to your lender before the = closing.
Final=20 Walk-through
The sales contract should include a clause allowing = you and=20 your real estate agent to conduct a walk-through inspection of your new = home no=20 more than 24 hours prior to the closing. Make sure all appliances and = systems=20 are working and that any items to be left behind are in the=20 house.

Step Forteen: = Closing
The=20 closing (or settlement) is a meeting where you will complete the final = paperwork=20 to purchase the home from the seller, sign your mortgage documents and = receive=20 the deed and keys to your new home.
Homeowner=92s Insurance
You = will need to=20 provide the closing agent with a copy of your homeowner=92s insurance = policy or a=20 receipt stating that you paid the premium.
Payments
The = closing=20 agent will provide the buyer (you) and the seller with a list of all the = costs=20 that must be paid at this time. You make these payments and sign for = your=20 mortgage. By signing the mortgage, you agree that if you do not make = payments,=20 the lender is entitled to sell your property and apply the proceeds to = your=20 unpaid debt. You will also sign a mortgage note agreeing to pay back the = loan.
Title
The owner will give you title to the house in = the form=20 of a deed. The title and mortgage will be recorded in the County = Clerk=92s=20 Office.