Real Estate · Buying Your First Home · A Comprehensive Guide

Location Location Location And Other Considerations

Everyone's definition of the "ideal location" is different...

In this lecture...we consider the options and variables.

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Reminder · Feel free to contact me anytime for questions, additional clarity, direction, ideas or support.

Working With A Professional Real Estate Agent vs Working On Your Own

This lecture reviews the advantages, disadvantages or neutral state of working with a professional real estate agent vs navigating on your own.

What's Your Price Point Target Range For Your New Home

This lecture will cover a review of your finances and taking an honest look at your affordability index.

Cash Purchase vs Mortgage Finance Purchase

Let's review the pros and cons....

How's That Downpayment Looking?

In this lecture...we talk about money, impact and options.

Can Someone Else Pay May Downpayment For Me?

This question is one of my top inquires and concerns for first time home-buyers.

In this lecture, we drill deep and explore viable options for your individual financial situation.

How's That Credit Score (FICO) Looking?

In this lecture you become good friends with FICO and learn how to read your credit rating numbers.

Putting Together Your Paperwork Documents Prior To Meeting With Your Lender

It's now time for you to start putting together your required documents in an organized manner to present to your lender; if you intend to request mortgage financing.

Let's discuss putting together a solid file...

What is A Pre Qualification Letter vs A Pre Approval Lender Letter

A popular question...

In this lecture, we discuss which carries more weight and which is a better negotiating tool when you are ready to make your offer on that dream property.

What Does Debt To Income Ratio Mean?

In this lecture, we discuss the definition, meaning and impact of your debt to income ration.

Let's Get Pre Qualified And Fine Tune Our Price Point Target Range

In this lecture we talk price point realities.

What Are The Basic Types of Mortgage Options

When it comes to mortgages and financing your first home...you've got options.

Let's discuss a few...

Should I Use Mortgage Broker Or A Traditional Bank Mortgage Lender For Financing?

Many of my clients and students do not realize you have a very large pool of mortgage lending options.

In this lecture we discuss the advantages and/or disadvantage of selecting a traditional versus a non-traditional source for mortgage financing.

What Is A Fixed Rate Mortgage?

For First Time Home Buyers - I personally recommend a Fixed Rate Mortgage

Let's talk why...

What Is An Adjustable Rate Mortgage?

For First Time Home Buyers an adjustable rate mortgage is an option; however, it is essential you know the risks...

Let's talk a bit more about this...

What is a Good Faith Estimate (GFE)?

In a nutsell...a good faith estimate (or a loan estimate) is a standard form intended to be used to compare different offers (or quotes) from different lenders or brokers. The estimatemust include an itemized list of fees and costs associated with the loan and must be provided within 3 business days of applying for a loan.

In this lecture, we talk a bit about why this is an important document to have in hand and study....

What Are Loan Application Fees?

Now here's a lecture you are going to want to pay close attention too; otherwise, you may incur unnecessary excess fees.

What Are Mortgage Points And How Can They Assist Me?

Another technical lecture...

You are going to want to pay close attention once again; otherwise, you may incur unnecessary excess fees.

What Is An Escrow Account And How Does It Apply To Me?

In real estate, an escrow account is a separate bank account used by your lender to pay your property taxes and insurance.

In this lecture, we discuss how it works and the impact on your end.

What is Mortgage Insurance And PMI ?

Mortgage Insurance And PMI - means the same thing.

In this lecture, we explore the subtle wording differences between the two.

This is a term you will hear during your home buying process; should you elect mortgage financing for the purchase of your first home.

Preliminary Groundwork For Your Home Search

Time for a check list.

Get your pen and paper ready for review.

New Home Construction vs Buying A Home Already Built

The choice is yours...

You may think you love one style - then see another - and do a complete turn...

It's your dream...

Pursue it...

Live it!

In this lecture, we discuss options, options, options...

Time For The Fun Part · Visiting Open Houses And Touring Homes

I this lecture we discuss wonderful and fun ways to find that home you've always wanted...

Making The Offer Part I

It's that time!

Let's get ready - sharpen our pencils - and make that offer!

Making The Offer Part II

You got this...

If you love the home you are considering...

Make an offer to secure your new first home...

Let's talk...

The Earnest Money Deposit (EMD)

The Earnest Money Deposit (EMD) is money you put down as a good-faith gesture that you’re serious about buying a house.

Let's review who, what, when, where, why...and how much?

The Elements Of The Offer Purchase Contract

Pay close attention to the details of your contract.

In this lecture we discuss why...

What Are Seller Paid Closing Costs And Prepaids

1. Yes - A Seller can contribute towards your closing costs and prepaid under very specific scenarios.

2. Consult your mortgage banker, mortgage lender - they control where the seller paid closing costs and prepaid can be applied.

In this lecture we discuss how much, which scenario this applies and creative options.

One More Thing Regarding The Elements Of The Offer Purchase Contract

In this lecture we discuss elements of your contract offer to purchase your first home, closing attorney interpretations and more...

What Is A Contingency?

A contingency clause defines a condition or action that must be met for a real estate contract to become binding.

In this lecture we discuss the various types of home sale and elements of the contract contingencies for consideration.

And Do Not Forget To Add This Contingency In The Offer Purchase Contract

Extremely important!

If you only remember one thing from this "elements of the contract" portion of these lectures, this is it....

What Is A Home Warranty · Home Services Contract

A home warranty is a residential service contract that covers the cost of maintaining household systems or appliances for a set period. A home warranty is different from a home insurance contract.

In this lecture we discuss the types of home services (warranty) contracts and varying coverage.

What are "Disclosures"?

A Disclosure is something given to the buyer by the seller or other interested/involved party, documenting their knowledge of the property.

In this lecture we discuss eight (8) of the core disclosures you should be aware of prior to purchasing your first home.

The Counter Offer

No need to worry.

This is a normal part of the home buying process, once an offer/contract to purchase has been presented to the seller.

Negotiations can be a little stressful...especially if it is about the price...or even a tiny thing the seller, or you as the buyer, are holding firm.

Take a deep breathe.

Relax.

Let's review your strategy for counter-offer negotiations.

Negotiating And Renegotiating The Offer

Again...

No need to worry.

This is a normal part of the home buying process, once an offer/contract to purchase has been presented to the seller.

Let's review how to wrap up these negotiations and land the advantage, whenever possible, on your side of the table.

Your Offer Has Been Accepted

Congratulations!

You are on your way to purchasing your first home!

A few terms to know...

Let's get started...(smile)

Putting Your Team Together For A Smooth Closing

The right approach to assemble a winning team for purchasing your first home.

Your Team - Realtor, Closing Attorney, Title Company, Escrow Company, Mortgage Banker, Mortgage Broker, Homeowners Insurance Agent, Home Inspector, Moving Company

And most importantly - "YOU" (smile)

Let's chat...

The Closing Attorney

A key player in your real estate transaction.

In this lecture we discuss the major role they play.

The Title Company

What is the role of a title company?

In this lecture we clarify precisely that....

The Escrow Company?

What is the role of the escrow company?

We talked about escrow accounts a bit earlier in the course...

In this lecture, we loop back and make the connection on the wording and the role.

What Is A Title Search?

The purpose of the title search is:

To verify the seller's right to transfer ownership.

In this lecture, we discuss the title search discovery phase and process when purchasing your home.

What Is A Lien?

Statutory or non-consensual liens can stop your home purchasing process in its tracks, if you are not proactive in knowing a bit of history on your potential new home.

Time to take deep notes...

Scheduling Your Home Inspection

In this lecture we discuss the time frame from initial schedule of home inspection to the reviewing of the home inspection report.

Scheduling Your Home Inspection New Home Construction vs Home Already Built

I recommend you complete a home inspection under both scenarios.

Here's why...

What Happens After My Home Inspection?

Now there's a great question...

I'm glad you asked...(smile)

A very, very, very...did I say..."very"...important stage of your home purchase process.

Let's go deep on this Lecture 46...crucial intel...

Scheduling Your Well And Septic Inspection

If required in your jurisdiction...this information is for you.

Let's cover it...

You never know...you may end up purchasing your home in a rural area that offers only well and septic options.

What Happens After My Well And Septic Inspection

As stated in Lecture 47...

If required in your jurisdiction...this information is for you.

Let's cover it...

You never know...you may end up purchasing your home in a rural area that offers only well and septic options.

Scheduling The Lender Appraisal

All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home's market value and ensure that the amount of money requested by the borrower is appropriate.

Let's talk about what that entails and what happens during this process.

What Happens If My Home Does Not Lender Appraise For The Price I Agreed To Pay?

Not a comfortable situation to be in...

Let's talk options....there are several approaches you can take.

What And When Is Final Loan Approval

This process is when the underwriter / lender double-checks your income and employment.

There are a lot of things that go on behind-the-scenes during this portion of your home purchase.

In this lecture, I share with you the "Do's and Dont's" you must adhere to during this time.

If not...you risk losing your potential mortage and your home purchase plans could potentially collapse.

Who Prepares The Final Settlement Statement For Closing Day

A settlement statement is a document that summarizes all of the fees and charges that a borrower and lender face during the settlement process of a loan transaction.

In this lecture we discuss the responsible parties who will gather the final data and assemble in preparation for your closing (you get the keys) day.

Closing Day Is Almost Here

You found the perfect home.

Negotiations are complete.

The offer has been accepted.

Your mortgage is approved.

Closing is sometimes referred to as a settlement.

Closing is the final step of your real estate transaction.

In this lecture...we breakdown what happens next to insure a smooth and wonderful day!

What Is A "Final Walk Through"?

You want to make sure that your future home is in good shape.

And I always make certain my real estate clients go through their future home with a fine tooth comb before signing on the dotted line, on closing day.

So...let's get started...

What to look for....

The Final Walk Through New Home Construction vs A Home Already Built

Pay close attention to any changes that may have occurred in your future home, from your last visit.

In this lecture, we go through the punch-list.

What Are Closing Costs And How Are They Calculated?

At first glance, this  information will appear complicated.

That said, I want you to have a general idea of how the pencils are being sharpened and applied.

Closing costs may run up to two to three percent of your loan amount.

And the good news?

Some closing costs can be negotiated and passed along to the seller.

Yes!

In this lecture...we review in details..

What Are Prepaid Expenses At Closing?

These are probably the most confusing charges for home buyers, but they are completely necessary.

Let's review...

P.S. And again...Good news...Some prepaid expenses can be negotiated and passed along to the seller.

Yes!

Do I Need Homeowners Insurance?

Homeowners insurance is a form of property insurance that covers losses and damages to an individual's residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Short answer: Normally...yes

Long answer: Let's jump into this lecture, feet first...

P.S. I highly recommend obtaining homeowners insurance - with a mortgage (mandatory) or without a mortgage.

Do I Need Owners Title Insurance?

Most lenders require you to purchase a lender's title insurance policy, which protects the amount they lend.

The Owners Title Insurance is optional.

To protect yourself, you may want to purchase owner's title insurance.

In this lecture...a bit more detail...

Do I Need Lenders Title Insurance?

Lender's title insurance protects your lender against problems with the title to your property-such as someone with a legal claim against the home.

Lender's title insurance is usually required to get a mortgage loan.

The lender's policy of title insurance lasts until the mortgage is paid in full.

Let's talk a little bit more on this topic...

What Are Cash Reserves?

This one takes many home buyers by surprise.

It isn’t a closing expense, however, lenders require you to have x-amount of cash left in savings after all closing costs are paid.

Lenders have a cash reserve requirement to avoid a buyer “closing broke”.

In this lecture, we review this potential dilemna and requirements.

What Can I Expect On Closing Day?

As a first time home buyer, or even as a seasoned home buyer, your Realtor, closing attorney, title company and mortgage lender (if applicable) will provide coaching and guidance on what to bring to your closing.

This lecture covers a broad brush overview of basics.

What Is A HUD-1 Settlement Statement?

The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and mortgage refinance transactions. The reference to 'HUD' in the form's name refers to the Department of Housing and Urban Development.

This is a technical lecture.

This information is included to give you a high-level working knowledge of a real estate term you will hear throughout your home buying process.

What Is RESPA

RESPA. These five little letters can have a big impact on your financial well being whether you are buying a home, or you run a business that has anything to do with residential real estate transactions—whether you are a mortgage broker, lender, builder, developer, title company, home warranty firm, real estate broker or agent, or even an attorney.

This is a technical lecture; similar in nature to Lecture 63.

This information is included to give you a high-level working knowledge of a real estate term you will hear throughout your home buying process.

Closing Day!

Congratulations!

Here Are Your Keys!

Today's the day!

We gotta talk...

This day is so exciting...it's easy to forget a few of the essentials...

Let's get started...

Finally...Moving Day

Congratulations!

Moving day has arrived!

Be sure to coordinate your moving day/date in close tandem with your Realtor and the sellers Realtor to ensure a smooth in and out crossover.

In this lecture...time to review a bit...

After The Purchase of Your New Home · Part I · Documents

We're almost there...however this part is really, really important as well.

Let's cover in detail...

After The Purchase of Your New Home · Part II · Miscellaneous

Change the locks the very same day of closing, if possible....and more....

In this lecture, we cover the items most homeowners forget during the joys of closing and receiving the keys to their new home.

Let's check off a few items...

After The Purchase of Your New Home · Part III · Warranties

Make a separate folder to place all of the warranties associated with your home purchase.

Make copies.

Store in a safe place.

Review to become familiar with coverage....and more...

In this lecture...we will tie up a few housekeeping items to insure a smooth transition into your new home.

Congratulations!

It's a wrap...

You have completed the course · Real Estate · Buying Your First Home · A Comprehensive Guide · Take A Deep Breathe · Exhale · Preparation Is Key.

You are armed with a nice dose of business and real estate terminology for purchasing your first home, plus knowledge and a steady eye to learning a little bit more each day along the way.

Promise me you will stay in touch should you have additional inquires or need a bit of clarity or ideas, as you move up your homeownership road.

You can always contact me...day or night...

Because...yes...contrary to popular opinion...I do in fact sleep with my iPhone...my response to your questions shall be swift...(smile)

Here's to a fabulous journey...

And more importantly…

Here’s to a fabulous life!

All the best,

Thomasina

"The pursuit, even of the best things, ought to be calm and tranquil." - Marcus Tullius Cicero

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