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JRA Y K EL T
Do you have pets? Do you want recreational facilities nearby? Do you like to take care of a yard or garden?
What do you need?- How many people will be living in the home? Will there be any elderly? Young children? Handicapped? All of these are important when choosing the layout and design of a home. Multi-level homes with a lot of stairs may not be a good choice for someone who is elderly or that may have a walking disability. Things to consider:
How many bedrooms do you need? How many bathrooms? Special purpose rooms desired: o Recreation/TV o Office/study o Sewing/crafts/hobby room How much storage space/closet space? Do you need o A garage/carport? o Parking space(s)? o Room for pets? o Space for gardening/flowers? o Room for play/children? o Other outdoors space?
Listing Agent:
A listing agent or broker forms a legal relationship with you, the homeowner to sell your home and place it on the Multiple Listing Service
Buyer's Agent
The buyer's agent works with you, the buyer to help you find a home and negotiate a successful purchase.
Lifestyle Go to the areas youre interested in moving to and get a feel for what the people and the environment is like. See what kinds of places are busy, what the restaurants and gyms are like. Go to places you typically would find yourself spending a lot of time at and see if you feel comfortable. Are you single and looking to mingle? Or are you a family looking to live amongst others with similar values? A retiree looking to relax? Research the ratio to families and single-occupant owned homes along with what the major age-groups are. How long are you staying? How long a person is looking to stay in one place can really change a persons approach to what they want out of a neighborhood. Are you looking to dig roots in this location and start a family? If so is this a place that can cater to many phases of life for you and your future family? Is this area a stepping stone that you only plan to be in for a year or so? If so, what is most important to you now? Planes, trains and getting to work How far away is your work? Are you planning to drive? Use public transportation? Bike or walk? Think about your lifestyle and needs. Look into traffic in your area. If youre driving to and from work research what rush-hour times are like in the area. If you are interested in using public transportation look into bus routes and light-rail stations, biking or walking? Is the neighborhood bike and pedestrian friendly? Do you see a lot of others out walking and biking? Are there bike lanes and passageways? School ratings For families with school-aged children choosing a neighborhood parallels with which school your child will be attending. Be sure to check out district zonings for areas, sometimes choosing to live on one side of a street versus its opposite can change which school district or school your child will be attending. Look into school rankings and extracurricular programs. Consider crime stats How does the neighborhood youre interested in compare to the rest of the city? Will you be out at night a lot? Do you plan on walking around frequently? If so learning about crime in your prospective area is a good idea. You can contact police stations directly or look up crime information online. Cities typically each have data that shows and compares their crime rates against other cities and the states.
Opening Escrow
By the time the contract is signed by all parties involved, or executed, the Agent for the Buyer usually has the Earnest Money check in their possession (some exceptions). Opening Escrow is as simple as bringing a copy of the contract and the Earnest Money check to the title company, this is often done on the first business day after the contract is accepted. When this is done, the title company has everything they need to open escrow.
simplifying IT
Appraisal: This a one-time fee pays for an appraisal. The appraisal is made by an independent free appraiser. Credit Report: A fee that covers the cost of the credit Document Preparation: There may be a separate fee that covers the preparation of the final legal papers. Loan Discount: A fee used to adjust the yield on the loan to what market conditions demand. Loan Organization: The lenders administrative cost in processing the loan, this fee covers the loan. Title Charges: The title company charges fees for a title search, title examination, recording fees, endorsement fees, a settlement or closing fee and notary fees. Prepaid Interest: Depending on the time of the month your loan closes this periderm charge may vary from a full months interest to that of a few days. If your loan closes at the end of the month, you will have to pay interest only for a few days or so. Taxes & Insurance: You may be required to reimburse the seller for property taxes. Depending on the month in which you close. You will also need to pay a years hazard insurance premium up front. Also, you might be required to put a certain amount for taxes and insurance into a special reserve account held by the lender.
Money Down $ _________ Loan Amount $ _________ P.I.T.I Fixed Costs Pre Pay costs Total $ _________ $ _________ $ _________ $ _________
+Down Payment
Buyer Buyer Seller Buyer Buyer Seller Buyer Buyer Buyer Buyer Split Seller Buyer Split Seller Buyer Split Seller Split Buyer
Buyer Seller Seller Buyer Buyer Seller Buyer Buyer Buyer Buyer Seller Seller Buyer Split Seller Seller Seller
Buyer Buyer Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Split Seller Buyer Split Seller Split Buyer
Loan Amount $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 $230,000 $240,000 $250,000 $260,000 $270,000 $280,000 $290,000 $300,000
3.0% 295 337 379 422 464 506 548 590 632 675 717 759 801 843 885 928 970 1012 1054 1096 1138 1180 1223 1265
3.5% 314 359 404 449 494 539 584 629 674 718 763 808 853 898 943 988 1033 1078 1123 1168 1212 1257 1302 1347
4.0% 334 382 430 477 525 573 621 668 716 764 812 859 907 955 1003 1050 1098 1146 1194 1241 1289 1337 1385 1432
4.5% 355 405 456 507 557 608 659 709 760 811 861 912 963 1013 1064 1115 1165 1216 1267 1317 1368 1419 1469 1520
5.0% 376 429 483 537 591 644 698 752 805 859 913 966 1020 1074 1127 1181 1235 1288 1342 1396 1449 1503 1557 1610
5.5% 397 454 511 568 625 681 738 795 852 908 965 1022 1079 1136 1192 1249 1306 1363 1420 1476 1533 1590 1647 1703
6.0% 420 480 540 600 660 719 779 839 899 959 1019 1079 1139 1199 1259 1319 1379 1439 1499 1559 1619 1679 1739 1799
6.5% 442 506 569 632 695 758 822 885 948 1011 1075 1138 1201 1264 1327 1391 1454 1517 1580 1643 1707 1770 1833 1896
7.0% 466 532 599 665 732 798 865 931 998 1064 1131 1198 1264 1331 1397 1464 1530 1597 1663 1730 1796 1863 1929 1996
7.5% 489 559 629 699 769 839 909 978 1049 1118 1189 1258 1329 1398 1468 1538 1608 1678 1748 1818 1888 1958 2028 2098
8.0% 514 587 660 734 807 881 954 1027 1101 1174 1247 1321 1395 1468 1541 1614 1688 1761 1834 1908 1981 2055 2128 2201