Atlanta First Time Home Buyers Seminar
Georgia's capital and largest city, Atlanta is a city that has practically everything going for it, be it climate, location, easy transportation, air access, and a supportive government. It is a major southern financial and cultural centre statistically covering more than 6,000 square miles and 110 municipalities. Owing to its location, Atlanta, GA enjoys a moderate climate and the residents of the city enjoy the four seasons. This makes it a favored spot for buying property.
If one looks at the Atlanta real estate market then you would come to realize that though the city is highly populated, the prices of properties in this region are quite reasonable in comparison to the rest of the metros in the country. An Atlanta real estate boom is strongly predicted in the coming years. While a two bedroom condo in New York's Manhattan might cost you a hefty one million, Atlanta real estate would quote perhaps $250k - $300k for a similar property.
One of the top Atlanta Real Estate Companies America’s Network Realty Group, Inc. Is offering a free home buyers seminar, the seminar which is provided with the sponsorship of Chase Bank and Allstate Insurance is offered at no cost to all potential home buyers in the Atlanta area.
The following are what you will learn from this seminar:
Documents Required to Obtain a Loan
As you have made up a mind to take a home loan to buy your dream house. In today's internet world you start searching on net for best offer. Search engines will take you to the different banks and financial institution websites, which provide home loans. You should also visit websites which offer advice's on home loans. From there you get the idea about best interest rates, and other important information related to home loan.
After doing the necessary research about all the factors you need to apply for a home loan. The most important requirement to get the loan is the documentation which is quite tough. In case you miss out any crucial document, your home loan approval will be delayed or may be your application will not be accepted.
The first thing is the filling of application form and signing it. Then go through the official site of the bank thoroughly to get information about the mandatory documents needed for applicants. The main documents required for home loan are Proof of age Proof of identity - passport, and or voter ID card etc.
Banks and financial institutions have specified documents according to the applicant's category, purpose of loan, tenure, amount, etc. From the documentation column you can check the list of documents as per your category.
Salaried persons are required to submit salary slip of last three months showing all deductions along with current salary certificate, proof of continuity in job for last two years - either appointment and relieving letters or Form 16 for two years. Bank statement or pass book where salary has been credited for last six months, copy of appointment letter if employed for less than a year in current job, company profile for employees of a private limited company.
Self-employed persons have to submit additional documents to get home loan. These are profile of business on the letterhead of the company, proof of IT returns for last three years, computation of income certified by a chartered accountant along with profit and loss account and balance sheets for three years, business and personal account bank statement for last one year and copy of professional certificate in case of a professional.
One of the biggest steps in your life is buying a home, and for a first-time buyer, the experience is both exciting and daunting! Most real estate agents need a letter of pre-approval before they can even start looking for a suitable home for you. Some people are fortunate enough to not have to apply for a home loan when they are looking at buying a home, others would have to.
The following are what you need to qualify for a home loan:
Definitely, your decision to invest in property is really good. However, whenever you plan for any endeavor, it is essential to understand every aspect essential for it. Different expenses are associated with buying a house. Definitely, you must have considered front costs but are you aware of any hidden costs associated with it?
Let us explore different costs here.
Stamp duty- When you buy a house, you have to pay a stamp duty. The rates vary from state to state. If you are a first home owner, then in some states, you may be eligible for a decreased stamp duty rate. To know more about the stamp duty applicable in your state, you can visit the website for your state government.
Government fees-While investing in a property, you need to be aware of the fee structures for your state. You have to know about all the charges that apply. Different types of government fees are applicable including government taxes, land transfer registration, etc. These charges are a mixture of viable charges and flat fees.
Home loan costs- When you buy a house, you have to pay your home loan provider - both lender fees and mortgage repayments. You have to understand the mortgage concept clearly and look into different mortgage packages. Do invest some time and effort to understand the fees that apply to every home loan product.
Legal Fees: This is an important factor you need to account when you buy a house. Legal fees will vary with the legal expert and state you select. You have to account for it when you buy a house. Factors like complexity of the purchase and size may vary depending on the size. It is possible to minimize legal costs. Some websites provide all the essentials to help you receive and compare quotes. Keep in mind that quality and experience are crucial factors in your decision.
Mortgage insurance- Another important factor you need to consider is lender's mortgage insurance. Various factors, including the type and value of loan you have chosen, etc. contribute to this and the price may vary from organization to organization. For some loans, mortgage insurance is mandatory, particularly if you have less than a 20 percent deposit saved. Keep in mind that mortgage insurance does not protect you from any financial loss. However, it protects the lender against a home selling for less than the lender is payable.
Inspection fees- While investing in a house, you have to think about every aspect and inspection is simply an unavoidable part of it. Experts recommend two main forms of inspection including:
Pest inspection - check that house you are planning to buy is free of termites and pests.
Building inspection - Look for structural problems.
Usually, the need for extra finance means that a large unsecured loan with poor credit is actually needed. For example, credit card debt might be out of hand, bills may be falling behind and old high interest loans could be causing pressure. Raising $50,000 or $60,000 might be needed to deal with everything.
With a bad credit history, and no collateral, the chances of getting approval is next to nil. It is a good idea then to seek smaller loans for a number of lenders. For example, $10,000 from each of 5 lenders will raise the necessary funds, though they do not need to be taken on concurrently. However, in getting so many unsecured loans approved, despite bad credit, it is essential that the budget is correct.
A miscalculation could see debt increased, but get it right and there will be more funds available, while the timely repayments will see the credit rating improve dramatically. This in turn will result in practically guaranteed loans with bad credit, without security, being available
Despite of the fact that today property listings are easily accessible via the internet, it is hard, tedious and limiting to find a new house at an ideal location with perfect features, nice locality and at right price. Realtors can however assist in making the home selling and buying process simplified. They not only save a great deal of time of their customers but also perform a wide range of duties on their part. In fact, their in-depth knowledge about the local property market would act as an added benefit
Realtors can also save your time, money and efforts, in case you are hunting for a new house. They have an extensive database containing all the private listings. Hence, they can put forth a long list of homes, which matches your criteria.
Realtors are trained on several selling techniques. Their staging techniques and commendable negotiation skills are just a few examples of how they enable you to attract buyers. The services offered by a real estate agent are an indispensable part of home buying or selling as they literally manage the whole process single-handedly. As a customer, your job would only be to tell them your needs, budget, specifications and preferences. Rest, they would do it all.
Before you commit to buying a home, it is important to have a thorough home inspection completed. This vital step will tell you a lot about the condition of the house you are thinking about buying.
After you've found a home that you want to purchase, make an offer on the house contingent on it passing the home inspection. If the home passes the inspection, you will have peace of mind knowing that you are making a wise investment. However, if the home inspection uncovers some problems with the house, you will have time to negotiate with the seller to fix the problems, lower the selling price, or even cancel the offer on the house.
Ask the seller to include a 12-month home warranty for the house at closing. A home warranty will protect you in case problems arise during the term of the warranty. For instance, the home warranty will generally cover problems such as defects, malfunctions, and breakage of the heating and cooling system, the plumbing and pool and spa. It can even include appliances like the refrigerator, stove, and washer and dryer.
While there may be no apparent signs of problems when you buy the house, the comfort of having a warranty that will fix those little but expensive problems that are bound to occur is definitely a benefit. The minimal service charge you pay will almost always be many times less than the cost of paying for the repair yourself.
Homeowner insurance is similar to health insurance or car insurance. Your home and most contents are insured for a specified amount in case of events such as fire, burglary, water damage, etc. Homeowner insurance is necessary and is required if you have a mortgage on the property.
Before you choose a home insurance plan, be sure to get quotes from various insurance agents. Find out how much insurance coverage they would recommend and what that insurance actually covers. Are they offering the same amount of coverage? Besides covering the structure of the house, what else is covered? Go back and make sure you are comparing the quotes equally to make sure you get the best coverage for the best price.
The process of completing the contract for the purchase of a home has several phases and can sometimes carry on between 30 and 90 days.
After concluding that you are fiscally ready to buy a home, you and the seller will need to figure out a closing date. Make sure you know what fees will be added on to the total cost of the purchase price ahead of time. The closing date will be arranged with the lender, seller and closing agent as well. The paper you sign concerning this will have to be notarized.
Next, the stipulations of the loan offer will have to be met. If there were any building code or zoning regulations that needed to be met prior to the sale, these will have to be taken care of before closing.
Most lenders insist on insurance be taken out on the title to again guarantee that the title is clean. The insurance policy will be used to cover any legal fees and loss if the title is not clear. There are two policies that can be purchased, one that protects the lender and another that protects you, the buyer.
If a home is detected with a termite issue, then it will have to be taken care of before the closing date. Termite problems can entirely destroy a home, causing the lender to lose their investment. A certificate will be given to you that states the home is free of termites; this is then given to the lender.
A separate insurance policy will need to be taken out on the home itself, this time by you. This will safeguard you and the lender in the event of loss. You can either ask your agent or lender for recommendations or investigation for insurance companies on your own. It may also be a good idea to purchase a homeowner's warranty, which is similar to other warranties.
After all of this is done, a final walk-through for inspection will be taken. It is a good idea to make sure if your contract permits you to see the house once again one day before the closing date, because a lot can change within 30 to 90 days. The seller will also allow you to tour the home and this occurs either before or immediately after the closing date. During this time, you should obtain the numbers of the companies that have done work on the home, including contractors, electricians, plumbers and roofers. After the final estimate is given for the closing cost, the deal will be signed by you, the mortgage lender, seller and broker.
Following closing on your new property, you should make sure to forward all of your mail and have current arrangements for your power and other utilities to be transferred to your new address. By taking all of the necessary steps and precautions, closing on a home can be an effortless, simple transaction.
