SECTION ONE:
BUY YOUR FIRST HOUSE
Chapter 1: TO BUY YOUR FIRST HOUSE
Buying versus renting. Buying a house. Renting.
Chapter 2: HOW MUCH YOU CAN BORROW
Downpayment. Loan-to-value ratios and downpayment.
Credit history. Borrower's ability to pay. You need
more money beyond the downpayment.
Chapter 3: HOUSING SEARCHING
Your housing needs and your dreams. Assumptions of sellers
and buyers. Your needs. Location. You are not
alone. Broker, agent, realtor. How to find a broker.
Charper 4: THE OFFER
Appraisal. Appraiser. To get or not to get an attorney.
Everything in life is negotiable. Asking price. Earnest
money. Contingencies. The offer document. Offer
accepted.
SECTION TWO: FINANCING
Chapter 5: UNVEILING THE MORTGAGE MYSTERY
Home financing. Mortgage and promissory note. Types
of Real Estate loans. Government underwritten vs.
conventional mortgages. Mortgages by methods
of payment. How a mortgage works. Real Estate
terminology.
Chatper 6: THE MORTGAGE MALL
Types of Real Estate loans. The fixed-rate mortage.
Adjustable-rate mortgage (ARM). Cap on interest.
Discount ARM's. ARM convertibility. Seller
financing. Bi-weekly mortgage. FHA-insured
mortgages. VA- Guarantee loan. USDA.
Chapter 7: WHERE TO GO FOR A MORTGAGE
How the mortgage money flows. Mortgages lenders.
Who are the mortgage lenders.
Chapter 8: LOAN APPLICATION: THE PROCESS
Credit reports. Alibity to repay. The good faith
estimate. Appraisal fee. Title is not enough,
good title yes.
Chapter 9: THE CLOSING
Walkthrough. The closing costs.
Chapter 10: STRATEGIES TO BUY YOUR FIRST HOUSE
WITHOUT MONEYCreative financing. Seller financing. The wrap-around
mortgage. Use the Power of your whole-life insurance.
Lease your dream house with an option to buy.
Equity sharing: a way to get your first home.
Sweat equity. Family gift can help.
Real estate lexicon
Appendix A
Appendix B
Appendix C