Some of you guys have asked for a Buying a Home FAQ. The Fool says we have to put together a list of questions and submit it to them. That's where we need your help. If you have never bought a home, please give us the question(s) you have that need answers. If you own a home, think back to your first buying experience and come up with the question(s) you had at the time.Okay, but before we get started we probably should determine whether or not we should even take on this project.If you think it would be helpful to have a "Buying a Home FAQ" click Recommend it! at the top right side of this post.If you have question(s) to contribute, suggestions or comments please click Post Reply at the top left side of this post and give us your contribution(s), suggestion(s) or comment(s). Terry
I think a FAQ for this board is a great idea. I did a lot of searching on both this, and the building/maintaining board in the last few months.My DH and I just closed on our first house. The movers are coming on Wed. I have all my notes and questions um...in a box somewhere. As soon as I find them, I would be happy to contribute.Patti
I think a FAQ is a good idea. I'd certainly be happy to contribute some questions and answers.The reason that I follow this group and post answers is that I remember how it was when my wife and I bought our first house. We were very naive and uninformed about the whole process, and learned a lot as we went along.I hope that I can help others that are in the same situation.-MrFun
I will be happy to contribute. Let me know what to do next.SilveredQuillVisit My Soapbox!15 Steps to Buying Your Home: from Credit Check to Closinghttp://www.soapbox.com/english_exec/v?op=a&a=MEM0000000150.
Having purchased two homes and refinancing mortgageson said homes on four occasions in the past ten yearsI cannot support the creation of a "Buying a Home FAQ".There is plenty of general information available on the web as well as several excellent books in print on the subject available at your favorite bookstore. I must also add that I was a Realtor for ten years and I'msure there are enough planetary resources focused on this subject. However, If the discussion of said subject were to be of an investment nature I might be persuaded. Just don't ask me what interest rates were today for a 30 year fixed rate mortgage.
We are planning to move fro CA to PA next summer, and we are wondering about the issues involved in moving across the country.1-When and how do we get a realtor? Should we just go to open houses first by ourselves? Should we fly to the destination to do this or not bother until we are ready to buy/are settled in our new area with jobs?2-If we decide to build, should we get it started before we move? How much do we have to put down before they start construction?3-Do we still need a realtor if we build?4-Should we move first and get jobs before we applly for a mortgage or even to prequalify?5-How do you know how much house you need? Our savings will increase greatly while we are looking, so do we keep increasing the price of the house we are looking for as we look? Do you just buy as much house as you have 20% for at the time you buy? 6-When exactly do you fork over that downpayment?7-If you have a very high income, in the six figures, can this override having a low downpayment in term of qualifying for a mortgage? CAn it override the fact the youare self-employed? Can it override a less-than-perfect credit report? When we try mortgage calculators they alwys say that our downpayment is the limiting factor. 8-We are in the process of getting rid of all credit cards and balances. Should we keep a few active throughout the coming year to "look good" on our credit report?9-Should we get prequalified before we even look in case we see something we like? 10-Is there any reason to pay more than 20% if we can? What if we can pay 30-70%? Should we invest that money elsewhere instead?
How about a guide to about how much we should expect to pay in closing costs, what those costs are, and how we may be able to avoid them (as well as the things we shouldn't cheap out on)?Also, how about telling us where to find out legal info about the home (zoning, etc.)? This stuff is probably second nature to people who have already owned a home but a big mystery to me.Maybe a special section for people who are considering buying a home that includes units for rental income?I strongly second the poster who suggested defining the different types of loans that are out there.carnescarnes
Possible questions:What are the commonly used terms/acronyms that I should be aware of, and what do they mean?(i.e. points, broker, buyer's agent, PMI, etc.)What can I expect when I meet with my real estate agent for the first time?What can I expect at closing?What can I expect when meeting my mortgage broker?
I think that's a wonderful idea, jenniebez!I've been considering home ownership, and rather than waste the real estate agent's time with questions like "What sort of Sweat Equity work am I qualified for?", I'd much rather read a FAQ created by the cumulitive experience of all foolish homeowners on this site.Terrific!- Art
**I cannot support the creation of a "Buying a Home FAQ". There is plenty of general information available on the web as well as several excellent books in print on the subject available at your favorite bookstore. I must also add that I was a Realtor for ten years and I'm sure there are enough planetary resources focused on this subject. However, If the discussion of said subject were to be of an investment nature I might be persuaded.**What's the difference between 'wasting planetary resources' (ie trees, bandwidth etc)on a Homebuyer's FAQ and Investing information?? I don't see much difference, and I miss the logic of your answer.Thre are many people who are becoming Foolish and use the Fool as a good resource and stepping stone to finding information on numersous subjects, home buying included. Please explain your answer more convincingly.TriChick
**What's the difference between 'wasting planetary resources' (ie trees, bandwidth etc)on a Homebuyer's FAQ and Investing information?**The 'wasting' is of my own thoughts, but the question remains the same. I think there is much more 'use of planetary resources' (and to me, waste of those resources thru destruction of trees) on investing than the homebuying process. A prime example is all those stupid MLM and 'you have been referred to me as someone who wants to make a 6 figure income' emails I get and delete every day in my mailbox.I would still like to know why you think a FAQ is not needed.TriChick
Terry,Who did you talk to about this??? I need a contact. Dave and I are putting together a FAQ so where to go from here would be great.Thanks.
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