buying a home

First Time Home Buyer Class

buying a home

Buying a Home: It’s a Big Deal

Whether you’re shopping for appliances or automobiles, groceries or gadgets, travel services or tax preparers, the Internet has changed the way most people gather information about products and services. For people who are thinking about buying a home, the change is apparent, as well. The Internet now is the source of information that traditionally came from real estate agents, with online listings of homes for sale featuring panoramic pictures, prices, information on neighborhoods and schools, comparable sales, taxes, financing options, and more. Indeed, potential buyers who choose to use the Internet to access new listings and narrow their search may be the best informed and most efficient that real estate professionals have ever dealt with.

It’s no surprise that real estate professionals have responded with new sales models. For example, in a limited service model, some brokers might offer to list a home in the local Multiple Listing Service (MLS) for a fee, while they hand off other aspects of the sale to the seller. This kind of arrangement can reduce the cost of selling the home, which in turn, can result in a lower purchase price. Other brokers might offer a menu of services from which the seller can choose. Some agents may be reluctant to deal with brokers who are using non-traditional sales models, but the Federal Trade Commission (FTC), the agency that works for a competitive marketplace, says these new sales models for buying and selling a home mean more choices for consumers.

The FTC says that the more consumers know about the home buying process before they start looking — either for properties or real estate professionals to help in the search — the more time and energy they can save.

buying a home

What Are My Mortgage Rights?

You should know your rights as mortgage borrower.  A mortgage will probably be the most important loan your entire life.  Understand your rights as a borrower before entering into a loan agreement with a lender.

• You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
• You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.
• You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
• You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.
• You have the RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you.
• You have the RIGHT to know how much the mortgage broker is getting paid by you and the lender for your loan.
• You have the RIGHT to ask questions about charges and loan terms that you do not understand.
• You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
• You have the RIGHT to know the reason if your loan was turned down.
• You have the RIGHT to ask for the HUD settlement costs booklet “Buying Your Home.”