So You Want to Buy Your First House

A detailed Summary of So You Want to Buy Your First House

Owning a house has become more important then simply having a place to live, or making a sound real estate investment in our society. Buying a house is the sign of entering to adulthood. It shows responsibility and commitment of settling down. It explains to your family and friends that you have left your "live anywhere I please and don't worry about the taxes" attitude behind. It is a sign of growing up.

You wake up one day and find yourself thinking that you want to paint your room blue or have a garage where you can work on your motorcycle. Maybe you have a spouse who wants more than anything to buy a house. You realize it is time buy a house. The only problem is, you don't know how one goes about buying a house.

That is the exact situation I found myself in. I wanted to buy a house desperately not because it was a good investment but because I wanted to have a garden, closet space and the freedom of painting my walls fuchsia if I pleased. I was tired of sterile white walls and small-boxed rooms of apartment complexes. Once I convinced my husband that buying a house was essential to our future happiness, we were ready to go and look for a house or so I thought.

I knew enough that we had to have a down payment saved. Aft

There are several steps to clearing your credit report. First you order your credit reports from all three of the major credit reporting agencies: Equifax, Trans Union and Experian. Second you check your credit reports for derogatory remarks such as late payments, cancellation of the cards by the issuer etc. Third, you write letters to reporting agency if there are any illegitimate remarks, or it has been more than seven years since the derogatory remark has been entered. They are required to delete any remarks after seven years. After clearing everything you can, if there are still blemishes in the report, you put your side of the story on your credit report. You are allowed to enter a statement up to 100 words to your own credit report. You never know which credit reporting agency the lender will be using. Therefore you will have to repeat each process three times to ensure a derogatory remark to be deleted from all three agencies. This is a time consuming process, and it will cause you stress. Don't let it get to you. You soon will be looking for your dream house.

I was very disappointed and decided to learn everything I could about buying a house. I came up with a plan and followed it. As I followed my plan, I found out steps I have missed or have not anticipated. I have discovered that buying a house was not an easy task. Buying a house had seven grueling steps, none of which easier than the other. I hope my revised plan below will offer some guidance to a first time house buyer.

Once you have enough money saved for the down payment and the closing costs, second step is to check your credit report and clear any blemishes you may have on it. To a lending institution how you handled your credit is the biggest indicator of how you will be handling the payments of your mortgage. It will in return affect your loan's terms.

The last step is the closing. Finally all of your efforts will pay off. You will go to the title company's office to sign the papers and give the money. This is when you will give the down payment, and the closing costs if they did not roll over to the mortgage. Your lender will send the mortgage check directly to the title company. The seller will also sign the papers and receive her part of the payment. You can now negotiate on a move-in date. You are now officially a responsible adult

The sixth step is to go through the disclosure, contract, appraisal, inspection and the survey. Once the seller agrees that she will sell the house to you, she must submit a letter called disclosure in which she lists all the known problems with the house such as leaking roof, or a crack in the wall. After you see the disclosure, you can decide to go ahead or walk away depending on the problems with the house. If you choose to go ahead you sign a contract, which takes the house off the market. It does not, however, confirm that you will buy the house

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Approximate Word count = 1944
Approximate Pages = 8 (250 words per page double spaced)

Category: English