Getting a good deal on a home is often more about timing than purchase price. Because most homes are financed through at least a 15-year mortgage (usually 20- or 30-year), the amount paid in interest has an enormous impact on what the home will ultimately cost. The contract price may be $150,000. By the time interest is calculated over 30 years, however, you could easily pay twice or even three times that amount, depending on what the interest rate is on the day you lock into a mortgage rate.

Lower interest rates make it possible to finance the same amount of money for a lower payment, or finance more money without increasing the payment. How so? Let’s look at financing $150,000 for 30 years at 6.50%.

Your approximate principal and interest payment would be about $948 monthly. Another option would be to finance $158,000 with a monthly payment of roughly $947. This option would allow you to borrow an additional $8,000 without hardly changing the payment. If the interest rate dropped to 6.00%, however, the payment would decrease to approximately $899 per month. Whether you’re looking to buy your first home, or thinking about upgrading to a bigger one, lower rates open the opportunity to find a great buy. The other vital element is location. The award-winning city of Huntsville, Alabama has much to offer.

The Value of Huntsville

No one wants to buy a home that won’t resell well. So, where do you look to ensure you get value? In a June 30, 2007 survey, the Office of Federal Housing Enterprise Oversight (OFHEO) reports, “Of 287 metro areas, 131 recorded decreases in house prices during the quarter.” The Huntsville real estate market, however, was ranked 36 out of 287 in price appreciation, and came in above average with a second quarter increase of 1.76%. Plainly stated, while houses in many areas are losing value, Huntsville, Alabama is still an affordable and wise housing choice.

What Does Huntsville Have To Offer?

Huntsville is widely recognized as being one of the country’s best places to work, live and go to school. The September 2007 issue of U.S. News & World Report says, “The University of Alabama in Huntsville ranks among the top ten percent of business schools in the county.” Check with MSN/Sperling’s Best Places and you will find that Huntsville is named one of the country’s top ten cities for job growth and affordability. So, what makes this southern town such a remarkable place to live? Huntsville offers a thriving job market, lower than average cost of living, plenty of options for entertainment and a climate that enjoys the best of all four seasons.

If you’re considering buying a home, now may be a good time to do so if you’re looking in the Huntsville real estate market. And with all it has to offer, Huntsville could easily be just what you’ve been waiting for.

Basically, home staging is the practice of preparing a home for sale before it is made available on the housing market. This process is necessary and utterly important because it helps sellers advertise their houses better and it hastens the decision of buyers to consider the house. 

Home staging is all about creating an illusion. If you want to sell your house, you must make it look attractive and desirable. You should appeal to the desires of buyers. What does this mean? It means that you should exhaust all means by which your house will look better compared to all the others out in the market. Surely, competition is one thing you have to be prepared for.

In order to stage a home, you could use the expertise of a professional stager, whose services can cost you anywhere from $500 to $5000. You could also search online tips and do the staging yourself. Of course, you should start with surveying your house. Look for possible fixes. Detect everything that might need repairs. See to it that the interior and exterior parts of the house look attractive enough and are free of clutter.

Speaking of clutter, the other important thing to do next is clean. A dirty house will surely turn off a buyer. Make sure that all nooks and crannies of the house do not have visible dust and that they are free of mites and cockroaches. Put away your children’s scattered toys and make sure that your pets do not leave any visible stains on carpets and floors.

There are other things you can do to stage your home. You should remember that, if you want the house to get sold much quicker, you have to do all of these procedures. Nobody is going to take a second look at your house if it is dirty and not too appealing. And the only way to avoid this is by having the house ready for viewing through staging.  

Home inspection procedure will allow you to evaluate if you are indeed paying for the right house.  If the home inspector starts to check various areas in the house, looks that there are a lot of damages, you can ask for some considerations on the price.  You really don’t have to shell out a huge sum of money at the start of the buying process.  On the other hand, if he looks at it that there are only a couple of damages, and then you can be assured that you have made the right decision.  You will not have to worry if it is durable enough to last up for decades.

After you have purchased the property, it is also beneficial if you have it inspected so you can see those things that need immediate repairs.  Based on the form given to you by the inspector, you can see which one needs more attention and have it repaired as soon as possible.  These repairs will not have to be done all at ounce.  You can do it one at a time depending on which will fit within your budget. 

A home inspection after closing the transaction will allow you to realize that you are not putting more value to the house without going through appropriate documentation.  It will simply show that you took your own initiative to fix and improve the house.  When you sell the property, you can ask for a higher price compared to the original amount that you have paid before.  Possible home buyers can feel secured in acquiring your house if this is the case.

Allowing your house to undergo home inspection, before or after the transaction, is a wise move.  It is some sort of a protection from possible problems that will come in your way which can be more costly if discovered later on.  It can help you evaluate if the house that you wish to buy is indeed a worthwhile investment to make.  It can also be a form of formality on your part to place everything you have made on the house into appropriate documentation.  In this way, you can inform the public about the current status of the house.

For security purposes, gather all the necessary documents given by the home inspector.  You can use them in the future.  You will see the essence of home inspection process as soon as you have started to stay in the house.  Hence, do not miss the chance to have your house inspected by a reliable home inspector.

1. The Initial Interview

Determine what you need and want in your new home

Discuss the parameters of your search

Discuss financing

2. Get Pre-Qualified By a Lender

Obtain a pre-qualification letter

3. Property Tours

View available properties that match your needs and emotions

Listen to you carefully to find out what features you need in your ideal home

Provide you with information about the current market and what it means to you

4. Find the Home That Matches Your Needs and Write The Offer

Writing the offer will take between 1-3 hours

Complete the purchase agreement contract

Deliver the earnest money deposit(this will be held until and accepted contact is created)

5. Present the Offer

Prepare a presentation by highlighting the strengths of your offer and your strengths as a buyer

Present the offer to the seller and the sellers’ real estate professional

The sellers will either accept, counter or reject the offer

6. Counter-Offer

Discuss the counter offer and how it relates to your goals, and prepare a response

7. Escrow

When the offer is accepted and has been signed by all parties, the escrow will be opened

Your earnest money deposit will be deposited

The Escrow Officer will order a Preliminary Title Report and send copies to the lender and I

8. Loan Application

Submit a complete loan application and all the necessary loan documents to your chosen lender

9. The Contingency Period

Your approval of the sellers Disclosures

Your approval of the Preliminary Title Report

Physical inspections and pest inspections

Property appraisal and loan approval

10. Homeowners Insurance Coverage

Select an insurance company and discuss coverage

Give the insurance agent the escrow information(they will need to order a copy of the policy for the new lender prior to escrow closing)

11. Signing Documents at the Title Company

The lender will send the loan documents directly to the title company

You will receive copies of the title and lender documents

You will need a current photo ID

12. Down Payment and Closing Fund

Bring a cashiers check to the title company(depending on circumstances) several days prior to closing

The Escrow Officer will prepare a Buyers’ estimated closing statement, which will itemize costs and credits, and estimate the total money due

13. Funding

The lender will wire the funds to the title company

14. Close Of Escrow

The deed will be recorded at the county recorder’s office by the title company(you will receive the original back from the county in approximately six weeks)

I will coordinate the transfer of the house keys

15. It’s Time to Move In!

Companies claim to and try to make the mortgage and re-mortgage process as easy as possible. Mortgage advisors can compare more than 8500 mortgage products from ALL UK lenders to provide you with mortgage quotes. If you go online you will very quickly be able to request a free, no obligation, quote, either by choosing a mortgage from a selection of market leading mortgages, by completing a form or by calling a ‘hotline’ number.

Mortgage advisors are able to search the whole of the UK mortgage market to find a mortgage which will suit your needs, all without obligation. Doing this yourself would be time-consuming almost to the point of impossibility, and approaching easy-to-reach high street lenders is not always the route to the best route available. Getting a number of mortgage quotes will enable you to choose the best rate for you. Using forms on some website will give you access to several mortgage quotes instantly and for the completion of only one form – a great time saver that will enable you spend time comparing the different mortgage quotes, rather than spending time and effort on actually obtaining a number of mortgage quotes.

Things to look for when receiving mortgage quotes go beyond the headline interest rate. While you are obviously keen to get as low an interest rate as possible, you need to look for the fees that come attached. These usually include a mortgage arrangement fee (which can be as high as nearly £2,000), how long your low deal lasts, what are the exit penalties if you wish you pay off all or part of your mortgage before the end of the term, is there any commission attached that will go to the broker; what other fees are there? All these may make a low interest rate deal actually cost more in the long run.

When looking for mortgage quotes you will often see best mortgage tables. These are free to use and easily accessible, but may not be quite what they seem because different tables use different criteria to order the mortgages.

So, although you can compare the mortgage deals of the UK’s top mortgage lenders in minutes, you may still be confused. It is better to get a number of mortgage quotes for your personal circumstances. To do this it is probably best to consult a mortgage broker or mortgage advisor who will talk to you about your own financial situation, your requirements, both long and short term, and come up with a number of sensible mortgage quotes just for you.

As thrilling as it is to go looking for a new home, it\’s even more exciting to finally close on the house that is right for you. When bearing in mind the costs of buying a home, a typical rule of thumb is to prepare to pay at least 10 percent of the house\’s selling price needed for a down payment and closing costs. Your monthly bills, which encompass the mortgage payment, should be below 40 percent of your gross monthly wages, and your employment or savings should be sound enough to maintain payments efficiently. You can then select who will help you with the buying process.

After choosing which realtor, or attorney is good for you, check your credit report, in order to prepare for your mortgage loan application. Take the required steps for any corrections or disputes, and make copies of all correspondence. For your loan application, in addition to the particulars of any outstanding debts and related disputes, you will also want copies of the following: photo ID or green card, social security card, residence history, employer contact information, bank account contact information, one month of pay stubs, W2 forms, information regarding any assets, and retirement, social security, child support, and divorce decree papers if relevant. If you own part or all of a business, you will want to supply documents pertaining to such, and in the case you are self-employed, you will need to present tax returns. If you have already found a house you are interested in, you will have to include information on it, as well as any documents or agreements that have been written up between you and the selling party, and information regarding the sale of your current home, if applicable.

Within three days of submitting your loan application, you will typically receive a booklet outlining the payment or closing process, in addition to a good faith estimate. The good faith estimate will provide you with a general idea of what all of your home loan costs will be. Remember that it is called an estimate since costs are subject to change depending on conditions, and some fees and requirements may differ from state to state. The loan process involves a few sub-costs, such as for the underwriting, brokering, home appraisal, credit report, and discount (or points) of lower interest rates. Another main cost is for researching the existing title, which will guard you from any potential issues. Other typical costs may be for assumption, which is if you are taking over an existing mortgage; notary and attorney services; survey of the property; and inspections such as for plumbing, codes, roofing, lead paint, and pests. Don\’t forget that fees may acquire for the preparation of all documents, particularly recording fees for city and state government agencies, as well as the transference of all relevant documents such as the title insurance and an owner\’s policy, or expanded homeowner\’s policy.

All loan documents have been prepared, money is in escrow, and any needed repairs have been finished. Once you have done a final check on the property and read through and agreed with the HUD 1 Settlement Statement (which details all cost incurred by you and the seller), you\’re finished! You should be given a truth in lending report, which outlines all details of your loan, the mortgage papers, the deed, all additional related documents or affidavits, and at long last, the keys!