Dear Home Buyer,
Congratulations on beginning your journey towards the purchase of your home thus establishing a stronger foothold in the country. This guide was designed by our multicultural marketing division to help you with the process, from beginning to end. Additionally we highlight important events during the transaction and identify responsible parties, whether it is the lender, the Real Estate agent, or the title company.
It is a true honor for us to offer this document to you if you have any questions please contact the local office of Fidelity National Financial group of title companies.
Congratulations again, and thank you for the opportunity to serve you!
Let’s start by addressing some questions you may have……
Why buy a home?
In addition to the pride of ownership and enjoyment that you get from your home,
- You will build wealth as your house value appreciates
- It can be a tax write-off
- Your housing expanses usually increase slower than renting
- You have much more flexibility in how you use, decorate, and/or remodel your home
How do I go about buying a home?
Once you have decided to buy a home, contact a local real estate professional to help you with the process. He/she will help you determine what you can afford, decide what kind of house you want, find the right neighborhood, negotiate the purchase, arrange for inspections, and guide you through the escrow and loan processes that will lead to home ownership.
Do I need a Real Estate Agent, and how can I find a good one?
Definitely, purchasing a home is a big emotional and financial undertaking. Choosing an experienced, professional, qualified Real Estate Agent or Broker help you through the complicated process, and your agent will negotiate with your best interests in mind, throughout the entire transaction.
The Real Estate agents can also make a big difference in obtaining the financing for the transaction, and in finding just the right home for you. Most people in the United States work with a Real estate Professional during the home buying process.
The fees or real estate commission for the Real Estate agent or Broker are usually paid for by the seller of the property. Real Estate agents are only paid if the transaction is consummated.
In order to find an agent who specializes in South Asian home buyers and speaks your language,
- Contact your local Association of REALTORS, South Asian Real Estate Association of America or other organizations that focus on promoting home ownership
- Visit www.SAREAA.com on the web
- Ask your friends or relatives, or
- Call our local Fidelity National Financial group of title company office or visit our website at www.fnf.com or visit www.SAREAA.com for a list of Real estate agents who focus on South Asian home buyers and speak your language.
How do I get a loan, and what terms are better for me?
To make this important purchase you must be fairly well established financially. Your credit history must be acceptable and you must NOT have had bankruptcies for the past seven years. You must be able to present tax returns and other financial documentation during the home buying process. Please keep these financial considerations in mind:
- Do you have money saved for a down payment on the home?
- Do you have a stable, reliable source of income, having been employed regularly for the last 2-3 years?
- Do you have a good record of paying bills?
- Can you pay a mortgage and additional costs, on a regular, monthly basis?
- Do you have relatively few outstanding long-term debts, such as car payments?
Also, ask yourself these questions to determine which is the best loan for you.
- How long do you plan to live in this house?
- Will your finances change significantly over the next few years?
- When do you want to finish paying this mortgage? Before you retire?
- Will you be able to handle a changing mortgage payment amount, or would you prefer that it stay the same over the life of the loan?
Your real Estate Agent can help you find a lender who can help you determine which loan best fits your needs based on the considerations discussed above.
