Buyers Fund -- No Down Payment Mortgage Assistance

	Discovering Homeownership

	Learning About Credit & Income

	Banking on a Mortgage

	Understanding Settlement Costs

	Homeownership

	Understanding Refinancing

Discovering Homeownership:

Is Homeownership For You? | Why Own a Home? | Financial Considerations | Pre-qualify for a Mortgage

Financial Considerations

Maintenance and Repair Costs

As a homeowner you will be responsible for repairs and maintenance, appliance repairs, painting, roof repair, plumbing and heating repairs, yard maintenance and the appearance of the home.

Limited Mobility

There are costs associated with selling a home. These costs include: hiring a real estate professional, real estate commissions, title insurance and recording fees which will have a negative effect on your equity.

The Value of your Home Can Go Down

Your home can go down in value or depreciate. Depreciation is caused by a number of reasons, such as economic recession, not keeping the home in a good state of repair, and the neighborhood.

If your house loses value, you may have to sell the home for less than what you paid for it, reducing your equity. You could take a loss on your home and need to bring in cash inorder to pay the loan balance.

Most homes increase in value rather than decrease but it is important to understand that property values can go down.

Next : Pre-qualify for a Mortgage

Is Homeownership For You? | Why Own a Home? | Financial Considerations | Pre-qualify for a Mortgage

Real Estate Professional:
An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller, unless you have specifically contracted with a buyer’s agent. The real estate professional represents the interest of the property seller. Real estate professionals may be able to refer you to local lenders or mortgage brokers, but are generally not involved in the lending process.

Real Estate Commission:
Unless otherwise negotiated, the real estate commission is a percentage of the sales price. This percentage is usually 6-7 percent and is paid by the seller to the real estate company at the time of settlement.

Title Insurance: Insurance that protects lenders and homeowners against loss of their title interest in the property because of legal problems with the title.

Depreciation:
A decline in the value of a house due to changing market conditions, decline of a neighborhood or lack of upkeep on a home.