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Jon Gorey - Home Buying 101: From Mortgages and the MLS to Making the Offer and Moving In, Your Essential Guide to Buying Your First Home

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Jon Gorey Home Buying 101: From Mortgages and the MLS to Making the Offer and Moving In, Your Essential Guide to Buying Your First Home
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Home Buying 101: From Mortgages and the MLS to Making the Offer and Moving In, Your Essential Guide to Buying Your First Home: summary, description and annotation

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Learn all the ins and outs of buying a home and give yourself an advantage in the real estate game with this essential house-buying guidebook.

Buying a first home can be both exciting and nerve-wracking. Will you qualify for a mortgage? Is your dream home achievable? How do you make sure your offer will beat others? Dont worrynow you can arm yourself with the information you need to know before you begin the hunt!

In Home Buying 101, you will learn all the skills you need to find the right house at the right price, with financing that fits your budget. Full of nuts-and-bolts advice and organized in an easy-to-read format, this book will teach you all the basics of:

  • Deciding the right time to buy
  • Getting your finances in order
  • Choosing a realtoror going solo
  • Assessing neighborhood/comps
  • Deciphering the MLS/reading the listings for clues
  • Buyers vs. sellers markets
  • Types of mortgage loans
  • Property...

Jon Gorey: author's other books


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Contents
Guide
Test Out the Real Feel for a Neighborhood and Your Commute by Spending a - photo 1

Test Out the Real Feel for a Neighborhood (and Your Commute) by Spending a Night in a Vacation Rental.

Know Your Debt-to-Income Ratio Before you Apply for a Mortgage.

Budget 1% of Your Homes Value Per Year for Maintenance.

You May Not Need as Big of a Down Payment as You Thinkand Government Programs Can Help.

Home Buying 101

From Mortgages and the MLS to Making the Offer and Moving in, Your Essential Guide to Buying Your First Home

Its Easier than Ever to Learn Your Credit Score, But Improving It Still Takes Time and EffortLearn How.

Consider Touring 50+ Homes to Get a True Feel for the Market.

A Crash Course in Buying Your First Home

Jon Gorey

Home Buying 101 From Mortgages and the MLS to Making the Offer and Moving In Your Essential Guide to Buying Your First Home - image 2

Home Buying 101 From Mortgages and the MLS to Making the Offer and Moving In Your Essential Guide to Buying Your First Home - image 3

Adams Media

An Imprint of Simon & Schuster, Inc.

100 Technology Center Drive

Stoughton, Massachusetts 02072

www.SimonandSchuster.com

Copyright 2022 by Simon & Schuster, Inc.

All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever. For information address Adams Media Subsidiary Rights Department, 1230 Avenue of the Americas, New York, NY 10020.

First Adams Media hardcover edition February 2022

ADAMS MEDIA and colophon are trademarks of Simon & Schuster.

For information about special discounts for bulk purchases, please contact Simon & Schuster Special Sales at 1-866-506-1949 or .

The Simon & Schuster Speakers Bureau can bring authors to your live event. For more information or to book an event contact the Simon & Schuster Speakers Bureau at 1-866-248-3049 or visit our website at www.simonspeakers.com.

Cover design by Alaya Howard

Cover images 123Rf; Clipart.Com

Library of Congress Cataloging-in-Publication Data has been applied for.

ISBN 978-1-5072-1740-5

ISBN 978-1-5072-1741-2 (ebook)

Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book and Simon & Schuster, Inc., was aware of a trademark claim, the designations have been printed with initial capital letters.

This publication is designed to provide accurate and authoritative information with regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations

INTRODUCTION

Buying your first home is a big deal. Whether youre thinking of purchasing a single-family house, a condo, or even a multifamily property, buying a home marks a major financial commitment, an emotional milestone, and a powerful investment in your future.

Homeownership can help you create more than just memories and a sense of placeit can help you build lasting, multigenerational wealth for you and your family. And yet, even though everyone needs a place to call home, purchasing property isnt something youre likely to do very often in your lifemaybe a handful of times at most.

Thats one reason the home buying process can feel so exciting and so daunting at the same time. Youre about to take a big, unfamiliar step, literally opening a door to a new world of possibility. Its not a step to take lightly, and getting the keys to that door wont be easy: It will demand thousands of dollars, head-spinning contracts, and more math than youd probably care to know. The home you buy, and where its located, can have an outsized impact on your life for years to come. Simply put, theres a lot riding on this decision.

But dont fear: As momentous and mystifying as all that sounds, Home Buying 101 will get you ready to meet this high-stakes challenge with confidence. Itll help you determine whether youre ready to buy a homeand if not, what it will take to get you there. Youll learn practical strategies for saving up a down payment, or even avoiding one altogether, and boosting your credit score to make yourself mortgage-ready. Youll find out why a homes location is so important, and how to gauge the personality and livability of a community. Youll gain an understanding of essential home systems, from water heaters to wiring, and how to evaluate their condition. Youll be introduced to the key concepts and players involved in a real estate transaction, and learn about working with home professionals and negotiating an offer.

In addition, Home Buying 101 answers such questions as:

  • How much house can you afford?
  • Why do you need a Realtor?
  • What are points?
  • What are closing costs, and who pays them?
  • Why and when should you lock your interest rate?

From your first open house to the moment you cross the threshold as a new homeowner, Home Buying 101 will take you step by step through the process so youll be better prepared to make the purchase of a lifetime.

Chapter 1 Are You Ready to Buy a Home?

Youre about to embark on a momentous journey. If all goes well, by the time you finish reading this book you may literally be in a different location, even if its just across town.

But youre in for an emotional odyssey as well. Buying your first home is one of the most exciting things you can doa whole new world of possibilities. It may also push your budgetary boundaries to the breaking point and test your patience and resilience. You are bound to face moments of disappointment and worry along the waytogether with relief, excitement, and immense pride and satisfaction. So: Are you ready?

WHY BUY A HOME?

Define Your Dreams

Owning a home has long been considered a cornerstone of the American Dreamone that doesnt appear to be going away anytime soon. A recent survey of teens and young adults in Generation Z revealed that 86 percent plan to own a home one day.

So theres a good chance homeownership is something youve always wanted and imagined for yourself. But as you begin the exciting process of turning that vision into reality, its worth reflecting on the contours of your particular homeownership dream.

The enduring image of home is that of a single-family house (an increasingly larger one) with a white picket fence outside. But that version of the American Dream is hardly the only one available, and it may not fit your wants, goals, or circumstances. So dont force yourself into someone elses idea of what home should look like. Think about what you want from a home.

Home is what and where you make it. It can be a cabin in the woods or a condo in a high-rise building downtown. It can be a place to set down roots and make lasting memories, or part of a long-term investment strategy (or both). Buying a home is your chance to define your dreams.

Most Buyers Would Prefer a House to a CondoIf They Can Afford One

Nine out of ten home buyers (89 percent) said they would prefer a single-family home with a backyard to a condo closer to their workplace, according to a 2019 study by the real estate brokerage Redfin.

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