Steps to buying a new home

Nine steps to buying a home

1. Figure out how much you can afford

2. Know your rights

3. Shop for a loan

4. Learn about homebuying programs

5. Shop for a home

6. Make an offer

7. Get a home inspection

8. Shop for homeowners insurance

9. Sign papers

You can get details on each step at the HUD website.

Homeownership Myths

Myths about homeownership

"Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home and you have less-than-perfect credit. And remember, you can improve your credit over time. But if you are buying a home and you have less-than-perfect credit, talk to a housing counselor who can help you avoid a mortgage you can't afford. It is important to comparison shop. Be wary of a lender who tells you, "Your less-than-perfect credit means that no one but me will work with you to find you a loan."

Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember that your interest rate may be higher for a low or no down payment loan. Also, be sure to factor in other costs such as closing costs, property taxes, moving expenses, and repairs.

Myth: You can't buy a home in the U.S. if you're not a citizen.
Fact: If you're a permanent or non-permanent resident alien, you can purchase a home in the U.S.

Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history of payments you've made for items such as rent, utilities, and car payments.

Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared. If you are unsure how your information will be used, don't be afraid to ask – it's your right to know.

Myth: If you're late on your monthly mortgage payments, you'll lose your house.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency, and fall behind, it's possible to keep your home and get back on track if you contact your lender early. Even if it is not possible to keep your home, you can sell your home and possibly buy a less expensive one rather than face foreclosure.

Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income."

For More Information or to read the entire article check out the Freddie Mac website.

Why Should You Own Your Home?

Why Own?

"There are many great reasons to consider owning a home:

• You'll have a place that is yours!
  You'll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.

• You may pay less to own a home than you would to rent – and it's yours at the end!
  Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.

• Your monthly payments won't ever go up if you choose a fixed-rate mortgage!
  If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (if your taxes go up, your escrow will go up – increasing your monthly payment).

• You'll build a good nest egg!
  Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who've taken this step."

For More Information or to read the entire article check out the Freddie Mac website.

Buying a Home in Today's Market

Should You Buy a Home in Today's Market? (May 2007)

"Before we start, let us give you one reason to not buy a home right now.

How long do you intend to live there?

A rule of thumb is that it rarely makes sense to buy if you expect to move within two years. That's because when you do sell, there are costs associated with selling. We're not just talking about sales commissions to the buying and selling real estate brokers. Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market.

However, most buyers live in their new home an average of seven years or more. If that fits you, it almost always makes sense to buy rather than rent, in practically any market."

Read the entire article at Real Estate ABC.com

First Time Home Buyer Tax Credits for 2009

What is the First Time Home Buyers Tax Credit?

It's a credit of up to $8000 available to qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

What is the definition of a first time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.

For more information check out the following links:
The Mortgage Reports Blog

Federal Housing Tax Credit

About.com Info

Wichita Falls Wildcats

Action Real Estate is a proud sponsor of the Wichita Falls Wildcats!

ONLY 4 More Home Games Remaining of the 2008-2009 season!

Wildcats Schedule March 2009
Fri 13th Vs. St. Louis Bandits 07:05 PMLocation:KYC HOME
Sat 14th Vs. St. Louis Bandits 07:05 PMLocation:KYC HOME

Fri 20th @ Topeka RoadRunners 07:05 PMLocation:Kansas

Sat 21st@ Topeka RoadRunners 07:05 PMLocation:Kansas

Fri 27th Vs. Springfield Jr. Blues 07:05 PMLocation:KYC HOME

Sat 28th Vs. Springfield Jr. Blues 07:05 PMLocation:KYC HOME

Check them out at http://www.wfwildcatshockey.com/ for more information!

Hope to see you at the game!

Action Real Estate has begun BLOGGING!

Technology is here to stay and so are we! We want our customers to get to know us here at Action Real Estate so we have decided to start blogging. What a great way to show you who we are.

We will provide you with many articles full of information to help you through the process of buying and/or selling your home.

Whether you are in the market to purchase a property or you are needing to put a house up for sale, the agents at Action Real Estate are there to help you every step of the way.

Please visit our website at http://www.actionrealestatesales.com/ to being your journey to a new home!