By Donna G. Albrecht
Do you dream of getting a house of your personal? With approximately 1/2 all new domestic dealers being unmarried, you are in strong corporation. yet how do you move approximately discovering the ideal position and really paying for it? What do you, as a unmarried individual, want to know? In deciding to buy a house if you are unmarried, Donna Albrecht demystifies the home-buying method and takes you step-by-step in the course of the whole strategy of buying the house of your dreams--from hiring a true property agent to final the deal. no matter if you envision your self in a palatial mansion or a modest residence, co-op, or synthetic domestic, this is your consultant to creating your dream come true!
* learn the way mortgages paintings and the way to decide on the simplest one for you
* safe financing to suit your incomes power
* locate particular aid for first-timers
* Mine the Internet's wealthy genuine property information
* assessment housing offerings together with co-ops, condos, single-family dwellings, synthetic houses, and others
* Negotiate the simplest cost on a home
* enhance your funding after your purchase
Read Online or Download Buying a Home When You're Single, Revised and Updated Edition PDF
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Extra resources for Buying a Home When You're Single, Revised and Updated Edition
In that case—or if you are employed but hate to spend the time gathering documents—and if you know you have a substantial down payment (20 percent or better), you might want to apply for a special category of loan that requires less documentation. The name of the loan varies from lender to lender. It might be called a low-document loan, a no-income-qualifying loan, or something similar. The important factor is that by putting at least 20 percent down, you protect the lender if you default on the loan because the lender expects to be able to recover its 80 percent from selling the property.
When you are negotiating the equity-sharing contract, you will want to have an experienced Realtor, tax adviser, and/or attorney advising you since there are so many variables. A simple arrangement could have the investor make a one-time investment in exchange for a portion of the appreciation in value (often 50 percent), leaving you responsible for the mortgage payments and any repairs and remodeling done during the contract period. More complex arrangements could have provisions for dividing costs of any expensive remodeling projects or for adjusting the shares of the appreciation in value to reflect each party's contributions of cash and/or labor.
First, you will save time and emotional wear and tear by limiting your home search to properties you may be able to buy. Like many others, you may be happily surprised to find you can qualify for a larger mortgage than you originally imagined. Second, if you are buying during a seller's market, the seller of a home you are making an offer on may be more inclined to accept your offer than one made by someone whose ability to qualify for a mortgage is in question. In fact, in meeting with a lender to prequalify—or doing it through an online Web site—you are giving yourself an opportunity for a no-stress exploration of your options.
Buying a Home When You're Single, Revised and Updated Edition by Donna G. Albrecht