Advice For Home Buyers From TGI Realty

Whether you're a first time buyer or an experienced buyer, the  purchase of a home is a very exciting prospect, but it is also complex and  at times it can be frustrating. I'd like to give you some idea as to what  to expect.

1. You should select a "Buyers Agent" who will provide you with  the security and comfort of an agent representing you throughout the  entire buying process. Select a TGI Realty agent and you will be assured  of having a very smooth and enjoyable home buying experience!

2. Our first consultation will help us to understand what your  needs and desires are for your new home. We will determine mortgage  financing criteria and qualifications as well as the different types of  loans. We will examine the sales contract, riders, earnest money  requirements and the offer procedure. We will explain MAP MLS, MLSNI and the  ability to show all company's listings in all areas. For this reason we will  ask that you contact us for information on any property regardless of which  company has it listed.

3. We will do an initial tour viewing a cross-section of homes  where we can refine your likes and dislikes. Then we will prepare a listing  of homes for viewing which meet your criteria. We will also assist if  you find a home that is not on the list that you would like to learn  more about.

4. When you find a home for which you'd like to make an offer,  together we will determine the terms based on your particular needs. We  will assist you in the filling out of all legal papers and matters. (The  contract will be contingent upon your attorney's approval and a building  inspection). We will make the arrangements with the listing agent and the seller  to present the offer. at which point the seller has the option to  accept, reject or counter the offer. When both parties agree on the  contract terms it is then time to apply for a loan.

5. Applying for a loan is a very detailed process. We'll supply  you with a list of the most frequently required information needed to  process your loan. Most loans take around 35 days although it is not  uncommon for this to take longer.

Financing Property

The following is a list of some of the methods of financing the  acquisition of the home or income property of the buyer's choice.  Although this list is not all inclusive, it represents the most common  means of financing, as well as a number of unique financing alternatives.

1. All Cash Down payment plus new, conventional loans 
2. Fixed Rate, Level Payment
3. Adjustable Mortgage Loan (AML) (Banks) 
4. Adjustable Rate Mortgage (ARM) (S&L's)
5. Graduated  Payment Mortgage (GPM)
6. Graduated Payment Adjustable Rate Mortgage  (GPARM)
7. Pledged Account Mortgage
8. Buydown Mortgage Down  payment plus assumption of 1st with..
9. Cash to Existing Mortgage
10. Institutional 2nd
11. Institutional Wrap
12. Seller Second 
13. Seller Wrap Down payment plus government insured or financed 
14. Federal Housing Authority, FHA - various plans, rates, term 
15. Veterans Administration, VA - Various plans, rates, terms
16. G.I. and State Veterans Programs
      Other sources of down payment or entire  purchase price
17a. Down Payment
        Stocks, bonds
        Other property
        Relatives
        Sale of other assets
        Bridge loans
17b. Entire Purchase Price
        Existing mortgages on other properties
        New mortgages on other properties
        Exchange of other properties 
        Other Unique Mortgages
18.   Growing equity mortgage (GEM)
19.   Shared appreciation mortgage (SAM)
20.   Reverse annuity mortgage 
21.   Land sale contract (contract of sale) and/or lease options

Within each category listed above are many subcategories. For  example, floating rate mortgages (AMLs, ARMs, GPARMs) can be structured  with or without negative amortization, etc.

Further, certain mortgage instruments, i.e., Lease Options,  Land Sale Contracts, SAMs, and others should only be used with the  assistance and advice of an attorney.

Note: The above information is to be used for discussion  purposes only, and may be subject to numerous state and local variations. Advice  of counsel should be sought where appropriate.

Learn Your Rights as a Homebuyer! You can find detailed  homebuying information at HUD's website.