Buying your First Home

Step 1- Your Finances


Establishing credit is very important especially when you are looking to purchase a large investment like a house. Your credit reports reflects how you manage your finances. Study your credit report and your financial history so you are familiar with it before applying for a mortgage. These reports will be needed for the mortgage approval process in finding out the interest rate and other loan terms.


Step 2- Familiarize Yourself with the Mortgage Industry


Do your research. Finding the right loan and lender is extremely important to your home buying success.
Choose the lender that is best for your needs but be sure to understand the loan process as much as you can before talking to a lender so you don’t feel completely lost.

Step 3- get Pre-Approved for a Mortgage


Once you talk with a lender, you should be given an estimate of how much you can afford for a house.
Being pre approved can help you in a variety of ways. So if a home seller gets two offers, one being yours with a pre approved letter from your bank saying you have been approved for the amount offered, and then there is the other person with no letter, your chances of getting the house are much better.

Step 4- Determine what you Want and what you need


Buying a home isn’t as challenging as most think. If you familiarize yourself with the real estate market and narrow down what you want and need before buying house the process will run a lot smoother.
Be sure to understand agent duties and devotion because some real estate agents represent buyers, sellers, or both or depending on the state they can work as neutral facilitators for either party.


Step 6- Start Searching for your New Home


Your agent will most likely give you multiple listing sheets to review. You might have also picked up a real estate magazine in your area and found a house through that, shop online, or find ads in the newspaper. Other ideas can be driving around the neighborhoods that have houses for sale. Either way you look, consider these home buying search tools in your search.


Home Buying Search Tools


1. Consider houses that others may overlook
2. Get out there to see what’s out there
3. Look into public versions of multiple listing service web sites
4. Search for real estate agent web sites
5. Browse real estate search engines and networks
6. Find for sale by owner properties
7. Look at magazine and newspapers in print
8. Find foreclosed homes


Step 7- Handle Pre-Offer Tasks


When looking at houses be sure to look at its structure and features which can help determine if its something you want or not.


Step 8- put in an Offer


There's no one specific set of instructions that cover all the differences in real estate laws and customs that exist throughout the United States, so when putting in an offer on a house, it will depend on your location.


Step 9- House Inspections and Other Tests


Some states allow home inspections before the final contract is signed where as in other states inspections take place after the contract is signed. No matter when you have to do them, it's very important to decide which inspections and tests you want done.
Discuss with your real estate agent or if you don’t have one, then an advisor to find out when inspections should happen and if additional types of testing are needed for a specific area.


Step 10- Avoid having to Correct Last Minute Problems


As the closing date approaches, everyone involved in your real estate transaction should be checking the progress on a daily basis. That way if a problem arises it can be taken care of right away.
Step 11- Closing
Closing, also called settlement, is the event that transfers ownership of the property from the last owner to you.


Happy house hunting! 

A Divorce Glossary

Divorce lawyers and law firms can provide a great deal of divorce information and divorce advice; but sometimes, all that legal jargon can be confusing to say the least, not to mention intimidating. Getting a good, low cost divorce settlement requires planning and research.

So, why not start here? We have provided you with a good glossary of legal terms related to the process of getting a divorce:

Alimony
A regular support payment by one divorced spouse to the other

Annulment
A court declaration stating that a legal marriage never existed

Arbitration
Having a disputed matter settled by a third party who is not a judge.

Attachment
A court-ordered seizure of a debtor’s property.

Attorney at Law
A state-licensed advocate who is hired to prepare, manage and try a case in court.

Alternative Dispute Resolution
A process of negotiation, mediation and arbitration, in lieu of a trial, as a way to resolve issues pertaining to a judgment of divorce.

Case Information Statement (CIS)
A financial document specifying the details of your respective incomes, expenses, assets, and debts.

Child Support
Money paid by one ex-spouse to another toward their child’s expenses.

Common Law Marriage
A marriage without a license or ceremony in which the couple cohabitated for a minimum number of years (varies from state to state).

Default
Failure to do something (such as make a payment) on time.

Discovery
The legal procedures used to gather all the facts necessary to settle a case or to prepare the case for trial.

Dissolution of Marriage (Divorce)
The legal separation of a married couple so that each one may be free to marry again.

Equitable Distribution
A fair division of the assets acquired during your marriage.

Inventory and Appraisement
A list of jointly-owned property along with the current value of each one.

Joint Legal Custody
An agreement in which a divorced couple share the rights and responsibilities of making major decisions about their child’s life.

Joint Physical Custody
The shared right to have a child live with one or the other parent at different times of the week or year.

Judgement of Divorce
A legal document following a settlement or trial that grants a divorce and states the court’s decisions with regard to alimony, support, custody, visitation rights, and equitable distribution.

Maintenance
Alimony or child support payments

Marital Settlement Agreement
An out-of-court agreement that resolves all issues surrounding a divorce.

Mediation
A process by which a dispute is resolved and an agreement between two parties is reached with the assistance of a disinterested third party known as a mediator.

Non-Marital Property
Property that belongs exclusively to either the husband or the wife and, as such, cannot be divided between the two.

No-Fault Divorce
A divorce granted with the mutual agreement of two spouses, or when one spouse has left the marriage for a certain period of time (varies by state).

Rehabilitative Alimony
Alimony that helps the ex-spouse to become self-reliant.

Separation
The absence of one spouse from the household before a divorce.

Separation Agreement
A temporary agreement with regard to support, child custody and property for the period between the onset of separation and the granting of a divorce.

Spouse
A husband or wife

Support
Payment due to one spouse from the other regarding housing, food, clothing, and other expenses.

Transfer
To switch legal ownership from one person to another.

Verification Statement
An oath declaring that the information stated in a document is true.

Visitation
The right for a non-custodial parent to visit his or her child.