Your First Home : The Smart Way to Get It and Keep It

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ISBN: 9781932450859 | 1932450858
Cover: Paperback
Copyright: 6/1/2008

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Record Foreclosures. Mortgage Meltdown. Credit Crunch. The headlines are filled with doom and gloom about the housing market. Despite the bad news, millions of people in the United States still want to achieve the American Dream of homeownership - and millions more are trying desperately to hang on to homes they previously bought.Maybe you're one of them. Too bad nobody ever taught you how to become a smart homebuyer - or even told you the whole truth about whether you were really ready to own a home at all.Until now.In Your First Home: The Smart Way to Get It and Keep It, Lynnette Khalfani-Cox, The Money Coach, offers a no-hype personal finance guide that will help you prepare for, find and finance the home of your dreams.For those worried about making the leap from renter to owner, Lynnette explains how to turn bad credit into perfect credit, in seven simple steps. Lynnette walks you step-by-step through the house-hunting and mortgage application process, saving you money and unnecessary frustration.

Acknowledgments	p. 13
Foreword	p. 15
Introduction	p. 17
The Joy (and Pain) of Owning My First Home	p. 18
Sick and Tired of Renting?	p. 18
The Financial Benefits of Homeownership	p. 19
How to Use This Book	p. 20
The ABCs of Finding and Financing Your First Home	p. 20
The Hard Part: Preparing for Homeownership	p. 25
Determine If You are Really Ready to Own	p. 27
Your Eureka Moment	p. 27
A Necessary Reality Check	p. 28
Get Emotionally and Financially Committed	p. 29
Some Words of Wisdom for Women	p. 30
Advice for Singles - And Couples	p. 32
Money Matters Minorities Must Know	p. 33
People Who Shouldn't Become Homeowners	p. 33
Improve Your Credit	p. 37
What is Your Current FICO Score?	p. 38
Why You Need All Three Credit Reports and FICO Scores	p. 39
How Your Credit Rating Stacks Up Against Others	p. 40
The Five Factors That Determine Your Credit Score	p. 41
Why Great Credit is Better Than Cash in the Bank	p. 43
How to Fix Credit Problems and Establish Perfect Credit	p. 44
Can You Piggyback off Another Person's Good Credit?	p. 52
Building Credit With Limited or No Credit History	p. 53
Correcting Errors in Your Credit Report - In Just 48 Hours	p. 54
Save for a Down Payment and Closing Costs	p. 57
The Importance of Establishing a Cash Cushion	p. 58
How Big of a Down Payment Do You Really Need?	p. 59
How Much House Can You Truly Afford?	p. 63
Why Smart Buyers Factor in Contingencies	p. 63
How to Calculate Your Debt-to-Income Ratio	p. 66
Front-End and Back-End Ratios Explained	p. 67
Setting Realistic Expectations	p. 69
Budgeting 101: Mastering Some Financial Basics	p. 70
Two Easy Steps to Creating a Budget You Can Live With	p. 74
Tips for How and Where to Save Money	p. 77
Tips From a Single Mom Who Saved $50,000 in Two Years	p. 81
The Special Account That Triples Your Savings, Guaranteed	p. 82
Alternatives When You Have Little or No Money	p. 84
Using Your Retirement Savings	p. 84
Cash Gifts From Family or Friends	p. 86
The Insurance Solution	p. 87
How Your Employer Can Help	p. 87
Why Big Business Wants You to be a Homeowner	p. 88
New Federal Housing Tax Breaks May be on the Way	p. 88
Take Advantage of First-Time Homebuyer Programs	p. 91
Aid is Available to Overcome the Down Payment Dilemma	p. 91
How Move-Up or Repeat Buyers Can Benefit Too	p. 93
Federal/National Programs You Should Know	p. 94
State Initiatives to Help Renters Become Owners	p. 99
County Programs for First-Time Homebuyers	p. 105
Tapping Into Local and City Housing Resources	p. 106
The Latest From NY to the Windy City & Washington DC	p. 107
Popular Non-Profit and Community-Based Programs	p. 110
Federal Rules Impacting Down Payment Programs	p. 117
Will Government Grant Programs Replace Non-Profit Aid?	p. 118
Do Non-Profit Assistance Programs Really Help or Hurt?	p. 121
Build Sweat Equity in a Home With Habitat for Humanity	p. 123
Lender-Specific Programs for Which You Might Qualify	p. 124
Special Homeownership Programs Based on Your Job	p. 127
The Rise of Employer Assisted Housing Programs	p. 128
The Money is Out There - Just Go Get It!	p. 129
Make Yourself Attractive to a Lender	p. 131
The Importance of Cash, Credit, and Character	p. 131
Why and How Banks Assess Your Character	p. 132
The Character Trait That Can Bolster Your Application	p. 133
Tipping the Scales in Your Favor	p. 136
Turning a "No" into a "Yes" With Compensating Factors	p. 137
How to Get a Loan With $1 a Month in Income	p. 137
How Computers Help Grade Your Loan Application	p. 138
Insider Tips From an Underwriter	p. 139
Let Non-traditional Assets Boost Your Qualifications	p. 140
Intangibles Can't Hurt	p. 141
Red Flags Bankers Don't Like	p. 144
Looking Good on Paper	p. 144
Get Pre-Approved for a Mortgage	p. 147
The Difference Between Pre-Qualified and Pre-Approved	p. 147
What to Expect During the Pre-approval Process	p. 148
The Benefits of Getting Your Loan Pre-Approved	p. 148
A Pre-Approval Letter Saves Time, Money, and Effort	p. 149
The Limitations of Pre-Approval Letters	p. 150
What to Do if You Don't Get Pre-Approved	p. 151
The Fun Part: Becoming an Active House-Hunter	p. 155
Find Your Dream Home	p. 157
Enlist the Assistance of a Good Real Estate Agent	p. 157
Should You Use a Buyer's Agent?	p. 162
A Few Final Words About Agents	p. 164
Getting the Most out of the MLS Database	p. 166
Using the Internet for Your Search	p. 167
Leveraging "For Sale By Owner" Networks	p. 170
Do's and Don'ts When You Attend an Open House	p. 171
The Importance of Cruising the Neighborhood	p. 175
Five Reasons to Hire a Competent Home Inspector	p. 177
Questions to Ask Before Choosing an Inspector	p. 180
Lining Up the Best Lawyer for You	p. 182
Negotiate the Best Possible Deal From a Seller	p. 183
Tips to Secure the Right Price From a Seller	p. 183
Strategies for Buying in a Seller's Market	p. 184
Strategies for Buying in a Buyer's Market	p. 187
Knowing When to Walk Away	p. 191
Select the Right Mortgage and a Good Lender	p. 193
The ABCs of How Mortgages Work	p. 193
Pros and Cons of Fixed-Rate Mortgages	p. 195
Adjustable Rate Mortgages: Are They Right for You?	p. 195
What Flavor is Your Mortgage: Plain Vanilla or Exotic?	p. 197
Interest Only Loans: A Buyer's Dream or Nightmare?	p. 198
Some Thoughts About Subprime Mortgages	p. 199
Choosing the Optimal Loan for Your Situation	p. 201
Private Mortgage Insurance Vs. "Piggyback" Loans	p. 202
Advice for Selecting a Reputable Lender	p. 204
Can You Benefit From Using a Mortgage Broker?	p. 205
Advantages of Using Direct Lenders	p. 209
Smart Questions You Must Ask About Your Mortgage	p. 209
Recognizing "Junk" Loan Fees from Reasonable Ones	p. 212
How to Decipher Your Good Faith Estimate	p. 214
Protect Yourself from Excessive Loan Charges	p. 217
Get an Objective, Professional Evaluation of Your Loan	p. 218
Common Mortgage and Home Buying Scams to Avoid	p. 220
Sail Through the Closing Process	p. 223
What to Expect During This Process	p. 223
Knowing All the Players Involved in Your Closing	p. 224
Preparing for Problems That Could Occur at Settlement	p. 225
Typical Closing Costs	p. 225
How to Know What You're Paying for	p. 227
Dealing With Buyer's Remorse	p. 228
You've Got the Keys, Now What?	p. 230
The Future Part: Determining Your Own Destiny	p. 231
Manage and Preserve Your Biggest Asset	p. 233
Being a Responsible Homeowner	p. 234
Your Home as an Asset	p. 234
What Makes a Home a Unique Investment?	p. 236
Turning Your Net Worth and Property Into a Legacy	p. 237
Five Tax Tips for Homebuyers	p. 238
Estate Planning Tips for Homeowners	p. 239
Follow the Path to Sustainable Homeownership	p. 243
The Seven Commandments of Successful Homeowners	p. 244
Always Pay Your Mortgage on Time	p. 244
Keep Up With All Required Property Taxes	p. 247
Make Sure Your Home is Consistently and Adequately Insured	p. 249
Maintain Your Home in the Best Possible Condition	p. 251
Properly Manage the Equity in Your House	p. 253
What Nobody Tells You About Home Equity Loans	p. 255
Do's and Don't's When Refinancing Your Home	p. 258
Increase the Rate of Appreciation on Your Property	p. 260
Home Improvements That Pay off	p. 260
Avoid Foreclosure and Other Pitfalls	p. 263
What to Do if You Face Financial Difficulties	p. 264
Foreclosure Myths and Realities	p. 265
Strategies and Alternatives to Ward off Foreclosure	p. 267
Beware of These Foreclosure Scams	p. 269
Reputable Homeownership Preservation Groups to Know	p. 271
State and Federal Efforts to Prevent Foreclosure	p. 274
Unexpected Sources That Will Pay Your Past Due Mortgage	p. 275
Last Ditch Efforts if Foreclosure is Inevitable	p. 277
How to Bounce Back if Foreclosure Does Occur	p. 278
Epilogue: Enjoy the Ride - And Strategize to Buy Your Second Home	p. 281
The True Cost of Homeownership	p. 283
State Websites for First Time Homeowner Programs	p. 284
Mortgage Pre-Approval Checklist	p. 289
Lender Comparison Chart and 10 Questions to Ask	p. 291
Recommended Reading for Renters and Owners	p. 292
Homebuyer Resources Available Online	p. 293
Index	p. 297
Table of Contents provided by Ingram. All Rights Reserved.

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Your First Home : The Smart Way to Get It and Keep It

Summary

Author Biography

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Your First Home : The Smart Way to Get It and Keep It

Summary

Author Biography

Table of Contents

Supplemental Materials

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