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    Your First Home Is Your Best Friend: The Definitive Home Buyers Guide
    Your First Home Is Your Best Friend: The Definitive Home Buyers Guide
    Your First Home Is Your Best Friend: The Definitive Home Buyers Guide
    Ebook138 pages1 hour

    Your First Home Is Your Best Friend: The Definitive Home Buyers Guide

    By Anthony Genova

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    About this ebook

    This book is designed for the first time home buyer. It covers the basic fundamentals of becoming financially organized and familiar with the home buying process. It points out the basics to the specifics in user friendly manor. The book it a wonderful go to source for valuable information and data. My website offers a free monthly Real Estate Newsletter on real estate news and trends as well as useful worksheets for the first time buyers.
    LanguageEnglish
    PublisherBookBaby
    Release dateMay 1, 2016
    ISBN9781543907926
    Your First Home Is Your Best Friend: The Definitive Home Buyers Guide

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      Book preview

      Your First Home Is Your Best Friend - Anthony Genova

      Copyright © 2016

      www.firsthomebestfriend.com

      A man is what he thinks about all day long As you think so shall you be

      Dr. Norman Vincent Peale

      If you want to be a homeowner, you have think like a homeowner

      Anthony Genova

      Your First Home Is Your Best Friend

      The Complete Up-To-Date Guide To Purchasing The Perfect First Home

      First Edition 2016

      www.firsthomebestfriend.com

      The information contained within this eBook is strictly for educational purposes. If you wish to apply ideas contained in this eBook, you are taking full responsibility for your actions.

      The author has made every effort to ensure the accuracy of the information within this book was correct at time of publication. The author does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence.

      I am not a lawyer. This website and the content provided herein are simply for educational purposes, and do not take the place of legal advice from your attorney. Every effort has been made to ensure that the content provided on this website is accurate and helpful for our readers at publishing time. However, this is not an exhaustive treatment of the subjects. No liability is assumed for losses or damages due to the information provided. You are responsible for your own choices, actions, and results. You should consult your attorney for your specific publishing and disclaimer questions and needs.

      No part of this eBook may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author.

      ISBN: 978-1-54-390792-6

      Copyright @2016 Anthony Genova

      Table of Contents

      Introduction

      Chapter 1 How and Why your first home can become your new best friend

      Chapter 2 Understanding assets and Liabilities

      Chapter 3 YOUR net worth: Know where you are and where you are going.

      Chapter 4 YOUR income, expenses and the ratio test - How much home can you afford?

      Chapter 5 Fundamentals of Credit: Know your credit score

      Chapter 6 Mortgage Basics & Associated Costs

      Chapter 7 Mortgage types Including Expanded Section on VA Guaranteed Loans

      Chapter 8 How to Search for Your First Home

      Chapter 9 Making an Offer, Negotiating and More

      Chapter 10 Basic Steps in the buying process and your personal action plan

      Chapter 11 Closing day: the beginning of the friendship

      Chapter 12 The power of pre-paying your mortgage & building net worth

      Chapter 13 Conclusion: be a proud owner and a Best Friend

      All The Resources You Need

      Glossary - Real Estate Terms

      Additional Resource Links

      Tax Disclaimer

      About The Author

      Introduction

      My name is Anthony Genova. The majority of my 30 years of experience has been focused on financing the largest purchases made by consumers. Over the past two decades, I have worked through large financial companies providing loans and home mortgages dedicated to consumers. My accumulated experience along with interest rates being the lowest in history of the United States (US) compelled me to share my knowledge. My mission in this book is to assist all potential home buyers in understanding the significant benefits home ownership truly provides. Historically, a unique financial situation exists today in the United States. Take a look at the interest rates over the past several decades.

      While the future is unpredictable, there are indications that interest rates may change. Because interest rates have remained below the historical average for over 10 years, there is a part of a new generation that may be considering home ownership and can still benefit from these low rates. Although interest rates have remained low, the Federal Reserve has increased rates for the first time in many years. See the graph below for the latter part of 2016 (Data Source-Freddie Mac):

      Mortgage rates begin to rise

      The potential positive effect on economic growth and inflation may increase rates as illustrated above.  However stated simplistically, there is nowhere for interest rates go except up, thus higher interest rates only make only make home ownership a bit more expensive.  However the time is now for thoughtful consideration of home ownership while being mindful of a rate climate in the 4% to 5% range.

      I would like to make one final comment about home ownership in America and the American dream. In the 4th quarter of 2016, the home ownership rate is the country totaled 62.9%. This is the lowest rate in over 50 years. An ineffective economy and tougher mortgage guidelines have impacted the ability to purchase a home. But it is this author’s opinion that there is an excellent opportunity RIGHT NOW to buy your first home although the cost of that first purchase appears to be on the rise due to slightly higher rates.

      The Great Recession gave the US tighter controls on the process and the disclosure of various costs and documentation, however as the Federal Reserve sees an improving economy means there is going to be growth in income which basically will act as somewhat of an offset to the rate climate we are encountering.  Therefore, it’s a great time to explore homeownership.

      AMERICAN HOME OWNERSHIP RATE

      Potentially more important to you, the first time home buyer, the more knowledge you gain about the home buying process, the smarter choices you will make, and the fewer mistakes. That knowledge is included in this guide and the corresponding website, www.firsthomebestfriend.com .

      At first glance, the process of home ownership appears complex and an enormous responsibility. This book will assist with many of those concerns especially with the millennials that are quickly becoming potential home buyers. This young group is one of the main reasons I wrote this book and they will do well with the guidelines and resources available here.

      Then there are those who have not taken advantage of the financial environment that makes home ownership the easiest in many decades.

      This group continues to pay ever increasing rent foregoing all the financial benefits of ownership. At no time in history has a square foot of rental property exceeded a square foot of ownership as it does now in much of the United States. For many, a rental payment always seemed less than a mortgage payment. Right? Not today. Over the past decade, many factors have changed the ability to become a home owner. Many of these renters may not be aware of how easy it can be to purchase their first home and how they can save money every month over leasing by doing so. For this group, it is most important that they read this book before the historical opportunity that exists today disappears. Get with the program; it will only make you happy as you finally become one of the lucky ones and take

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