National Association of Mortgage Planners
Home Buying Action Plan
Successful home buying and mortgage attainment is not an event that comes to some people and not to others because of chance or luck. If that’s an idea you've harbored in the past—eliminate it from your mind right now. Successful home buying and mortgage attainment can be predicted, but you must have a plan and follow that planIf you give a blueprint to a building contractor,do you think that it will be a matter of chance, or luck, that he will complete the structure successfully? Certainly not. He merely begins at the beginning and follows the plan step by step to its completion. It is true for building a modest home, a tall skyscraper, or your dream home.
The Action Plan below is your blueprint for success. If you follow it, successful home buying and mortgage attainment can be yours.
You're probably asking, "Where do I start?"Because of today’s increasingly complex world, The Action Plan is the starting point— follow the time proven logical sequence below and contact your nearest MortgagePlanner.
Complete Financial Inventory
Assets
Liabilities
Cash available
Credit
Capacity (income & debt)
Budget
Complete Wants and Needs Assessment
Description of home
Location
Schools
Recreation
Shopping
Transportation
Church
Resale potential
Employment access
Home Buying Objectives
Understand your rights as a consumer
- Borrower’s Bill of Rights
- Home Buyer’s Bill of Rights
Protect your equity
- True Value of the home
- Cash down
- Closing costs
Determine the risks or benefits when using,or not using a mortgage planner or real estate professional Understand the role of the lender
Use property inspections to your advantage Understand the appraisal process Anticipate closing surprises Know your legal and tax planning needs Accept marketplace realities Prepare for your next role as a seller
Obtain Financial Pre-Approval
Shop for a mortgage planner (Questions to ask a Mortgage Broker)
Hire the mortgage planner that will protect your interest (True Agency)
Contract for mortgage services
Qualify for home loan
Wholesale interest rates
Loan application and package
Pre-qualification
- Pre-loan processing
Pre-approval letter
- Loan processing is complete
Hire an attorney
Know your legal rights as a home owner before signing legal documents
Identify contract terms to protect the buyer
Interview real estate brokers
Know the different types of real estate
services available
Shop for a real estate broker (use interview questions)
Hire the real estate broker that will protectyour interest (True Agency)
Develop a negotiating strategy
Smart Home Buying Tactics
Inspect available product (homes)supply
Newspapers, MLS, the Internet (WWW)
Obtain independent appraisal
True value
Conduct necessary home inspections
The general condition of the home
Re-negotiate important contract terms
Contract terms to protect buyer
Preview closing documents
24 hours in advance of closing
Mortgage planner review with borrower
Real Estate Broker review with Buyer
Close when satisfied
Close only when you understand all the details of the Home Buying transaction
Mortgage Planner & Real Estate Broker will attend closing
Annual Follow-up
Contact NAMP Why use a Mortgage Planner? Understanding "True Agency" Smart Home Buying Tactics Home Buying Action Plan Questions to Ask - Yourself Compare Brokers Borrower's Bill of Rights FAQ How to Hire a Real Estate Agent How NOT to Buy a Home! NAMP Members - Location Map Mortgage Planning = Savings - Article Front Page