Becky Hicks.com

Security - A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.

Investment - Payments on your mortgage loan mean you are acquiring a major possession; instead of rent, you own more and more. The garden you plant, the permanent improvements you make - all enhance your way of living as well as the value of your home.

Tax Advantage - Your real estate taxes and the interest on your mortgage are deductible from your income tax.

Financial Independence - Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.

Cash Equity - Better than a savings account, your home can appreciate to keep pace with inflation.

Satisfaction - Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home.

Our handy calculators or a RealtySouth Mortgage Consultant can offer you valuable assistance in determining how much home you can afford and how much you can borrow.

Here's a quick look at the steps you'll take when buying your first home with RealtySouth:

1. Determine how much home you can afford. You can do this by using our Finance Center Tools.

2. Conduct a preliminary search with our Home Search. You may even want to save some of your searches and schedule home showings online.

5. Once you find a home on which you want to make an offer, you'll sign a purchase agreement and give the seller earnest money to seal the deal. If your offer is accepted (sometimes with contingencies), determine a date you wish to close.

6. Have your new home inspected to ensure there's nothing seriously wrong with the property. It’s also a good idea to get homeowner’s insurance to protect yourself against any unforeseen calamity.

7. Notify your loan officer that you've found a property so they can begin the appraisal and title process. And, lock in your interest rate. Your loan officer will send you a new good faith estimate which shows your monthly mortgage payment as well as your estimated cash needed for closing. The title company will notify you of the time and date you close on your home and the items you'll need to bring to closing.

8. Notify your phone company, utilities (don't forget water and sewer), moving company, post office, newspaper and magazines, friends and family (see our moving checklist) and change your mailing address.

It’s a good idea to figure out how much you can afford and get pre-approved for a mortgage before you start home shopping.

Before you go out looking for a home, you can get an idea of what you can afford by using our Finance Center Tools. This handy tool will help you estimate how much mortgage you can handle.

Another thing to consider is your down payment amount. Think you can't buy a house without a 10% or 20% down payment? Thanks to more lenient government guidelines and new mortgage products, many people can now get into a house for as little as 3% down-or less. There are even some special programs for first-time buyers that help with closing costs.

Equity is the principal part of your monthly payment that you can use as a down payment on a new home, or collateral for a home equity loan. You can use a home equity loan to finance home improvements, a child's college tuition, or a new car.

Real estate is also a great way to keep a hedge against inflation. While some homes do appreciate in value more quickly than others, real estate usually keeps pace with inflation. In fact, homes in general have been appreciating at a steady 3% a year.

As a homeowner, when filing your taxes you can deduct the interest portion of your monthly payment, and that can mean big savings. You can deduct your property taxes, too.

So look at what your monthly mortgage payment will actually be, taking your tax breaks into consideration. You may find out it's about the same as-or sometimes even less-than a rent payment!

Pre-qualification is just a guesstimate of how much you could afford. But with a pre-approval, it's just that: getting your mortgage approved prior to going out and looking for a new home.

Your loan officer will show you which items you should bring to apply so neither of you will need to wait for various written income, asset and liability information. So you could get a loan decision in just days. And with a RealtySouth Mortgage Consultant, you can get your approval quickly!

Sure, you can do your home search by yourself. But why? With an experienced RealtySouth Sales Associate at your side, finding the perfect home is easier, faster and a lot more fun. A good Realtor^® can show you more suitable properties, offer valuable advice, and coach you through the entire home buying process. And you'll save time. Yet many buyers still spend endless hours pouring through classified ads, driving all over town, and viewing dozens of unsuitable properties - simply because they haven't connected with a Realtor^®.

Some people think that if they have several agents looking for homes on their behalf, they'll find a house more quickly. Like most relationships, the buyer-agent relationship thrives on communication, loyalty and trust. By working exclusively with one agent, you'll improve both the process and the results.

Chemistry is important. So are credentials. Above all, you'll want a well-trained agent who has the resources of a leading real estate firm behind him or her - a firm such as RealtySouth.

Time for nervous anticipation. You've found the home you want, and your RealtySouth Sales Associate says you need to act fast. Yet you want to be as calm and objective as possible. The expertise a RealtySouth Sales Associate can give you at negotiating time is priceless.

Be prepared for counter offers. Don't let the pressure get to you. Remain patient, and let your RealtySouth Sales Associate act as your liaison with the seller or the seller's agent. You may need to be flexible on price, closing date, appliances and repairs.

Beware of putting contingencies in your purchase agreement. They weaken your offer. However, if you currently own a home, your offer may need to be contingent on it selling. Or, if you're uncertain about the structural integrity of the home, you may want to have a home inspection contingency. Just be aware any contingency could take you out of the running if a non-contingent offer is presented.

The expertise a RealtySouth Sales Associate can give you at negotiating time is priceless.

Beware of putting contingencies in your purchase agreement. They weaken your offer. However, if you currently own a home, your offer may need to be contingent on it selling. Or, if you're uncertain about the structural integrity of the home, you may want to have the contingency of a home inspection. Just be aware any contingency could take you out of the running if a non-contingent offer is presented.

Once your offer is accepted, be prepared to seal the deal with earnest money. Earnest money is usually a percentage of the home's purchase price that indicates you're serious about the purchase and indicates your good faith. It's generally applied to the purchase price when you complete the purchase, but may be forfeited to the seller if you fail to complete the purchase. Contact your Sales Associate to determine the amount of earnest money you should be prepared to pay based on your target home price.

Many first-time buyers are taken by surprise when it comes to earnest money, especially if they have to make a fast offer. Be sure to discuss with your Sales Associate the appropriate amount of earnest money you should be prepared to pay based on the price range of properties you're looking at. You should have this amount available in your checking account so you can write an earnest money check on the day you sign your purchase agreement.

"Beauty is only skin deep" is especially true for houses. A fresh coat of paint or new carpeting may disguise serious flaws. That's why you want to make sure a professional inspects your new home. And to protect your most valuable investment, be sure to have homeowner's insurance.

Your home typically is the single biggest investment you'll ever make and by protecting it with homeowner's insurance you'll have financial protection against the unexpected. Aside from protecting your home and your possessions, it provides you with liability coverage.

A professional home inspector surveys of the foundation and structure, roof, exterior, major systems (electrical, heating, cooling and plumbing), and appliances that will stay with the home.

Tour the house with the inspector, who will point out potential trouble areas, as well as what's "sound." If the inspection does turn up some flaws, a seller is often willing to make repairs, but it may depend on market conditions.

Take notes as you tour. Get the inspection report in writing. This document will support or deny the contingency addendum to your agreement.

You can add a home inspection contingency to your purchase agreement. This requires the seller to make legitimate repairs - or if the seller is unwilling to do so, it allows you to cancel your agreement.

An inspection may take a few hours and cost a few hundred dollars, but it can save you time and headaches in the long run. Your Sales Associate can recommend a professional inspector or you may want to look into homes that are inspected prior to sale and are warranted through RealtySouth Warranty.

There are two kinds of title insurance - a lender's title policy and an owner's title policy. To protect their interest in your property, mortgage lenders require buyers to purchase a lender's title policy. But a lender's title policy doesn't protect your interest as the homeowner.

For this you need an owner's title policy. This policy pays for all court costs and related fees associated with any claim that might come up. Also, if a claim is found to be valid, your actual loss-up to the face amount of the policy-is covered.

Many people may attend the closing: you, your RealtySouth Sales Associate, the seller (or builder) and their real estate agent, and an escrow agent (closer) from the title company.

During the meeting, which usually takes an hour, you and the seller will review all of the relevant closing papers, many of which you'll sign. Then, after providing a cashier's or certified check for the down payment and closing costs, the keys are passed to you and the house is yours!

In the rush of excitement of owning a new home, don't forget to bring these following itemswith you:

A photo ID.
A list of your addresses for the past 10 years.
A certified check, made payable to yourself, for the amount specified in your mostrecent Good Faith estimate you received from your loan officer or lender. This usually includes the balance of your down payment (subtract the earnest money you paid when your offer was accepted), and fees for other services.
Your personal checkbook so if other charges come up, you can write a personal check to cover them.
Your homeowner's / hazard insurance binder with proof of one year's payment (usually a receipt).

Summer is 'peak' moving season. If you can be flexible about when you move, don’t wait until the summer. Also keep in mind that the first and last weeks of the month are extra-busy for all movers.

Specify the exact date you want to move and when it will be convenient for an agent to visually survey your household and prepare an estimate.

Tour your house before the agent arrives. Check from attic to basement, and determine what will be moved and what will be discarded. Show your agent everything you will be moving.

If you plan to do the packing yourself, start collecting suitable containers and packing materials.

Take advantage of the online change-of-address services provided by 'MoversGuide.com' It's easy and convenient... just click here!

If you are being relocated at your company’s request, find out what portion of your moving expenses will be paid by the company. If your company has a written moving policy, ask for a copy.

Dispose of all flammables such as cleaning fluids, aerosol cans, fireworks and matches.

Drain the fuel from your power mower and other machinery. Discard partly used containers of any substance that may leak. Empty the water from your steam iron.

Obtain a written appraisal of antique items to verify their value. Don’t wax or oil wood furniture before moving, because some products may soften the wood, making it vulnerable to imprinting from furniture pads.

Unplug all electronic equipment such as television sets, home computers, stereos, etc., 24 hours in advance of a move so they will be at room temperature on moving day. Moving a TV set and other electronic equipment in which heat is still retained could cause internal damage.