Finding Real Estate Web Sites

The internet offers tons of free advice for homebuyers : everyone has an opinion about when and what type of house someone should purchase. The internet provides authoritative information to assist you in your decision making. One good example is the Consumer Information Center Web Site , located at www.gsa.gov/staff/pa/cic/housing.htm. This is an excellent online source for government publications and offers free literature to help new and experienced homebuyers shop for real estate and mortgages.

When you access the Information Center, you see a broad listing of booklets that explain different issues faced by homebuyers (definitions of adjustable rate mortgages, homeowners insurance, appraisers, and physical inspecting services, to name a few). Select the brochure you want to read, and either print it out or save it on a floppy disk so you can read it at your convenience.

Getting a mortgage is central to purchasing a home. A mortgage is a serious issue, and an edu-cated consumer is less likely to have their home loan application denied. Additionally, knowing which mortgage is best for your financial situation and how to shop for the best mortgage rates can help you buy the best house you can afford. The mortgage process has radically changed over the past fewyears.

Becoming knowledgeable about mortgages is easy with the Internet. First-time homebuyers can visit homes online and learn about the real estate market in their local areas. Unless you're paying cash for your dream home, most new homebuyers need to learn about mortgages. Mortgage Mart (www.mortgagemart.com) provides detailed information about theI process of shopping and obtaining a mortgage."Online Mortgage Advice and Lending.") You'll discover which loan is right for you and how you can get almost instant online home loan preapproval. You'll also learn how to take advantage of creative financing options.

The Web can help you deal with the paperwor you'll need to complete a loan package. The business of getting a mortgage means filling out forms. The best way to handle this paperwork is to use the Internet to learn about real estate terminology andI mortgage procedures. Mortgage lending is a well established process. However, the way in which different mortgage lenders approach this process varies. You'll need to supply lots of financial documents, such as income tax reports, pay stubs, and copies of your bank account statements.

To purchase the property of your choice, you'll need to order a title search, appraisal, and a physical inspection. The Real Estate Library (www.relibrary.com) has all the major real estate topics listed and provides links to informative articles that can help| you get a handle on what sometimes looks like an| arcane process. For legal matters, Nolo Press (www.nolo.com) is a source of forms and legal information. Of course, depending on your specific situation, you may need the advice of an attorney in the area in which you are buying the house.

It's important to determine how large a home mortgage you can afford before you go shopping.Today, there are around 3,000 online mortgagelenders. Many of these Web sites have online calcu-lators so you can enter your personal informationand learn the maximum amount that you will beable to afford. Many local Realtor Web sites alsohave calculators, as well as locally tailored information specifically for their area. You can also use theonline calculators at home buying supersites like Financenter.com (www.financenter.com), shownbelow, by following these steps:

1. Go to the Financenter.com homepage and click on Homes.

2. When the next Web page appears, in the Click Calcs box, select How Much Can I Borrow?

3. Enter the required information.

4. The calculator uses a formula based on your total income, your long-term debt, and the cost of the property (including property taxes) to determine how large a home loan you can afford.

If you use different online calculators you may get a variety of amounts you can afford, but they will : all be in the same price range. This is because different lenders have different loan policies, so youmay not be able to get the same size mortgage from every lender—whether you use online calculators or talk to live people at a variety of lending institutions.

When you know how much home you can afford, you can go online to shop for the best rate,which can save you thousands of dollars over the course of the loan term. The cost savings can allow you to purchase a larger home, improve the quality of your lifestyle, or help pay for your child's college tuition.

Many people use newspapers to find interest rates. Web sites such as Bankrate (www.bankrate. corn) compare rates nationwide. This is valuable because many small banks don't advertise their rates. With the Internet you can shop for lenders of all sizes and select the ones that offer the best rates.