Buying a House – Part 1

Financing a Home Purchase

Hello. My name is Cornelius Collins and I’m a loan originator with Sistar Mortgage which is a mortgage banking company here in the state of Michigan and what I’m going to talk to you about today is how do you go about buying a home if you’re new to this country. It’s the American dream. It’s what a lot of people want to do but it’s a big question that …..

Instructions
Quiz
Exercise 1
Exercise 2
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needs to be answered to make sure that you know what needs to happen and what it is you need to do. Actually, there’s a few different ways that you can actually buy a property when you come to this country. The first one of course is cash. You can pay cash and own the property.

The second is to work out an agreement directly with the seller. And with the seller you can work it out for a number of years where maybe you give them a certain amount of money at first when you purchase the property and then you pay the rest off over a period of time. That type of an agreement gets filed with the local county government which is called a Register of Deeds, and it’s referred to as a land contract so it’s an official agreement between you and the person that’s selling you the home.

The third option and the most common is to purchase a property using a little bit of your own money but then the rest of the money comes from a financial institution whether it’s a bank, a credit union, a small local bank. And that particular type of transaction is referred to as a mortgage where you as the buyer are putting a little bit of your own money into the transaction but then the bank is picking up the rest of that debt. When the bank does that, they place a lien against the home which is again filed with the local county government, the Register of Deeds, and that lien stays on the property until the mortgage is paid off over a course of years that is determined when the mortgage is done whether it’s a very short loan like five years or a longer loan up to thirty or even forty years.

Contact Cornelius: http://www.sistarmortgage.com/

Read our Lawn Maintenance Article

Read our Preparing a House for Sale Article


Have some fun! Try these puzzles.


Puzzle #1 is usually easier than puzzle #2, but try all of them and decide for yourself!

All of the puzzles use words from the video. Feel free to print and copy the puzzles.

Buying a House – Part 1 Crossword Puzzle #1

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Buying a House – Part 1 Crossword Puzzle #2

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Buying a House – Part 1 Word Search Puzzle #1

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Buying a House – Part 1 Word Search Puzzle #2

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Buying a House – Part 1 Word Scramble Puzzle #1

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Buying a House – Part 1 Word Scramble Puzzle #2

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