8 Things First Time Home Buyers Must Know Before Buying04/20/2010 For people that have purchased a home in the past, the whole real estate transaction process can seem like an daunting task. For the first time home buyer it can seem almost impossible. For those of you considering your first home purchase, these pointers may help in your evaluation. 8. Check the prices of nearby homes. By taking advantage of the numerous real estate websites available today, you can prepare yourself with solid information. This will also improve your understanding of your local market. 7. Be honest with yourself about the home you can afford. Realistically consider homes that are priced low enough for you to put down twenty percent. Any down payment below twenty percent will require you to pay mortgage insurance, a protection for the lender, not you. 6. The best time to shop for homes are around holidays and during winter months. This may enable you to negotiate a better price. 5. Don't forget to include homeowner's insurance and property taxes in your monthly home expense calculations. Several online sites can give you an estimate of each of these items. 4. Investigate the amounts you will pay for closing the mortgage, also called closing costs. These costs can include origination, settlement fees, title insurance binder, property taxes and homeowner's insurance. You need to also consider any charges paid up front. 3. Before making a final decision, walk through many homes. Take notes for later comparison and ask for a second visit to any home that you especially like. The second visit will let you use your notes as well as pick out anything that you may have missed on the first visit. 2. Be sure to include a home inspection in your costs, especially in popular neighborhoods. Having a licensed professional inspect the home before you sign the loan documents can serve as a bit of protection for you and add piece of mind. 1. Investigate all loan options, do your resarch on FHA Home Loans, , Conventional Loans, Jumbo Mortgages, VA Home Loans. You must be sure that you understand what you do and do not qualify for. Throughout all of this, don't let the process intimidate you. Purchasing a home should be a joyous time in your life. Focus on the benefits you will acquire once you take ownership of the property. Secure the lowest mortgage rate with the best payment options for youIf you will take heed to the advice above, you will find yourself prepared for the home buying experience. Preparing yourself with first-hand knowledge will make the entire process a much smoother event for you. |
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