Your dream abode is well within your reach with a first time buyer by Philip
As the generic term first time buyer signifies, this is a well-designed mortgage plan for all those, who are looking forward to buy their own home very first time. Nowadays, when lending market is crammed up with numerous lenders offering a plethora of loan options, anyone looking to buy a property for the very first time can easily get puzzled. Thus, a first time buyer mortgage can be a well-suited loan option for such people. Most of the time people without home or tenants prefer to go for a first time buyer mortgage to get the key of their dream abodes.
It's not easy to buy a home in present day real estate scenario, as property rates are nearly touching the sky. Thus, a borrower needs much required support to buy his dream abode. A first time buyer mortgage is truly unique in itself as it gives decent opportunity to a borrower to use the tied up equity of his newly bought home. Thus, this newly bought home is offered as collateral against the loan amount like a secured loan. A borrower enjoys some benefits with a first time buyer mortgage such as a low interest rate with small monthly repayments, which makes the repayment easier.
However, innumerable lenders have entered the lending markets, who offer a first time buyer mortgage, but things are still quite difficult for a first time buyer. Lenders do take help of some appealing advertisements, besides that also offer, some added benefits, but a borrower can easily find himself confused among various first time buyer mortgage plans. Therefore, in such situations, it becomes indispensable for a borrower to do a prior research before opting for any of the first time buyer mortgages. This research is not a big task as a borrower can gather all the required information on Internet by visiting the websites of some lenders.
Tips for a first time home buyer by Jake
With rate of interests, remaining static and a booming housing market, now's a good time for a First time home buyer to purchase a house. You can easily become overwhelmed with the prospect of making one of the biggest investments you will ever make in your life. There are some points worth considering for a first time home buyer:
Educate yourself:-Before looking for a home, educate yourself on the home buying process. Surf the Internet, as there are many websites, which provides information on mortgages and home-buying programs, tips on selecting a real estate professional, access to housing counsellors, etc. apart from a list of FAQs of first time home buyers.
Check your budget:-have a serious look at your financial capability, and calculate how much you can pay for mortgage payments every month. Also, take into account other factors such as insurance, property taxes, maintenance, utilities etc., which will affect your monthly budget once you become a homeowner.
Mortgage loan requirement:-rejection of a home loan is one of the main worry for a first time home buyer. To lessen the stress, look for a pre-approved loan before looking at prospective houses. This will not only help you feel more confident, it will also give you an advantage where there are multiple offers for a specific property.
Down payment amount:-The amount you need to pay as down payment varies depending on the value of the house you choose, your mortgage lender, and your financial position. In some cases, first time home buyers can buy a house with no down payment.
Do not jump into making an offer on the first house you see. This is a common mistake committed by many first time home buyers. Make sure you look at different homes to get a feel of the market. When you decide on a house to make an offer, get all of your queries resolved before making an offer.
The above points will certainly help you get your dream abode soon....All the best!
Buying a Home? Here Are 8 Important Steps to Follow by Jill Kane
Learn eight important steps to take when purchasing a home.
1. Know your financial status When you decide to buy a home, check your credit report. You probably haven't seen it in the last few years and you don't really know how good (or bad) it is right now. It is very probable that you greatly overestimate (or Underestimate) your financial abilities. What's more, your credit report may contain mistakes you will have to correct (as this happens quite often) - and you'd better do it before you start shopping for a mortgage.
2. Choose your loan lender and the type of loan/mortgage When your credit report is accurate, then begin researching Mortgage Brokers and types of mortgages. When shopping for a loan, keep an eye on: 1) the interest rate and the term (the most important factors), 2) additional fees (they can spoil everything), 3) and your likelihood of getting the approved (they are different for different institutions). Generally, it is good to visit at least a few potential creditors and learn to use and understand a financial calculator before making the final decision.
3. Learn what you want and what you can get Only when you know what you can afford can you decide what exactly you want from your new house. How big should it be? How many rooms should it have? How much time/effort/money are you willing to put in the refurbishment/redecoration? Where exactly would you like to live? After you answer these questions, you will be able to narrow your search and make it much faster.
4. Understand who the agents work for Most people imply that the agents work only for them and they expect they will protect their best interest. The point is that's not entirely true, as the agents may work for a buyer, for a seller and for both of them. Learn where the agents loyalties lie before you start to rely on their opinions and confide personal information to them.
5. How to read offers As a rule of thumb, every offer seems to be better than it really is. In order to assess the offer properly, pay attention to such details as the neighborhood, acreage and furniture (if the house is sold with it). All these factors affect attractiveness of the offer just as much as the house itself.
6. Make an offer Only if everything seems to suit you just fine, should you make an offer. However, before the deal is sealed, there is one more thing you have to do: a home inspection.
7. Home Inspection: where to look When the offer seems to be good, make an appointment for another visit to the house in question. In some states you take your real estate agent with you. Now, everything depends on the results of the inspection. While you can do it yourself, the best option is to hire a professional home inspector. Then, you can expect a full report concerning the homes status. If there's anything wrong - from termites and mold to toxic paint on the walls or low quality of water, it will be found during a professional inspection.
8. Signing the contract Before you sign a contract, learn exactly what the fixtures are (i.e. what stays at home). Sometimes you will be given virtually everything, but sometimes you will learn that the previous owners have taken the swimming pool with them. Talk to the previous owners in order to learn what they want to take and what will stay and put it down into the contract!
When the contract is ready, the rest is relatively simple. Your agent or attorney will help you to make out all the payments, and assist with insurance and title transfer details you have to do in order to buy a home.
