The first thing to decide about being a first time home buyer is “Should I?” Owning your own home is most people’s dream, and there are numerous advantages, most especially the equity building feature. There are also cases where you may have to move up to a house from an apartment because of a larger family that now needs more bedrooms than most apartments can supply.
But the benefits of first time home ownership must be countered against the disadvantages. When you live in a rental property and something goes wrong, you merely have to notify the landlord or his agent. Lawns need to be mowed and trim needs to be painted. Face it, a house is a lot more work than an apartment.
If you still feel ready for this big step, take the little ones first for best results. The first thing you need to do is be sure you will qualify for a loan. Luckily, there are any number of first time home buyer programs that can make your qualification easier.
This step will also tell you how much you will need for a down payment, and you should start setting aside your savings (and add to it if necessary) and allow you to look for houses in your price range.
Location is another main consideration, and it is normally chosen by employment, child care and school system constraints.
You can do the best part of the beginning search for your dream first home on the internet. Any of the sites of the large real estate agencies will allow you to choose a number of towns, or a given county that you have targeted as the ideal locale.
The school system is important, so you will want to learn from family and friends which school you want your children to attend; there are magazine and internet surveys that also supply this information.
Today, there is even a service that will rank the schools, and then links you to homes for sale.
On a real estate site, you can now choose the town or area you are interested in from a certain menu, then use their search features to hand pick your ideal home based on number of rooms, type of home and sales price.
This is the fun part of your search, and you can get quite a good idea of your new home without even leaving your desk. It is advisable, however, to visit with your mortgage broker once again so that, now that you know what you can afford, you can apply for a home loan.
You will find it so much easier and simpler to shop for a home once you have a mortgage commitment in place. First of all, it will mark you as a serious prospect, and not just a “tire kicker”. And it is a good bargaining chip in negotiations, because you are a buyer who can close quickly and not wait for a mortgage to be approved.
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Tags: Insurance, mortgage rates, mortgages, mortgane loans
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