Natick Real Estate First time Tax Credit Extension information brought to you by Robb Enterprises Natick MA HR 4213 The extension for the CLOSING, not the accepted contract, will now need to be voted on by the House of Representatives in order to be passed into law. It will be in front of the House before the end of June. They want to extend the closing date by 3 months till the end of September to give adequate time for lenders, attorneys, title companies, new home builders and municipalities to properly close and record transactions. The house should vote within the next week on whether this will in fact give people the extra time they need to close or if the June 30th deadline is in fact the end of the line. Buying, selling, leasing? www.RobbEnterprises.com or http
Ashley
March 2, 2011
First time home buyer tax credit extension to September 30, 2010
RobbEnterprisesLLC asked:
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February 24, 2011
Moving Tips for First-Time Home Buyers to Save You Money
Janet Corniel asked:
If you are about to embark on purchasing a home for the first time, congratulations! It is a wonderful feeling to own your own home for the first time. However, there are many hidden costs that are associated with purchasing and moving into your new home that you may not be fully aware. The best way to mitigate these costs is preparation and education.
Interest rates are historically low right now, which will work in your favor. However, before you even shop for a home, run your credit score. This is key. You do not want to fall in love with a home and find out you can not pre-qualify to purchase it. Lenders are extremely picky these days. Look at your debt-to-income ratio. Make sure it would be acceptable to a potential lender.
After you clear that first hurdle, look for a reputable realtor. You may choose to go it alone to prevent paying commissions but I suggest you reevaluate that choice, especially as a first-time home buyer. It is so important to have someone represent your interest and educate you in the process to prevent losing money. I also suggest you have your realtor just represent you and not both parties (seller and buyer). We have done both and even with a good realtor, this situation is just not optimal.
Once you are pre-qualified, have your realtor and found the home for you, be prepared for all of the steps and costs involved. You will have to do a home inspection, which will cost approximately $400-$500. You do not want to skimp on this. It is important to note the costs may seem large at first but when you apply it to the overall percentage of the cost of the home, it is minimal. It is worth paying $500 for a home inspection in order to find out the home may be in such disrepair you can’t afford to fix it.
Closing costs are another expense that may be the difference of getting the deal done or not. Make sure you review your good-faith estimate carefully. This will detail all of the closing costs and what you will have to bring to the table. If you have any questions or if there are some discrepancies take it up with your lender right away. You do not want to be surprised at the closing table. A good realtor will help guide you through the process.
After you make it through your closing and get your keys, you are not out of the woods yet. You still have moving and settling-in costs. If you are moving yourself, there are many options out there for you, evaluate which is best for your circumstances. Distance and the amount of things you own will dictate the best option for you. There are ways to save yourself money. If you have a moving company move you, make sure you get competitive bids and evaluate them carefully. You can also pack it yourself and use a portable storage device that will move to your location. You can also do everything yourself and rent a truck and pack and move. If you are just starting out, the later may be best for you. However, if you are combining households and/or have a lot of stuff you may have someone do the heavy work for you. Either way, set a budget and work within it. In the stress of a move, it is easy to spend if you do not set up limits ahead of time.
Settling-in costs are another expense that will sneak up on you if you are not careful and budget for it. These may include but are not limited to carpet cleaning, painting, window treatments, appliances, landscaping, restocking a kitchen, furniture, insurance and utilities. When you are looking at homes to buy, keep these settling costs in mind. Take a notebook with you and write these possible costs down. It will help you plan and decide on which home will be the most cost-effective for your budget. It may also give you some negotiating power in a buyers market like we are in now. Due to the economy, builders are really willing to work with buyers. Many are now throwing in upgrades like granite and landscaping packages. So keep them in mind when looking at homes.
In any event, it is so important to do your research ahead of time. Set a budget and prepare yourself. The more prepared and informed you are, the less likely you will lose money.
Gilbert
If you are about to embark on purchasing a home for the first time, congratulations! It is a wonderful feeling to own your own home for the first time. However, there are many hidden costs that are associated with purchasing and moving into your new home that you may not be fully aware. The best way to mitigate these costs is preparation and education.
Interest rates are historically low right now, which will work in your favor. However, before you even shop for a home, run your credit score. This is key. You do not want to fall in love with a home and find out you can not pre-qualify to purchase it. Lenders are extremely picky these days. Look at your debt-to-income ratio. Make sure it would be acceptable to a potential lender.
After you clear that first hurdle, look for a reputable realtor. You may choose to go it alone to prevent paying commissions but I suggest you reevaluate that choice, especially as a first-time home buyer. It is so important to have someone represent your interest and educate you in the process to prevent losing money. I also suggest you have your realtor just represent you and not both parties (seller and buyer). We have done both and even with a good realtor, this situation is just not optimal.
Once you are pre-qualified, have your realtor and found the home for you, be prepared for all of the steps and costs involved. You will have to do a home inspection, which will cost approximately $400-$500. You do not want to skimp on this. It is important to note the costs may seem large at first but when you apply it to the overall percentage of the cost of the home, it is minimal. It is worth paying $500 for a home inspection in order to find out the home may be in such disrepair you can’t afford to fix it.
Closing costs are another expense that may be the difference of getting the deal done or not. Make sure you review your good-faith estimate carefully. This will detail all of the closing costs and what you will have to bring to the table. If you have any questions or if there are some discrepancies take it up with your lender right away. You do not want to be surprised at the closing table. A good realtor will help guide you through the process.
After you make it through your closing and get your keys, you are not out of the woods yet. You still have moving and settling-in costs. If you are moving yourself, there are many options out there for you, evaluate which is best for your circumstances. Distance and the amount of things you own will dictate the best option for you. There are ways to save yourself money. If you have a moving company move you, make sure you get competitive bids and evaluate them carefully. You can also pack it yourself and use a portable storage device that will move to your location. You can also do everything yourself and rent a truck and pack and move. If you are just starting out, the later may be best for you. However, if you are combining households and/or have a lot of stuff you may have someone do the heavy work for you. Either way, set a budget and work within it. In the stress of a move, it is easy to spend if you do not set up limits ahead of time.
Settling-in costs are another expense that will sneak up on you if you are not careful and budget for it. These may include but are not limited to carpet cleaning, painting, window treatments, appliances, landscaping, restocking a kitchen, furniture, insurance and utilities. When you are looking at homes to buy, keep these settling costs in mind. Take a notebook with you and write these possible costs down. It will help you plan and decide on which home will be the most cost-effective for your budget. It may also give you some negotiating power in a buyers market like we are in now. Due to the economy, builders are really willing to work with buyers. Many are now throwing in upgrades like granite and landscaping packages. So keep them in mind when looking at homes.
In any event, it is so important to do your research ahead of time. Set a budget and prepare yourself. The more prepared and informed you are, the less likely you will lose money.
Gilbert
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October 12, 2010
First Time Home Buyer’s Guide, Part 2 – 4 Things To Do Before You Go And Look For A Home
Thomas Van asked:
Before Looking for a Home
Buying a house can be a new and exciting process; it can also be very confusing and stressful. Becoming educated about the house buying process and being prepared can reduce a lot of this stress and confusion. Anyone buying a home should take the following steps before they even step out to look at a house.
Check your Credit History
The moment you decide that you are ready to buy a house is the moment you need to get a credit report. When pulling your credit report, be sure to use a service that provides you with copies of your credit history and score from all three credit bureaus: Experian, Equifax, and TransUnion. Not all credit information is reported to each bureau, and lenders do not all check the same credit bureaus to determine your credit score so it is important that you get a copy from each bureau.
Obtaining a credit report early on in the home buying process is important because if there are discrepancies on your reports you must write to the bureaus and request that they are corrected. Depending upon how busy the bureaus are, this process can take up to months. Fixing errors on your credit history can result in a higher credit score and improvements in your credit score may qualify you for a lower interest rate. A loan with even a .25% lower interest rate can save you thousands of dollars over the course of your loan.
It is also important to note that pulling your own credit report will not lower your credit score in any way, this only happens when companies, like banks pull your history in attempt to approve you for items such as loans and credit cards.
Research Potential Loan Programs and Lenders
A house loan is often the largest and longest term of a loan that many individuals will ever receive in their lifetimes. Therefore, time should be taken to review potential lenders and loan programs that you may qualify for. For example, if you have a not so perfect credit history or need a low down payment you might want to see if you qualify for a FHA loan. If you are a veteran you may qualify for a Veteran’s Administration loan, which among other things allows individuals to put no money down without having to pay Private Mortgage Insurance. Some lenders offer special rebates, promotions, and programs for home buyers that ease the expenses involved with buying a home. Individual lenders vary in the interest rate they charge and the fees involved in the loan process. Even the nonrefundable application fee for some banks is upwards to $500, so it is important to research a bank and become satisfied with the loan programs they offer before you apply.
Get Prequalified/Preapproved
There is a big difference between getting prequalified and preapproved for a loan. When you get prequalified for a loan there are generally no fees involved and the bank gives you a rough estimate as to what they would give you for a loan based on the information you’ve provided them. It is not completely accurate and many sellers will not accept offers from buyers who are only prequalified. When you get preapproved for a loan you will have to provide more documentation and pay an application fee. When you are preapproved the bank generally states that you are eligible for the exact amount of your preapproved amount, granted that all the information you have provided to them is accurate.
If you’ve decided that you are ready to buy a house one of the very first steps you should take is to get prequalified for a loan. Before going out to look at houses that may potentially be out of your price range, get prequalified for a loan so you know what houses you should be looking at. If after getting prequalified you find that you qualify for a lot less than you anticipated for, ask the lender what you could do to qualify for a larger loan. You may discover that your debt to income ratio is too high or that the length of your credit history is too short. You may then decide to reduce some of your debt or if you are satisfied with the amount you may decide to get preapproved for a loan.
Determine How Much you Can and Want to Spend
Now that you have checked your credit history, and have gotten prequalified or preapproved for a loan you must determine how much you can really afford to spend. Do not blindly assume that you will be able to afford the payments your lender says you can. Keep in mind that lenders often push the limits of your loan to the outer boundaries, in order to get you the biggest loan possible and to make more money. If the mortgage payment you qualify for is a lot more than your current mortgage or rent payments look at the new value realistically. Can you REALLY afford that payment? Can you live comfortably with that much less money per month? If you are used to renting, keep in mind that you will now be responsible for repairs, yard work, insurance, and taxes. Do not tell yourself that you will give up certain activities or change your lifestyle in order to afford your new payment.
House buying should be an exciting and stress free process. If you educate yourself about lending processes and take the steps above you will be more prepared than many other home buyers.
Larry
Before Looking for a Home
Buying a house can be a new and exciting process; it can also be very confusing and stressful. Becoming educated about the house buying process and being prepared can reduce a lot of this stress and confusion. Anyone buying a home should take the following steps before they even step out to look at a house.
Check your Credit History
The moment you decide that you are ready to buy a house is the moment you need to get a credit report. When pulling your credit report, be sure to use a service that provides you with copies of your credit history and score from all three credit bureaus: Experian, Equifax, and TransUnion. Not all credit information is reported to each bureau, and lenders do not all check the same credit bureaus to determine your credit score so it is important that you get a copy from each bureau.
Obtaining a credit report early on in the home buying process is important because if there are discrepancies on your reports you must write to the bureaus and request that they are corrected. Depending upon how busy the bureaus are, this process can take up to months. Fixing errors on your credit history can result in a higher credit score and improvements in your credit score may qualify you for a lower interest rate. A loan with even a .25% lower interest rate can save you thousands of dollars over the course of your loan.
It is also important to note that pulling your own credit report will not lower your credit score in any way, this only happens when companies, like banks pull your history in attempt to approve you for items such as loans and credit cards.
Research Potential Loan Programs and Lenders
A house loan is often the largest and longest term of a loan that many individuals will ever receive in their lifetimes. Therefore, time should be taken to review potential lenders and loan programs that you may qualify for. For example, if you have a not so perfect credit history or need a low down payment you might want to see if you qualify for a FHA loan. If you are a veteran you may qualify for a Veteran’s Administration loan, which among other things allows individuals to put no money down without having to pay Private Mortgage Insurance. Some lenders offer special rebates, promotions, and programs for home buyers that ease the expenses involved with buying a home. Individual lenders vary in the interest rate they charge and the fees involved in the loan process. Even the nonrefundable application fee for some banks is upwards to $500, so it is important to research a bank and become satisfied with the loan programs they offer before you apply.
Get Prequalified/Preapproved
There is a big difference between getting prequalified and preapproved for a loan. When you get prequalified for a loan there are generally no fees involved and the bank gives you a rough estimate as to what they would give you for a loan based on the information you’ve provided them. It is not completely accurate and many sellers will not accept offers from buyers who are only prequalified. When you get preapproved for a loan you will have to provide more documentation and pay an application fee. When you are preapproved the bank generally states that you are eligible for the exact amount of your preapproved amount, granted that all the information you have provided to them is accurate.
If you’ve decided that you are ready to buy a house one of the very first steps you should take is to get prequalified for a loan. Before going out to look at houses that may potentially be out of your price range, get prequalified for a loan so you know what houses you should be looking at. If after getting prequalified you find that you qualify for a lot less than you anticipated for, ask the lender what you could do to qualify for a larger loan. You may discover that your debt to income ratio is too high or that the length of your credit history is too short. You may then decide to reduce some of your debt or if you are satisfied with the amount you may decide to get preapproved for a loan.
Determine How Much you Can and Want to Spend
Now that you have checked your credit history, and have gotten prequalified or preapproved for a loan you must determine how much you can really afford to spend. Do not blindly assume that you will be able to afford the payments your lender says you can. Keep in mind that lenders often push the limits of your loan to the outer boundaries, in order to get you the biggest loan possible and to make more money. If the mortgage payment you qualify for is a lot more than your current mortgage or rent payments look at the new value realistically. Can you REALLY afford that payment? Can you live comfortably with that much less money per month? If you are used to renting, keep in mind that you will now be responsible for repairs, yard work, insurance, and taxes. Do not tell yourself that you will give up certain activities or change your lifestyle in order to afford your new payment.
House buying should be an exciting and stress free process. If you educate yourself about lending processes and take the steps above you will be more prepared than many other home buyers.
Larry
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May 6, 2010
First Time Buyer Mortgage Advice
Paul Hockney asked:
For first time buyers the financial commitment of a house purchase is both frightening and exciting at the same time. And this is even more so if you are working in an urban area where you will end up paying a premium for even the smallest properties.
So as a first time buyer what are the things you should watch out for to make the whole house buying experience that much easier.
Do your homework
With so many lenders offering mortgages there are literally thousands of mortgage deals on offer across the UK. So it’s important that you research the market thoroughly and don’t get drawn in by all the hype and marketing you see on the TV, Online, on the side of buses etc. You should also speak with friends and relatives who have also been through the process recently to get their valuable opinion on what you should and even more importantly shouldn’t do.
Mortgage Advisor
After having done your own homework you still feel that you are no closer to deciding on which company to use for the mortgage then you should consider the help of a mortgage advisor. Although they will cost you money for the advice they also have access to 100′s more mortgage deals from across the UK. Obviously you need to find one, which is not associated with any of the lenders so they can offer you truly independent advice. They will also be able to advise you on First Time Buyer Deals which may not even be advertised by some of the main lenders in their normal marketing drives.
Decision making
Once you have all the information in front of you make sure that you ask loads of questions before making the final decision. So whether you are speaking directly with the bank or using an independent advisor make sure and be thorough with your questioning.
You should also look at the fine print. For example are there any penalties for paying off or moving your mortgage early. For example on some mortgages there may be a ‘redemption penalty’, which is enforced if you move lender within 2-5 years of taking out the mortgage. This penalty can run into
For first time buyers the financial commitment of a house purchase is both frightening and exciting at the same time. And this is even more so if you are working in an urban area where you will end up paying a premium for even the smallest properties.
So as a first time buyer what are the things you should watch out for to make the whole house buying experience that much easier.
Do your homework
With so many lenders offering mortgages there are literally thousands of mortgage deals on offer across the UK. So it’s important that you research the market thoroughly and don’t get drawn in by all the hype and marketing you see on the TV, Online, on the side of buses etc. You should also speak with friends and relatives who have also been through the process recently to get their valuable opinion on what you should and even more importantly shouldn’t do.
Mortgage Advisor
After having done your own homework you still feel that you are no closer to deciding on which company to use for the mortgage then you should consider the help of a mortgage advisor. Although they will cost you money for the advice they also have access to 100′s more mortgage deals from across the UK. Obviously you need to find one, which is not associated with any of the lenders so they can offer you truly independent advice. They will also be able to advise you on First Time Buyer Deals which may not even be advertised by some of the main lenders in their normal marketing drives.
Decision making
Once you have all the information in front of you make sure that you ask loads of questions before making the final decision. So whether you are speaking directly with the bank or using an independent advisor make sure and be thorough with your questioning.
You should also look at the fine print. For example are there any penalties for paying off or moving your mortgage early. For example on some mortgages there may be a ‘redemption penalty’, which is enforced if you move lender within 2-5 years of taking out the mortgage. This penalty can run into
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February 25, 2010
3 People The First Time Home Buyer Needs On Their Team
Heather Dunlop asked:
Many first time home buyers are not sure where to get started. They are ready to buy their first home and want to make sure they don’t make any mistakes. So where do you go first?
There are three people that will be important to the first time home buyer. These people can walk you through the process and help you purchase your first time. You and your team have the same goal, to find you a home you can afford.
The first person you want on your team is a Realtor. You want to make sure you find a Realtor who specializes in working with first time home buyers. They will have the patience to answer all of your questions and reduce your fears. They have been through the process many times and will be able to anticipate your questions and your needs, making the process easier on you. Your Realtor can show you homes in neighborhoods that meet your needs. They will keep you focused on what you said you were looking for in a home.
Your Real Estate Agent can also help you find the other two people you need on your team. Your Realtor will already have relationships with these other people, who are also familiar with working with first time home buyers.
The second person you want on your team is a Mortgage Broker. Again, find a mortgage broker that works with first time home buyers. This mortgage broker will know about the city, state, and federal programs available to help first time home buyers purchase their dream home. They know what kind of loan you can qualify for, how much you will need for a down payment, and the lenders requirements.
Get pre-approved before you start to look at homes. Your mortgage broker will get your pre-approved so you know exactly how much house you can afford and don’t waste your time looking at houses you can’t buy. There’s nothing worse than finding the house you love then finding out you can’t afford it. Avoid this activity and you will be very excited when you find the home you can afford.
The third person you want on your team is a Home Inspector. As a first time home buyer you are not aware of what is involved in looking at the details of a home to make sure it is safe and will not require costly repairs. Your Home Inspector will go over every nook and cranny and tell you what they find. A good home inspection can save you from buying a home that needs major repairs without you knowing about the. Be present during the home inspection. You can ask the inspector questions about what they find, giving you a better understanding of the condition of the home. You can also ask the inspector any questions you may have about the house.
Build your team with people who specialize in working with first time home buyers. You’ll be glad you spent the time to find the right people to help you.
Sandra
Many first time home buyers are not sure where to get started. They are ready to buy their first home and want to make sure they don’t make any mistakes. So where do you go first?
There are three people that will be important to the first time home buyer. These people can walk you through the process and help you purchase your first time. You and your team have the same goal, to find you a home you can afford.
The first person you want on your team is a Realtor. You want to make sure you find a Realtor who specializes in working with first time home buyers. They will have the patience to answer all of your questions and reduce your fears. They have been through the process many times and will be able to anticipate your questions and your needs, making the process easier on you. Your Realtor can show you homes in neighborhoods that meet your needs. They will keep you focused on what you said you were looking for in a home.
Your Real Estate Agent can also help you find the other two people you need on your team. Your Realtor will already have relationships with these other people, who are also familiar with working with first time home buyers.
The second person you want on your team is a Mortgage Broker. Again, find a mortgage broker that works with first time home buyers. This mortgage broker will know about the city, state, and federal programs available to help first time home buyers purchase their dream home. They know what kind of loan you can qualify for, how much you will need for a down payment, and the lenders requirements.
Get pre-approved before you start to look at homes. Your mortgage broker will get your pre-approved so you know exactly how much house you can afford and don’t waste your time looking at houses you can’t buy. There’s nothing worse than finding the house you love then finding out you can’t afford it. Avoid this activity and you will be very excited when you find the home you can afford.
The third person you want on your team is a Home Inspector. As a first time home buyer you are not aware of what is involved in looking at the details of a home to make sure it is safe and will not require costly repairs. Your Home Inspector will go over every nook and cranny and tell you what they find. A good home inspection can save you from buying a home that needs major repairs without you knowing about the. Be present during the home inspection. You can ask the inspector questions about what they find, giving you a better understanding of the condition of the home. You can also ask the inspector any questions you may have about the house.
Build your team with people who specialize in working with first time home buyers. You’ll be glad you spent the time to find the right people to help you.
Sandra
Comments Off
February 14, 2010
First Time Home Buyers – Home Buying Process
Jeff Ragan asked:
Are you ready to buy that first home? Are you sure you’re ready to begin? Some would say you need to begin with finding the house you want to buy. But really there are steps you need to take as first time home buyers before you begin. Let’s say you’re planning a wedding, you don’t begin the process by picking a reception hall when you haven’t even popped the question! The same with buying a house. There are some steps you need to take before you pick the location.
Beginning Steps for First Time Home Buyers:
You need to find out how much you can afford. Can I qualify for a loan? Do I have enough money saved for a down payment? What type of loan programs are out there? Which one is best for me? Do I need a bank or a broker?
Step One:
In order to figure how much you can afford you need to take a look at your income and expenses. Do you have enough left over at the end of the month to make a mortgage payment? If you’re renting you probably already have a certain amount of money budgeted. Will that amount buy you the size home you want? There are mortgage calculators out there that will help you estimate how much you can spend.
Step Two:
The first thing in qualifying for a loan is your credit rating. You may need to get a credit report pulled. Most lenders use the middle score to figure your credit rating. They get this figure by taking the credit score from all three credit reporting agencies and picking the middle one. If your credit score is too low, then you have some work to do before you go looking for that new home.
The second thing in qualifying for a loan is the ability to pay it back. So your debt-to-income (DTI) reflects whether you are a good risk or not. If you’re expenses are higher than your income, you need to lower those first.
Step Three:
Now you need to look at your savings account. Do you have enough money saved for the down payment? If not, then you may need to consider down payment assistance or grants to help you. Or perhaps you may need to set up a savings plan to help you save for that down payment.
Step Four:
It’s a good idea for first time home buyers to be educated on the different types of loan programs out there to see which one is a good fit for you. There are programs that have low down payments, ones that are best for buying in suburban areas, ones that have low interest, and many more. It never hurts to be educated.
Step Five:
You will have to make a decision on who you’re going to use to process the loan. You may wish to go to your bank and have them start the application process. Or you may wish to pick a broker. There are pros and cons to both, so spend some time learning the pros and cons so you can make your decision.
Now you’re ready to propose marriage!!! But before you buy that ring, know your rights. First time home buyers should understand things like Fair Housing, Real Estate Settlement Procedures Act (RESPA), Predatory lending and what the borrower’s rights are before they initiate their search.
Once you’re really engaged, I mean have all these steps in place, then you can begin looking for that first home. You’ll be happy you did all this planning ahead of time.
Jeffrey Ragan wants to help you get into your first home by offering a free buyers guide and other helpful informatin on their website, First-Time-Home-Buyer-Solutions.com.
Kathleen
Are you ready to buy that first home? Are you sure you’re ready to begin? Some would say you need to begin with finding the house you want to buy. But really there are steps you need to take as first time home buyers before you begin. Let’s say you’re planning a wedding, you don’t begin the process by picking a reception hall when you haven’t even popped the question! The same with buying a house. There are some steps you need to take before you pick the location.
Beginning Steps for First Time Home Buyers:
You need to find out how much you can afford. Can I qualify for a loan? Do I have enough money saved for a down payment? What type of loan programs are out there? Which one is best for me? Do I need a bank or a broker?
Step One:
In order to figure how much you can afford you need to take a look at your income and expenses. Do you have enough left over at the end of the month to make a mortgage payment? If you’re renting you probably already have a certain amount of money budgeted. Will that amount buy you the size home you want? There are mortgage calculators out there that will help you estimate how much you can spend.
Step Two:
The first thing in qualifying for a loan is your credit rating. You may need to get a credit report pulled. Most lenders use the middle score to figure your credit rating. They get this figure by taking the credit score from all three credit reporting agencies and picking the middle one. If your credit score is too low, then you have some work to do before you go looking for that new home.
The second thing in qualifying for a loan is the ability to pay it back. So your debt-to-income (DTI) reflects whether you are a good risk or not. If you’re expenses are higher than your income, you need to lower those first.
Step Three:
Now you need to look at your savings account. Do you have enough money saved for the down payment? If not, then you may need to consider down payment assistance or grants to help you. Or perhaps you may need to set up a savings plan to help you save for that down payment.
Step Four:
It’s a good idea for first time home buyers to be educated on the different types of loan programs out there to see which one is a good fit for you. There are programs that have low down payments, ones that are best for buying in suburban areas, ones that have low interest, and many more. It never hurts to be educated.
Step Five:
You will have to make a decision on who you’re going to use to process the loan. You may wish to go to your bank and have them start the application process. Or you may wish to pick a broker. There are pros and cons to both, so spend some time learning the pros and cons so you can make your decision.
Now you’re ready to propose marriage!!! But before you buy that ring, know your rights. First time home buyers should understand things like Fair Housing, Real Estate Settlement Procedures Act (RESPA), Predatory lending and what the borrower’s rights are before they initiate their search.
Once you’re really engaged, I mean have all these steps in place, then you can begin looking for that first home. You’ll be happy you did all this planning ahead of time.
Jeffrey Ragan wants to help you get into your first home by offering a free buyers guide and other helpful informatin on their website, First-Time-Home-Buyer-Solutions.com.
Kathleen
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