first time home buyer – owner loan

August 30, 2010

The Things First-Time-Home Buyers Should Know

Sheila Cristina Santos asked:




It is just common for first time home buyers to feel stressed and anxious on the plans of buying a home finally! You might be very eager in finding the information you need in getting the real estate information, it will really be essential in getting acquainted with the essential parts of being a buyer of a real estate property for your home.

Consider the following things before you buy a home:

1. How much funds can you spend in your home buying?

Be able to know your credit standing. If you found out that you have some problems in your credit standing, be sure to handle the problem and achieve the right credit report you need to be able to apply for a financing or lending. If you get a good credit rate, you will have a very easy chance of finding a lender that will provide you with the lowest rate for the interests.

2. Get a pre-approval in your mortgage application with a lender or broker.

After clearing all hassles that you found in your credit standing, try to get on the application and get the pre-approval for you to be enabled to fund the mortgage of the property you want. Make sure to keep your eyes open for the nice payment and prepayment options available to provide you with ease in the repayment of the home you will purchase.

3. Choose what is appropriate for your wants in the home property.

Make a list of the specific qualities you want to have in the home purchase that you will need to have. Prioritize the needs that the location and other aspects of the home purchase will provide you.

4. Have a good real estate agent to work in your behalf.

A busy person may not be the only one who will need the help of a realtor. With the priority of getting the home property with all the special specifications required, a realtor can be handy in finding the one for you. The negotiations with the seller can be handled well and easily with someone there to do the job for you.

5. Provide the time to check out the real estate properties in the list from the agent you have.

Make sure to have the time to see and visit the properties the real estate agent can recommend you. Be sure not to delay this task too long because the recommendations are mostly based on the specifications you provided and you might be missing out on some available properties if you delay for too long.

6. Compare prices.

After the visiting schedule of the areas for sale, never just jump into a deal! Try to have some times to consider all the available properties for sale and be able to get a comparative range on all of them. Let the assessment be provided by the real estate agent for the ones you like best to reach the result of choosing.

7. Have the home inspection process.

Have your chosen home to buy get the process of home inspection. When all is well based on the result, you can do the final negotiation and close the deal.

Beth

June 30, 2009

There are Certain Facts You Should be Aware of as a First-Time Home Buyer

marco asked:


As a first-time home buyer, you are going to be setting out into a real estate market that is oftentimes full of complexities, legal wrangling, negotiations and more.  You first need to determine whether you can afford to buy a home.  You should already have an idea of home much you can pay monthly for a mortgage loan.  If you do not, then sit down how much you are bringing home each month and how much is going toward your current financial obligations.

The figure is an important fact to be aware of because most lenders will reduce the amount of money you can borrow for a mortgage loan.  Lenders become quite wary if your mortgage payments, property taxes, homeowners insurance and other debts payments exceed 36% of your total income. Depending on how much house you want to get into, you would have to pay down your debt so that your payment obligations do not eat up a high percentage of your monthly earnings. 

You should also be aware that a competent, professional and ethical real estate agent can save you both money and time in your real estate transaction.  You should not venture into the real estate market without a good real estate agent protecting your interests.

If you are wondering whether you would be better off in a new or older house, you should look at new and old homes and determine their characteristics.  An older home will generally have a lower property tax rate, it may offer a more established neighborhood and neighbors who really care about where they live and taking care of it.  An older home will usually require repairs, so you should be the type who enjoys working your home or be prepared to pay people to do the repairs. 

On the other hand, homes that are newer have modern systems and architecture, easier maintenance and upkeep and they are perhaps even more energy efficient.  If you do not want to worry about repairs, upkeep and maintenance right when you move in, then you should consider a new home.  It makes no difference whether you decide to buy a new or older home, make sure you have it inspected by a professional home inspector.

Potential issues that can arise and that you should be aware of are maintenance and systems problems in older homes.  You have to know what needs to be replace or repaired and what requires regular maintenance such as the roof, paint, appliances, the rug, etc.  You should get clear and definitive information regarding these issues, so ask questions until you are satisfied that you understand any and all issues.

You might end up looking at many homes, so it may not be a bad idea to take photographs of the homes you have seen.  People who are searching for a home generally see an average of 15 homes before making a decision.  Therefore, write down the things you liked and did not like about each home you visited.  If you are unsure about anything, go back and take another look at the home so things can be clear in your mind.  Talk to your real estate agent about everything you want and need so that you do not end up wasting your time looking at a bunch of homes that are not right for you.



Jamie

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