4 Tips for Buying a House in a Buyer’s Market

newhome

Now is a great time to buy a house. Prices are falling, and so are mortgage rates.  Millions of houses are for sale, and sellers are getting anxious. That's one way of looking at it.  Alternatively, you could say: This is a bad time to buy a house. Prices might be lower in a few months. Same with mortgage rates. With more than 4 million houses on the market nationally, and more being added daily, sellers are bound to become desperate. Why not wait them out? In many places, it's a buyer's market in real estate, with sellers outnumbering … [Read more...]

All About Down Payments

downpayment

An important aspect of getting a home loan is saving money for your down payment. You have many choices to make your home more affordable to you. Lenders used to require a down payment of at least 20% of the home's price. These days, however, many lenders offer flexible home loan programs allowing you to put very little down -- three percent or less of the home price. For some buyers it used to be possible to buy a home with no down payment at all, or to receive help from local down payment assistance programs. With the recent problems with … [Read more...]

The Difference Between Being Pre-Qualified and Pre-Approved

loan

Pre-Approval and Pre-Qualification - Information for First Time Home Buyers Is pre-approval a general endorsement by a bank? No, when you are pre-approved, it is for a specific loan program from a specific lender. Not all lenders offer all loan programs. You may need to get approved with a different lender or for a different loan program with the same lender, depending on your financing options at the time you buy a house. Check with the agent or broker who helped you gain loan pre-approval before you write an offer. If you think you will … [Read more...]

10 Home Buying Tips For First Time Home Buyers

first time home buyer

First-time home buyers often approach buying with trepidation. Questions can be answered and concerns addressed with just a little research and help from a qualified Realtor and a knowledgeable mortgage representative. Options are available that can help buyers with limited funds to enjoy the benefits of home ownership. I'll let you in on a little secret. I generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It's an intuition. But I make it a practice not to steer buyers, and I … [Read more...]

First Time Home Buyers Tips – How Much Home You Can Afford

Pending Home Sales

First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment? Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow. The financial rule of thumb is: your total monthly debt service, which will include your monthly … [Read more...]

First Time Home Buyers – The Importance of Pre-approval

pre-approval

Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford. Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation … [Read more...]

Considering Making a Move? Information for First Time Home Buyers

family-house

When you're thinking about making a move, the first steps in the home buying process are: Deciding when you want to make your move Considering how much money you would like to spend Thinking about what type of home you would like Deciding where you would like to live The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you. If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to … [Read more...]

Why Buy Instead of Rent – Information for First Time Home Buyers

ForSale

When you're thinking about buying your first home, it's essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them: Smart Investment When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you're still paying off your mortgage. You even get to live in it while your investment matures. Tax Advantages Since both mortgage interest and property taxes are tax deductible, … [Read more...]