how to buy first home

"What do you want to do with it? Are you going to live in it? Are you going to rent it? Know where you are in that life cycle." Answering those questions will determine what kind of loan structure you’ll need and what size house makes the most sense given your short- and long-term family plans.
"Just because interest rates are low, and it might be a great investment right now," says Gunter, "is it something that you want to go in on? One of your most expensive assets that you’re ever going to invest in in your entire life, besides your retirement, is your home.
We spoke with Merrill Edge Financial Solutions Advisor Wesley Gunter and Trulia expert Michael Corbett to get a sense of what first-time home buyers should consider before taking on a mortgage.

What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.

If this is your first home-buying experience, the best place to start is right here: Understanding mortgage basics.
Fixed or variable rate? Fill in your information to find the best type of loan for your lifestyle.
Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service.
Know the legal lingo and Realtor-speak before heading into the open market: Real estate definitions.

Noisy neighbors upstairs? Sick of living in mom and dad’s basement? Or just want to take part in the American Dream? Whatever your reason for wanting your own home, taking the leap can be both exciting and daunting.
While thoughts of white picket fences and granite countertops might be dancing in your head, you don’t want to be carried off by a dream and left holding a serious bill.
Brown, Jessica.  "Top 10 Tips for Buying Your First Home"  26 April 2010.  HowStuffWorks.com. < ;  18 October 2014.
Yet, according to a National Association of Realtors survey, you’re not alone; the number of first-time homebuyers was about 47 percent of all home sales in 2009 [source: National Association of Realtors].

No need to worry about buying the right property on a tight budget: This Cheat Sheet covers everything from getting the right mortgage to knowing what questions to ask when buying a house.
Buying a property is one of the most wallet-draining and stress-inducing things you’re ever likely to do in life, and the process of letting out that property comes with its own problems and stresses.

Rhode Island Housing offers a line of safe, affordable products and services designed to help first-time and non-first-time homebuyers safely buy and keep a home.
To find out if you qualify or to apply for a mortgage or for more information, contact Rhode Island Housing at 401-243-0000.
Depending on your income, Rhode Island Housing offers ways to help you pay for closing costs.

Underwriting: During this mortgage process stage, someone known as an "underwriter" will review your application to make sure that your home and property are in good condition and that you’ll be able to repay your home loan.
While you may provide documents to your home loan expert at the beginning of mortgage processing, you may also be asked for additional information throughout any time during this stage, depending on your home loan type and financial situation.
A great first-time home buyer tip at this stage is to make sure you have your basic personal and financial information at hand when beginning your home loan application.
Whether face-to-face, over the phone or online, with more than 167 offices in all 50 states and Washington, D.C., one of our home loan experts will be easily accessible to answer all your first-time home buying and mortgage questions.
First of all, for a complete, easy-to-understand guide on the home loan process, download our free "Demystifying the Mortgage Process" ebook.
Processing: This stage in the mortgage process will involve various documents, so please make sure you are prepared and as organized as possible coming into this step for the smoothest and quickest experience.
Did you know that one of the most common first-time home buyer mistakes is not getting a qualified agent to help you buy a home? If you haven’t found an agent to help you during your home buying process, our extensive database of local real estate agents in your area can help.
Your credit score, current employment status, debt and long-term financial goals will all be collected and discussed at this point in the mortgage process.

NSW state Government as part of its budget review for 2012 to 2013 increased the First Home Owners Grant in NSW to $15,000 but took away the stamp duty concession for established homes from first home buyers.
New QLD $15,000 grant applies to newly constructed homes, or properties bought off-the-plan To be eligible, first home buyers must: Make the property the principal place of residence in QLD within one year of taking ownership and live there for at least six months Not sell the property within a year of moving in.
A similar program called the First Home Owners Grant (FHOG) was introduced in Australia on 1 July, 2000, where first time home buyers can receive a $7,000 once off payment to offset the cost of the GST.
QLD $7000 grant for first home buyers of existing properties to be scrapped from 12 October, 2012.
The re-shaped First Home Owner Construction Grant kicked in on 12 September, 2012 for properties valued up to $750,000 in Queensland.
However, first home buyer assistance continued via the state funded First Home Owner Grant, worth $7,000 for both new and established properties.

From making the decision to buy to figuring out what you can afford, the journey to finding and buying a new home-including all the steps… Read More » to finance and close your purchase-is a complicated, expensive multi-step process requiring smart, laser-focused information every step of the way.

If you hate you job and plan on leaving in the next couple of years, consider your career options before committing to a house payment that you might not be able to afford.
When do you plan on retiring? Do you plan on changing careers or going back to school? Do you plan on saving money to send your kid(s) to college? Do you plan on getting married in the near future? Or having more kids and moving into a bigger house? All of this will affect your financial goals.

Doorsteps lets you add and comment on listings with your partner or agent, so you’re on the same page as you start touring homes.
We ask you questions you may not have known to ask yourself, and we provide insights to help you avoid common mistakes other homebuyers make.
All our resources are laid out in an easy-to-access journey map, so you can skip what you already know, and jump to where you might need some extra info.

You might be a bit afraid or intimidated by the whole process of buying your first home.
Find out why I was voted "Clarksville's Favorite Real Estate Agent".

It is important to realize that you need to include the cost of taxes and homeowner’s insurance into your monthly housing cost.
A good rule of thumb is to keep your mortgage along with your taxes and insurance between twenty five and thirty percent of your income.
A mortgage broker will look at several different loan companies to find you the best rates.
When it comes to your mortgage you may be surprised at the different loan types and payment options available to you.
With the insurance and taxes your monthly housing costs should not be more than thirty percent of your monthly salary.
The escrow holder will work to make sure that all the documents, money and other necessary information is together before you close.
It can take time to complete escrow, although the time really depends on circumstances around your purchase.
She may make recommendations or explain the market to help you find a home that suits your needs and that you can afford.
You need to take the time prepare yourself in every aspect in order to make your home a blessing, and not a negative experience.

Wells Fargo will fund $4.5 million for first-time Marion County homebuyers who earn up to 120 percent of the median area income, which equals about $77,000 for a family of four or $54,000 for a single homeowner.
Mayor Greg Ballard, Wells Fargo and two nonprofits that provide housing assistance — NeighborWorks America and the Indianapolis Neighborhood Housing Partnership — plan to announce the program formally at 1 p.m. today.
Wells Fargo will provide $15,000 each in down-payment assistance to 250 low- and moderate- income first-time homebuyers in Marion County.


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