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TIPS
FOR BUYERS!
First
Time Buyers
Real
Estate Q&A
Your Finances
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First
Time Buyers
Whether you have spent
years saving and preparing to buy a home, or you still aren't sure
if it is something you can even dream of, the questions surrounding
a first-time home purchase can feel endless.
You can find the answers
- and peace of mind - by working with the right Realtor. Here are
some tips to help you with the process of becoming your own landlord.
Prequalify for a loan:
Being prequalified for
a loan determines how much house you can afford. It also allows
you to move more swiftly when you find the right house, especially
when you aren't the only interested buyer.
Shop for mortgage
rates and terms:
A difference of even
half a percentage point can make a huge difference in how much you
pay over the life of a loan. For example, the difference in the
monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent
is about $35 per month. Over 30 years, that's $12,600.
Use a buyer's
agent:
A buyer agent is legally
responsible for representing the buyer's interest in a real estate
transaction. Generally, the buyer agent is compensated by the seller
at the time you purchase a new home. There are some limitations
to using a buyer agent, however. Before you decide, have a REALTOR®
explain the advantages and disadvantages of using a buyer agent.
Features that
may help or hurt resale value:
In some areas, a swimming
pool actually detracts from a home's value and makes the home harder
to sell. In neighborhoods with two-car, attached garages, a single-car
or detached garage may impact the home sale and future value. Your
REALTOR® can point out features that hurt, as well as those
that help, resale value.
Rate the houses
you tour:
After touring each home,
write down what you liked and didn't like. Develop a rating system
which will help you narrow the field down to the house that's the
best for you.
Real Estate
Question and Answers
Buying
Your Home
How to buy, where to buy, and what to buy.
Investing
in Real Estate
What to invest in, tax considerations, and how to do it.
Owning
Your Home
Maintaining and improving your property and other ownership issues.
Your
Mortgage
Home loan options, qualifying, government loan programs, and other
mortgage considerations.
Selling
Your Home
Appraisals, escrow, tax considerations, working with a real estate
agent, and much more |
