Buying a home is one of the most important decisions you will ever make. It will take time, money and lots of energy. Before you get started, there are some things you will need to learn and do before making that huge purchase. One of the keys to paving the road to your first home is great planning. The first question you answer should be why do you want to buy? You also need to decide if you are ready. Most couples dream of owning their own home and being able to raise a family in it for years to come. The first thing you and your spouse should do is sit down and decide if you both are ready for this huge commitment. Sometimes it’s not always about the money, it’s about the energy it will take and the process you will have to go through. If you and your spouse intend to have children then buying a home is a great investment.
Another key to paving the road to your first home is finances, meaning do you have the money?
Homes and financing are closely intertwined. You will be happy to know that over the years new and innovative loan programs have evolved which require a 5 percent down payment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down. In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs. Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most home buyers choose to buy with some cash up front. Those great loans with little or nothing down are not available to everyone: You need to have decent credit, which generally means a 580 or above.
Another component is making sure that your financial house is in order! In the excitement of searching for homes and thinking about how you are going to decorate, there is something important that every couple needs to be sure of and that’s taking care of bills and debt before attempting to purchase a home. Start now by paying all of your bills on time. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time. If you have a steady job and a reasonable credit history, there is a good chance that you can find a home lender who will lend you most of the purchase price of your new house. Home loans are also called “mortgages,” I have discovered that this word comes from a Latin phrase meaning “pledge unto death.” Lenders expect to get paid on time and it’s important to make sure that you are financially capable of assuming such a large amount of debt.
Don’t let the hard work and pressure of buying a home get to you. Buying a home will be fun and exciting, as well as time consuming. These are just a few of the things you will need to think about to pave your way to your first home!
To get professional advice and more information on purchasing a home call Vision Investment Corporation at 877-799-0820! Feel Free to visit the website at http://www.visioninvestmentcorp.com
Annetta Powell
CEO
Apowell@cashinonforeclosures.com
http://www.CashInOnForeclosures.com
3000 Town Center
Suite 2120
Southfield, MI 48075
Annetta_Powell
Last 5 posts in Buying
- Things to Know When Buying a New Home For the First Time - June 6th, 2009
- House Price Increase Or More Falls? - June 6th, 2009
- First Time Home Buyer Grants - Down Payment Assistance From the Government - June 6th, 2009
- New Home Buying Tip - Owning Beats Renting - June 6th, 2009
- Now May Be the Time to Buy a New Home - June 6th, 2009
Things to know:
1. Check your financial status: can you afford a new home at a recession period? Do you have an emergency fund you can count on for at least six months? Are you sure you have a steady job as well as a stable job? Do you have enough money for the down payment?
2. Get a credible and well informed estate broker that could give you information about the best mortgage lenders. Do a proper research on few of them and establish a relation with at least two of them. This might involve opening account with the two. This… Continue reading
Since 2007 the housing market has been in turmoil.
Lenders stopped lending, house builders stopped building and home owners have slid in to negative equity.
Month after month house prices have slipped making the average price of a property in the region of 20% less than it was at peak. Only in recent months have the declines in the monthly falls really been noticed.
Many home owners are now stuck in negative equity unable to move. During the boom years when their house was worth a lot more they may have used the equity available from their home as unearned income. With this… Continue reading
With these first time home buyer grants from the government, new home owners can get down payment assistance to help them purchase their brand new home. This is funding that is provided to tax paying citizen, generally through local government agencies, and can be obtained regardless of income or credit.
First time home buyer grants can provide as much as $20,000 in cash to be used towards your down payment or closing costs. That’s instant equity that you can put into your home and more money that you can keep in your pocket.
Buying a home is one of the biggest purchases… Continue reading
OWN: Your home builds equity for your future. You can use equity to move up to a new larger home one day, or to help send your children to college.RENT: No equity is built, no matter how long you rent. It’s like pouring money down the drain.
OWN: You control your monthly payment.RENT: Landlord controls payment.
OWN: New home buying tip: mortgage interest is tax-deductible. The government’s loss is your gain.RENT: No tax benefits.
OWN: A nice, safe backyard for children to play. You have room for pets, and also a garden.RENT: No backyard, no garden. Often pets not allowed.
OWN: A new garage… Continue reading
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Tags: Buying a Home, Foreclosure, home loan, mortgage, mortgages