Wednesday, March 29, 2017

Buying A First Home

January 7, 2011 by  
Filed under Uncategorized

The bottom line is that by learning about home buying before diving in, you're less likely to make costly and irreversible mistakes. Understanding what loan options are best for you, calculating your monthly expenses with a simple chart and finding a thorough and experienced inspector could save you possibly thousands of dollars in the long run.

For some people (especially first time buyers) the home buying sequence of events is a bit scary and intimidating. However, the more informed you are about the home buying process the better prepared you will be and the less anxiety you will experience

For many families, their largest investment is their home. But home buying is extra complicated for military families, who tend to move frequently and sometimes with little notice.

At the same time, service members have access to special mortgage programs and tax breaks to help them afford a home. Be sure you make the most of these special benefits and protect your investment. Should you take advantage of special mortgage options? Active-duty military personnel, as well as certain veterans, reservists and National Guard members, are eligible for Veterans Administration loans, which generally allows them to borrow up to $417,000 with no down payment or private mortgage insurance (the cap is higher in certain high-cost counties; go to for a full list of the current limits).

As you start searching for homes, get in the habit of putting whatever the difference is between what you are currently paying and what you think you are comfortable paying in savings each month. Don’t touch that money. You can always adjust up or down as you feel comfortable.

In most cases, homes on the market today are selling at or below list price. And, home prices are much lower than they've been in some time. Still, you may not want to wait to long to make your decision because other home buyers will place their bids, especially if a home is priced right, in excellent condition and other favorable terms are included (e.g., closing costs or other fees paid).

Conventional Mortgages. A conventional mortgage offers a fixed rate, typically for 10, 15 or 30 years. The down payment requirement will likely range from 10% to 20% or even more. If you put less than 20% down, you'll be asked to carry private mortgage insurance (PMI). If you're a first-time home buyer, you might qualify for a loan through a Federal program, such as the FHA, or a state program, geared for first-time or moderate-income buyers. These loans typically require smaller down payments.














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