By financen | October 11, 2020 - 5:37 pm - Posted in Home Buyer, Money and Banking, Save Money

Everybody wants to buy a home at some point in life. You want to work very hard so that you can buy a home and you can call it your own property. But owning a home is not an easy job. It involves a lot of challenges, especially if you are buying it for the first time. Following these tips will help you overcome those challenges as a first time home buyer.

Before you go ahead and buy a home, you need to first evaluate your long term plans. You need to make up your mind and figure out what you want to do in future before making this big decision. If things are not planned properly, then you might later on regret on taking this step. The home that you plan to buy should suit to your lifestyle and requirements. Whether you plan to buy a townhouse, condo unit or a single family unit, you should plan things carefully and make sure what you need.

Buying a home is the biggest investment you will do in your lifetime, so you need to contented with the neighborhood and the house should fit what exactly you want in a home. This is a big decision that you are going to take not only for yourself but for your entire family.

Another important thing to consider before buying a home is the amount of investment you have fixed for it. Though you must have thought some thing about your home and what it should be like, you also need to make sure how much you can afford for that house. If you are applying for a loan from the bank, you need to calculate the total cost of the home and your monthly installments that you will have to pay to the bank. Make sure that you are able to afford the monthly payments otherwise you will be at the risk of losing your home if you default in your payments.

As for the actual home buying process, it may not be as simple as it may seem. You need to be well prepared for all challenges that might come in your way; the headaches, hassles, paperwork, terms of purchase and other details you will need to remember about the house itself. If you face any difficulties, you can always take the services of a professional real estate agent. He will help you to negotiate the best price and also find an ideal home keeping in mind the future resale value of the property. The real estate agent will do all the paperwork involved in the buying process.

If you are looking for the best deals, compare the selling prices of comparable homes in that area where you are buying your home. You can also do your research on the internet and collect useful information. It may be possible that you find another home with the same features as the one you want to buy, but available at a much cheaper rate. So that will be a good amount of savings before you invest your money in that property.

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By financen | February 27, 2020 - 5:33 pm - Posted in Home Buyer, Real Estate

Home buying tips

Always have a real picture about your financial situation. Buying a home is one of the most significant purchases a person will do in his entire lifetime. Financial experts believe that your cost of buying a home should not exceed 28% of your budget. Your monthly payment will include all housing costs such as mortgage’s principal and interests as well as the taxes and insurance. Keep your housing costs within 1/3 of your budget otherwise it will become very difficult to maintain other expenses like your utilities, food, transportation etc. and to save for your home’s emergency funds. Every house will need maintenance and repair costs, so you need to be very choosy in deciding what you can pay in your monthly installments.

It is also important to know about your credit scores because a good credit scores will definitely reward you with lower interest rates from the banks and other financial institutions. Just as you will know about your monthly budget, you need to be 100% knowledgeable of your credit scores. There are three major credit reporting agencies; Equifax, Transunion and Experian from where you can pull your latest credit report and check your credit worthiness. You should thoroughly review your credit report and understand what your credit score means. If there is any inaccurate negative information on your credit report, immediately dispute it with the credit bureau who is reporting this negative item because that is hurting your credit scores. The credit bureau will verify the dispute with your information providers and fix it. Usually this process can take up to 3 months to get fixed and then you can shop with the banks and other financial institutions for good deals for your home loans.

When you are searching for good home deals, you will review the list of homes that are for sale. It can be either in your locality or somewhere nearby. By knowing what you want in your home, you can easily narrow down your search and get the best deal.

Trusted partners are the key. The first home whether you buy it or build it, it is intimidating in many levels. You need to have a very good rapport with your realty partners. Whether you work with a Realtor or a home builder, loan officer or the person who will inspect your home, you should be completely honest with these people and they will make your dreams of buying a home come true.

Since buying a home is one of the biggest expenses in your lifetime, so don’t panic in buying a home that doesn’t feel just right or else you will end up regretting at a later stage. Be very clear with what you are expecting from your new home. Every home that you look at will have some features so you need to be very sure about your requirements before making the final decision.





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By financen | April 3, 2019 - 6:13 pm - Posted in Home Buyer, Mortgage

For a first time potential homeowner, there are many things that one never knows. Or even if they do know, understanding them might not come as easy. When buying a house, there are a lot of things that one needs to keep an eye one. Here are some of them.

Deposit at Least 20%

Most people whenever they think of owning a home they think of taking out a mortgage, and that is it. However lucrative it may seem to take out a full financing mortgage plan, experts at Sun West Mortgage advice against this. It is always a safer option to deposit 20% of the value of the house and then take out a mortgage for the remaining amount. This will lessen the burden of paying interest at the same time private mortgage insurance.

Have Some Backup Money

When one rents a home, its maintenance is the least of worries that they can have. The reason is that the landlord fixes any issues that the tenant may experience while leasing the home. This is usually part of the lease agreement. Things change when owning a home; Sun West Mortgage advises that one have some money kept aside for repairs and any unforeseen spending.

It is essential that one is well informed before making a buying decision. Real estate when invested in with full information is a safe investment for many. The opposite is also true.

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By charles | January 9, 2019 - 2:21 pm - Posted in Home Buyer, Real Estate
Home buyer
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Price of buying a home and the mortgage rates keep increasing every year. So, if you are planning to buy a home at this time of the year, keep the following points in your mind before jumping into the market.

Having a good knowledge about the market: It is important to do a thorough research on different markets because each market behaves differently during the fall. According to the real estate market reports of August, national home values rose 0.4% from July, making it the third consecutive month where monthly home values rose more slowly than the month prior. However, markets in other places like California, Nevada, Minnesota are moving at a brisk pace of home value appreciation. It will be around 2 percent or higher.  By the time, this year’s selling season comes to an end, we will experience a slowdown in home value appreciation.

Selection is getting limited : There were many frustrated sellers who were not able to sell their properties during the busy season. This might take their homes off the market during the holidays and all actions will come to a standstill. This means that the choices for homes will become even more limited than what it is at the current market.

Using the negotiation skills : If you selected a home few months ago and if it is still not sold, then you can negotiate with the buyer for a lower price. While some buyers may not participate in the current market, others who have been waiting for the best possible price may now be ready to offer a lower quote. On the other hand, there may be some homeowners who are determined to get a set price and others will simply continue to wait for more time.

Checking the maintenance area : Fall is the best time to check the maintenance work like gutter drainage and the general upkeep of the yard. Check your home during this time and see if it needs any repair. During rainy season, you can inside your house and check out the furnace, look for the drafts, leakage issues and other possible structural or maintenance problems. You can keep aside a certain amount of money for repairing your home and then at a later stage, you can adjust the price of your home accordingly.

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