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Sunday, October 9, 2011

amwonderingabout… First Time Home Ownership

With property prices and mortgage rates at enticing lows, it seems like a great time to buy your first home. Here are a few helpful tips I found, if you are considering a first time home purchase, that may help you decide if a “buy when low” opportunity is a right fit for you.

Consider your current life status and your local housing market

·         Do you plan to move in the next year?

·         Do you have job security?

·         Do you find that rent is cheap and homes are more costly in your city?
Flipping houses quickly for more money is not easy now, real estate liquidity has changed. If you are unsure of your job situation or plan to move shortly, renting is a better option. However, if you are not moving in the next year, your job is secure and rent is moderately high while home sales are reasonable, then the time is right to explore a first home purchase

Check list your finances

·        Get an up to date credit report from all three major bureaus: Equifax, Trans Union and Experian. FICO credit scores affect the interest rate and payments relating to your loan. The higher your FICO score the more you save; use an online loan savings calculator to see scores and loan rates.

·         Plan for a down payment. Unless you have 20 percent of a home purchase price saved, a high loan payment is in store for you and can make your budget squeeze: maintenance, property taxes and insurance plus the loan payment can get you in a bind.  Health issues, job termination, etc. could mean a loss of your home, when you have such a large housing expense. Check out the online First Time Home Buyers Guide. Get expert advice and current home market information.

If you have great credit scores and enough saved for a 20 percent down payment, begin to check out your options. Look at the HUDgovernment site to help answer many first time buyer questions. A loan pre-approval by your financial institution is another great tip, it gets you set to move quickly when you do find a great bargain.  As you start your search, a Real Estate Directory can save you time and effort, helping you find a local realtor who can focus on your particular wants and needs for finding your perfect home.

If you are financially ready for a first home buyers bargain, there are unique tax benefits, awesome interest rates and great real estate properties that await you. Find helpful resources to guide you in your path and act confidently, knowing that the “buy when low” opportunity is your golden ticket to your first home.

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