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Recent Articles
First Time Home Buyers Assistance
- Article
- September 28, 2009
- Personal Finance and Legal
- No comments
A home is a basic need for every human being and can be quite an exciting event for first time home buyers. Buying a home is the dream of everyone in this world. Making that dream come true is the challenging job. So as a first time home buyer you must do certain things so that you can really be happy after buying your home.
First of all discuss with your family members and you might write down the reasons for you to buy a home. Keep all reasons in your mind.
Money
You should first work out how much you can afford to spend for your home. It is determined by your income and your current monthly income. In order to calculate this you can use:
- Online Calculators
- Lenders to whom you can consult and find out for sure.
Home Buying Programs
There are many loan programs available. Since you are a first time home buyer learn about all the programs so that you can choose a suitable one. The program may differ from one state to other. There may also be programs sponsored by your state or local government or other organizations. A few notable programs may be:
- Homeownership for public housing residents.
- Indian Home Loan Guarantee Program
Shop for a loan
You should save money by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate for getting a better deal. Try to consider and get pre-approved for a loan. There are many websites from which you can get this information. Make sure to check out any first time home buyer programs available in your area.
Make an offer
You can consult a real estate agent since you are first time home buyer. Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
You should not be deceived since you are first time home buyer.
Homeowners Insurance
This is very important. Shop for homeowners insurance. Lenders require that you have homeowners insurance. Be sure to shop around in order that you might find the best rate.
Get Your Finances in Order
Study the loan programs available by lining up your financing. By doing your homework, you will know exactly how much you can pay and what it will cost you.
- Order a Free Credit Report
- Find a Lender
- Determine a Down Payment
- Consider FHA Loans
- Get a Pre-approval Letter
Learn How to Avoid Home Buying Mistakes
As a first time home buyer you should not do any mistakes. The best way to avoid making a mistake is to learn from the mistakes others have made. Buying a home in a desirable location is your best defense. Start your search online and find first time home buyer tips and avoid blunders.