Essay On Buying A New Home

Most home buyers need to finance their purchase, especially first time buyers. So sit down and have a chat with a mortgage lender and find out exactly how much you can afford before you go house shopping.

It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality.

Home ownership is the American dream! It is one of the most costly purchases an individual or family can make in their lifetime. Some people save until they have cash to purchase however, many people borrow money from a bank or lending institution; when a person borrows money to purchase a home the loan is called a mortgage. The lender is called the mortgagee and the borrower is called the mortgagor; banks have several different types of mortgages: fixed rate mortgage, adjustable rate mortgage, investment mortgage and much more. Borrowers have to undergo the lender underwriting process to show financial capability of repaying the mortgage (Makarov & Plantin, 2013). In this article I will use a fictitious person named “Julianna,” she is in the process of buying her first home at age 30; I will be her lender and will use mathematical procedures to find out what is her down payment, principle, installment payment, points (closing cost), mortgage maturity value and total interest paid.

Purpose: To educate first time homebuyers on how to properly plan and prepare for buying a home and what to expect throughout the home buying process.

Many consumers who are looking to purchase a home again with the recovery of the housing market may not have the ideal financial background to get started. In order to discover whether or not they qualify, these potential borrowers should first consult with a mortgage professional, such as a

Have you ever dreamed about buying your own house? Do you think your ready to sign that dotted line? Well let me tell you, buying a house can be a long and complicated process. It can be stressful for anyone let alone a first-time homebuyer. Most new homebuyers are excited to finally have a place of their own, but rarely are they prepared for when that day comes. There are important things you should know and do before buying a house.

Buying your first time home can be both exciting and nerve wracking. This is why preparation is key. Preparation overall helps the process go a lot smoother. But even if you do all of your homework, there are still some things that you may never know as a first-time homebuyer. Read on to learn 5 things that every first-time homebuyer should know.

Though it may not immediately impact the economy for the better, the far reaching consequences will be much greater than simply writing a new homeowner a check for $8,000 that they may or may not have earned. This financial education will focus on a far-ranging plethora of topics, but in regards to buying a house specifically, there will be three main pillars: the importance of a savings account for emergencies, the importance of living by a budget, and a more expansive area of loan and interest education.

There are a number of different types of loan programs so you should be asking your self several questions before deciding. What is the short and long term outlook on your income, will it go up, down or remain the same? How long do you plan on owning this home? What are the interest rates now and what is expected in the near future? Answering these questions will help you discover the mortgage that best suits your needs now and in the future.

Timeliness is vital for the person who wants a home mortgage loan. One late payment can leave a really bad impression on a person's financial history. Make it a point to pay bills in a timely fashion. Speak to a representative if you find yourself in financial trouble and payments need to be delayed. Be a good money manager. Stay on top of your budget and live beneath your means. When you have enough money set aside for emergencies, you're able to stay on top of your bills and pay them on

Mortgage is complex and you?re not going to learn everything and be an expert overnight, but being as familiar as you possibly can with mortgage lending can make a world of difference, especially if you?re a first time homebuyer. It?ll help you make sure that you get the best deal with the best people, instead of getting tangled into a scam or a deal with a bad company for a bad rate. Research and become familiar with all parts of the mortgage lending landscape, like credit unions, mortgage bankers, savings and loans, and mutual savings banks.

No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves

Depending on your credit score and the kind of financing you want to secure, you could pay anywhere from 3 percent to 20 percent down on a home. Additionally, you’ll have closing costs that can often run into the multiple thousands of dollars. You won’t want to miss out on buying a home you want because you don’t have enough money for a down payment.

The real estate market of Australia tries to develop and emerge continuously. As an outcome, many a number of Australians invest on properties without any hesitant. But, the basic concepts in relation with the real estate industry are still fairly new to several consumers and are also easily confused even with the most common terms utilized in the industry.

Owning a house has become more important than simply having a place to live, or making a sound real estate investment in our society. Buying a house has become an integral part of the American dream. No matter if you are male or female, young or old, rich or poor, what culture or country you are from, everyone has a dream about it; in other words, every one of us wants to own a place that we can live in and create memories in that will last a life time. For a first-time homebuyer, that dream can quickly turn into a nightmare. The whole home buying process can quickly overwhelm the average individual. You’re entering into what could be the biggest purchase of your life with no experience to fall back on. The good news is a little preparation can go a long way and help you approach this decision with confidence. Luckily for you, I have taken the liberty of putting together a guide for the first-time homebuyer. Throughout this guide I will take you step by step through the daunting process of buying a home.