Essay On Buying Your First 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.

Buying a house is a big deal - it is, for most people, the largest dollar purchase they'll make in their lives. Regardless of whether you're buying your first house or your fiftieth, the most important thing about buying a house is getting an affordable mortgage rate. The mortgage rate that you get could make or break the purchase of your home - a high mortgage rate could lower the amount of money you can spend on a house, therefore lowering the range of houses you can look at purchasing. A lower mortgage rate, however, can raise the range of houses you're looking at purchasing, and can help you afford your dream home.

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

The economic decline has possible home buyers, especially first time home buyers, scared to invest anything into the housing market. With the fear of another depression in the back of everyone's minds, some businesses are attempting to clarify the pros of home ownership.

The desire for home ownership is something embedded in our DNA. Claiming property and owning a house is a critical part of the “American Dream.” Home ownership represents more than just a place to rest your head at night. Your home is the environment that serves as a setting for your journey through life. It’s the place of your children’s first steps, family birthdays, barbeques, amongst many other significant events. Your home is the backdrop that describes you and your family. Although many American’s were financially hurt by the trillions lost in the home equity market during the housing bubble, there is and will always be a desire to own a home. The most vital part is that American’s who lost their homes during the crash, learn from their past, so that they do not repeat a foreclosure.

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.

Until every home loses value, buying a home will continue to be a prudent investment for those who can’t buy stocks or bonds. Purchasing my home was a major milestone in my life as well as an investment I could make for my future. Adalberto Aguirre believes that “For many Americans, homeownership is synonymous with success, independence, and the achievement of the American Dream.” Homeownership is seen as a pathway to aspects of the American dream; for instance, the ability to pay for a college education, providing start-up capital for a family business, or funding retirement plans (Aguirre 6). Owning a home, like earning a college education, is something I thought was supposed to be coveted for not only ourselves, but also for our friends and family. Helping others attain the American Dream certainly took a backseat to profits in the minds of countless mortgage brokers and lenders during the 2000 housing boom.

Whether you are getting ready to purchase your first home, move to your next home or buy an investment property it is crucial that you get informed on the latest factors that guide and regulate your purchase.

For those who are not yet fully ready to commit to another mortgage, there is an option of “rent to own.” This option is more flexible as it allows the signers to lock in the price of the property but decide at a later point on whether or not he or she is to buy the house. At the signing one submits a non-refundable deposit, option fee, which is then added to the down payment if he or she chooses to purchase the property when the time comes. The tenant then lives in the property he or she desires to purchase and pays monthly rent for it. This option can be a solution to many wanting to own homes but not being able to at the moment due to either poor credit, inability to pay the down payment, or hesitation coming from previous

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

You might be better off paying a reasonable amount for rent and saving your money when buying seems more logical. Also, it depends on lifestyle preferences. Some people may not want to do all the work that comes along with owning a home. As of right now many people are leaning towards renting. This is because the market is going down. Some don’t want to commit to a mortgage if when they go to sell they can’t find any buyers.

Homes are typically the biggest purchases the average American will make in her lifetime. The average home mortgage requires a down payment equal to 20% of the purchase price. The remaining amount is paid monthly throughout the course of 30 years, on average. This makes the home mortgage a substantial and constant monthly expense for the average homeowner. (Egrungor & Zaman, 3).

Establish Credibility: According to US News, the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.” I think the mortgage catastrophe of 2001 left prospective home buyers afraid of buying a house without being extremely certain that is the right decision.

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.