Home Buying

If you’ve decided it’s time to take the jump into buying a home due to interest rates hanging at historically low rates, you aren’t the only one. When the time comes, purchasing a home is a life changing event as well as a stressful decision. In order to make the process much more fluid, there are a few tips to take into consideration when seeking to purchase a home.

For many people, owning a home is the fulfillment of long term dream. For others, it is their worst nightmare. Purchasing a home is one of the biggest financial decisions one will make in one’s life time. It is therefore imperative to carefully consider the pros and cons of homeownership.

The first question on your mind as a potential homeowner is how to finance the acquisition of a home. Thankfully, there are different ways of financing a home acquisition and mortgages remain one of the most popular options. However, there are different types of mortgage programs offered by different mortgage providers, with one of the most common being FHA loans.

Now it is the time to meet with a mortgage broker, or lender, to discuss the financing options and interest rates, as well as to understand the process you must go through to ensure the approval of a mortgage. With no surprise, getting a mortgage requires a good credit score. As Ramit Sethi emphasizes in his book, "I Will Teach You To Be Rich," with a higher credit score you would be eligible for a better interest rate on your mortgage [1]. The next step is getting a pre-approved letter from the lender, which demonstrates how much you can afford to spend on the purchase, what the monthly mortgage payments will be, and what the interest rate will look like. Getting pre-approved would help you to narrow your search down to a specific home type,

After weighing options, individuals who are considering purchasing a home should first check their annual credit report for errors and make any necessary adjustments to improve their credit. Credit reports can be obtained through Equifax, Experian, or TransUnion and it is recommended that an individual request a report from each of the three National Credit Reporting Agencies to compare. Vera Gibbons, a personal finance expert states, “Sixty percent of your credit score is based on timely bill payment and within six to eight months an individual can see their credit score go up by simply being more disciplined” (as cited in DeSimone, 2014, p.24). A good credit rating opens the first door to home ownership. A credit FICO score of 760-850 puts an individual in the best position as an acceptable risk to get the best interest rates and scores ranging from 675 to 750 are generally acceptable risk (Corbett, 2011, p.50). Secondly, twenty percent is the preferred amount for a down payment reducing the mortgage cost creating a smaller monthly mortgage payment, so it is imperative to have savings. “Corbett provides the following information showing the upfront cost of purchasing a $350,000 home with a 20 percent down payment” (p. 43).

For potential new homeowners, buying a new home is an exciting process. However, it is important to understand this process so they do not end up with a home they cannot afford. With the right planning and experts, a home buying experience can be one of the most enjoyable times in your life and you will have peace of mind knowing you made the right home choice at a price you can

Mortgage advisers can “pre-qualify” you to confirm that you meet general guidelines, but only a lender’s underwriter can confirm that your income, down payment, purchase agreement, property information, credit and debt ratios meet their full approval

Whether you are a first time home buyer or someone who is moving up in the property ladder, visiting a mortgage company to inquire about a home loan can be difficult. A mortgage is a massive financial commitment and you may find yourself uncertain as to whether you can afford the costs involved in owning a home. In many situations, along with taking out a home loan for the purchase of your house you may also need additional cash up front. For example, you may need money for a down payment, out-of-pocket for property inspections and/or closing costs. If you are planning to apply for a home loan, the following tips will help prepare for the process of applying for a home loan.

So you have decided you are ready to take the plunge into home ownership, now what? In today’s market, is investing in real estate still a good decision? Buying a home is a huge responsibility. The first thing someone needs to decide whether purchasing a home is right for them. People must evaluate their goals for the next thirty or so years and see if home ownership fits in with their goals. Are they tired of wasting all their money on rent? Or do they see home ownership proof of their independence? Some people turn to homeownership because they want the opportunity to be their own landlord. Whatever the case, there are several things to consider when delving into the housing market. People who are interested in home buying should make sure that they are properly prepared for purchasing a house for the first time. With the right preparation, purchasing a home can be a very positive experience.

Purchasing a home is a significant and costly decision. The procedure is long and complicated because of the moving process, research and work involved. Many families look for a dream home that can be liked by everyone in the neighborhood. The real estate market changes every time, and this brings new experiences regardless of having bought a house before. However, buying a home in a new region and moving can be daunting procedures because majority of families do not have an idea where to begin. Translating your thoughts of your dream home to a real estate agent can be a challenging thing to many people. This guide provides essential factors that people consider when moving to a new

It’s your first time buying a home, and you’ve got questions. This guide breaks down what is probably the most important purchase of your life into five manageable stages.

A home is a valuable asset that every person desires to own. Purchasing a house of your dreams brings joy and satisfaction to your family. However, for first-time homebuyers, the process of buying a new home can be challenging and complicated. First-time homebuyers should approach this decision with confidence. Before making this purchase, you need to prepare yourself both financially and emotionally to make an informed decision. Below are crucial tips for purchasing your first home that will make the buying process smooth and manageable.

Buying a home is one of the biggest investments a person will make in their life. The decisions that go into home buying will greatly impact one 's lifestyle for a large period of time. There are a lot of factors to consider when purchasing a home that vary from person to person, these include:

So, you’re ready to buy your first house. Little did you know, there’s a whole new language you need to learn during the process! Real estate has many different terms, phrases, and acronyms that every first-time buyer needs to familiarize themselves with before they jump into the market.

Purchasing a house is not as easy and economical as purchasing a car. It is not something that you do day after day. In fact, voluminous individuals purchase homes once in a lifetime. Thus, you need to do lots of work while searching your dream home. For steering your search, you should consider the following sources.