Tips First Time Home Buyers Should Know | Mortgage

by JohnDashwood

It is often exciting when you are starting out, you and your spouse are ready to start your own family, and the thrill of owning your first home. There are many things that you should know beforehand, that will help you greatly in the long run. You may know about some of these and you may not.

There are many first time home buyers that wait for the "right market", but that should be avoided. Some areas such as Southern California, New York and Miami very seldom change, There are other areas or markets that may" cool" but you should not base your decision on it. Interest rates are at all time lows so if something comes up you like, get it.

You can find many free or low cost resources on the internet. In just one search engine you can find buying guides, checklists, and many online tools to help you determine interest rates, home values, and many others. Watch out for free property evaluation websites, these are usually real estate agency trying to fish for clients. Make sure there are no 'strings' attached. Through the internet you can check out and take advantage of first time buyer programs, and even get into one if you want.

Look you don't have a lot of time or money to spend messing around. First thing you need to do is look realistically at your budget. Many first time buyers assume that they will get their dream home, but in many cases this is simply not true.

In order to see what you can afford, go to a lender and get pre-approved, which means they will calculate you income to debt ratio, see how good your credit is, and how long you have been on the job. From this they can give you a good idea of what kind of mortgage you can realistically afford.

Once you have this information you can then start working on your wish list of what you want in your home. A clear and detailed list of things that you must have will allow you to actually start looking and what you want can be anything, such as a yard for children to play in or even green features like alternative energy. Always stay with what is on your list so you won't get distracted when looking at houses or let emotions rule your decision making.

Fortunately, there are several programs for home buyers that not only help you get the house you want, but also help with other aspects of home buying like reducing debt or finding out what mortgage and title companies want. These programs also provide incentives for completion of their programs and this can be something like financial assistance, caps on real estate agent fees or lower mortgage interest rates. Another advantage for graduates of such programs is that assistance is often available if unexpected problems arise, like deferring payments or even loan forgiveness in rare cases.

Always check the internet for more information, as well as local agencies such as the Housing and Finance Association which has programs aimed at helping first time home buyers. Each community and state differs from each other too and so you have to look through your area in order to find all the programs available there.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

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