Home Buying Tips in Today’s Market
Posted by perdewhomes on March 17, 2009
First Time Buyers
Congratulations! You are first time buyer. Welcome to your home buying guide. Here are a few things to bear in mind when considering this important step in your life:
- Deposit: The first thing to be aware of is that most lenders will look favorably on you having a cash deposit to put down on a property. This deposit can range from 5-15% of the purchase price. If you were buying a property for $300,000, an expected deposit would range from $15,000-$35,000. In certain cases, a lower or higher down payment may be necessary.
- Find a REALTOR®: Don’t buy a home without one. Besides helping you find the home of your dreams, a REALTOR® assists you with every aspect of your homebuying experience. From appraisals to inspections, contracts to disclosures, questions and concerns, our sales professional are experts in the industry and are eager to help you every step of the way.
- Credit Score: As a first time buyer, your credit score will be used to determine your loan and interest rate options. Credit scores range from 340 to 820. The higher your credit score, the better your loan and interest rate options will be. Guarantee Pacific Mortgage, our in-house lender, specializes in helping first time buyers and can provide you with financial assistance you’ll need to purchase your first home.
- Mortgage Payments: Make sure you know what your interest rate is. Many first time buyers go for a fixed rate so they know exactly how much their total mortgage each month.
- Bills: Buying and maintaining a property is not just about keeping up with the mortgage payments; it is also about paying your bills. Besides your mortgage payment, you will be responsible for gas, electric, water, and sewage bills, not to mention other household amenities (i.e. telephone, television and internet bills). Plan in advance for these costs to make sure you can afford to pay them each month.
- The Rewards: Once you have bought your first home, you can enjoy the benefits of freedom and independence. You will soon discover that it is the best thing you ever did, not just in terms of doing as you please, but also that financially you have made a start in paying back the biggest investment of your life. With property prices seen to be rising higher in the coming years make no mistake that your home will become your most valuable possession. Congratulations and enjoy your new home!
Your Realtor,
CAROL PERDEW
Prudential California Realty
(209) 239-7979
wwwCentralValleyHomes
This entry was posted on March 17, 2009 at 12:42 am and is filed under Buying Foreclosures, Central Valley Homes, First Time Buyer, Home Buying, REO Homes, Real Estate, SHORT SALES. Tagged: California Department of Real Estate, Central Valley bank owned homes, Central Valley Foreclosures, Central Valley Home Loans, Central Valley Homes, Central Valley Jobs, Central Valley Loan Modication, Central Valley Property, Central Valley Real Estate, First Time Home Buyers, home buyer, Lathrop Bank Owned Homes, Manteca Bank Owned Homes, Merced bank owned homes, Modesto Bank Owned Homes, Mt. House Bank Owned Homes, Prudential California Realty, Rentals, REO, Ripon Bank Owned Homes, San Joaquin Bank Owned homes, Selling a Home, SHORT SALES, Stanislaus Bank Owned Homes, Stockton Bank Owned Homes, Tracy Bank Owned Homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
