Tips for First
Time Buyers It might surprise a first time home buyer that they aren't
the only ones who feel confused about the whole home buying
process. Almost all home buyers feel the same way, even those
who have purchased a home before. It's easy to forget some or
all of the home buying steps you've followed in the past. Here are some tips on how to begin: Educate Yourself - Talk to friends, family,
anyone that can help you inform yourself about what to expect
from buying. Ask Questions - Once you've picked an agent
or while you're deciding, ask as many questions as possible.
If needed, compile a list of questions ahead of time so you
don't forget what you wanted to know. Stay Calm - On the way to purchasing and even
closing, most people hit a snag of some sort. Don't allow yourself
to worry too much or get stressed out. Close contact with the
parties involved can nearly always resolve a sticky situation
quickly. Begin - Once you've decided the steps to take,
just start! No more allowing yourself to fret about the what
ifs or worry about what you don't know. As they say, practice
makes perfect! Decisions, Decisions, Decisions...
When our parents were buying homes, there was basically one
kind of mortgage: the 30 year fixed rate. Today, you can choose
from many different kinds of mortgages. It may seem confusing
- but these new kinds of mortgages can make home ownership
more affordable. Aren't there really just two kinds of mortgages: fixed and
adjustable rates?
You could say that, because all mortgages fall into one of
these two categories - that is, the interest rate you pay is
either the same (fixed) for the life of the mortgage, or it
can change (adjust) over the life of the mortgage.
But within these two broad categories, there are many different
kinds of mortgages, designed to fit people in different financial
situations - and many of them are especially for first time
home buyers.
There are so many different questions it would be impossible
for us to go through them all. If there is anything that
we can answer for you that wasn't already talked about, please
let us know. LOAN PROGRAMS
• FHA-Government loan that allows
you to purchase a home with a lower down payment, and come
with guidelines that let more people qualify.
• VA
(Veterans Administration)-Loans available for
veterans of the armed services, those currently on active
duty or in the reserve, and their spouses. A VA loan can
make it possible to buy a home with no money down.
• Fixed
Rate Mortgages-Monthly payments for interest
and principal stay the same for the life of the loan.
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