Be sure to check out the following links for some great information if you are in the market to buy a home!
Eight steps to buying your home
Deciding how much house you can afford
Opting for new home construction
How can a real estate agent help me?
Eight important questions to ask your agent
Contact us about buying a home
1.Why should I buy, instead of rent?
Buying a home is an investment. You not only get to deduct cost from your mortgage loan interest but from your federal income taxes, which can save you a lot of money each year where as rent money, as soon as you pay it is gone. Also you can make money if your home increases in value and you decide to sell it. Finally, you'll have the safety of having something of your own, that can give you commodity and financial backup.
2.What types of mortgages are available?
Fixed-rate. You pay the same interest rate and same monthly payment for terms from 15 to 30 years.
Adjustable-rate. The first 3 to 7 years the rate will be fixed and afterwards it will adjust to the life of the loan based on a specified index.
Combination loan. You can customize your loan rate so as your first loan payment is not as high as it would be with a fixed rate.
Affordable housing assistance programs: Some assistant programs like Bank of America can give you lower payments, assistance with down payments and closing costs, competitive interest rates, non-traditional credit and more.
3.How can I calculate the amount I can afford for buying a home?
It depends on 3 factors:
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Monthly payments as percentage of income
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How much cash you have for down payment and closing costs
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Credit history
4.Should I get a prequalified for mortgage before I shop for a home?
You definitely need to apply before so that you may know the financial range you have for buying a home. Plus it makes the overall process easier and faster.
5.What are the advantages of hiring a broker?
They can give good advice and guidance into making the best decision when it comes to buying a home. They can help you find the right home for you, and even though they don't provide mortgage services they can walk you through it, saving you more money than you might realize.
