First-time Buyers
This is a great time to buy your first home. Low interest rates are available for buyers. If you have been putting off buying a home now is the time to act!
Here are some tips to help you with the process of becoming your own landlord.
Shop and compare mortgage rates and terms
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that’s $12,600. Guard against hidden extra fees. Be sure that all quotes contain the same information so you are comparing apples to apples.
Prequalify for a loan
Being prequalified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren’t the only interested buyer. If you wish, I can suggest several lenders.
Use a buyer agent
A buyer agent is legally responsible for representing the buyer’s interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent, however. Before you decide, let me explain the advantages and disadvantages of using a buyer agent.
Consider the resale value of your home, Now!
In some areas, a swimming pool actually detracts from a home’s value and makes the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. I can point out features that could hurt, as well as those which may help, resale value.
Rate the homes as you see them
After seeing each home, write down what you liked and didn’t like. Develop your own rating system which will help you narrow the choices down to the house that’s the best for you.
After you buy
I can help with finding a mover and locating qualified service technicians and handymen for any improvement or repairs.