It's an exciting time when you begin getting serious about buying your first home. If your credit is good, mortgage rates are just above 4% for a 30-year, fixed-rate mortgage. This is quite low and a rate that many qualified home buyers are taking advantage of. If you are struggling to save for a down payment, you may also qualify for a mortgage backed by the Federal Housing Authority. The FHA provides mortgages for otherwise qualified buyers who are middle or low income as a way to help those individuals buy a home instead of renting. To find a home you love and secure a mortgage, it is essential that you work with a realtor in your area.
Using Traditional Mortgages to Buy Your First Home
If you qualify for a 30-year, fixed-rate mortgage, taking that option is an excellent choice for buying your first home. In addition to an FHA loan, you may also qualify for a loan from the Veteran's Administration if you have been a member of the armed services. You can also get a mortgage for a lower period of time, such as 15 years. Adjustable-rate mortgages offer lower interest rates in the beginning, but the rates can go up significantly over time. With mortgage rates currently so low, it is financially reasonable to secure a fixed-rate mortgage instead of an adjustable-rate one right now.
Working with Your Realtor
Sit down with your realtor and talk about what you are looking for in your first home. You should try to prioritize your needs and wants so that the realtor can get a better idea of what home would work best for you. A realtor in your area is going to do more than look up properties. The realtor will know the area well and be able to guide you to certain neighborhoods that are a good fit for you. When you are clear about what matters to you, it will be easier for your realtor to match you with the right properties.
While you are searching for a home, you need to be ready to make an offer right away. While the real-estate market is stable, houses can still sell quite fast. When you are pre-qualified for a mortgage, you will know what your budget is and what you can offer to a seller. Being prepared is essential when you start looking so that you don't lose out on the home you love to a buyer who was ready to make an offer.Share
21 November 2016
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.