Investing in your first home can be a significant landmark in the timeline for the lives of many, and a great sense of accomplishment can be experienced if you find the right home for the right price. Sure, some complications also exist for home buyers – property taxes and maintaining a residence can be pretty pricey, but the many advantages of owning a home, in most cases, can make these financial drawbacks seem less overwhelming. Many first time home buyers can feel a bit lost in the process of buying a home, and can benefit from some home buying tips for a sense of direction. If you’re considering becoming a new home buyer, here are some tips to help guide you in the process:
1) When you are looking at homes for sale, use a digital camera to document unusual or interesting features of each home. Begin and end the pictures of each home with a closeup of the house number, to identify the set when comparing your options at a later time.
2) Research the selling prices of comparable homes in the area you want to reside in. Free websites such as Zillow and Homegain provide accurate estimations of what you should expect to pay for comparable homes.
3) Calculate your budget. First time home-buyers should find out what their total monthly housing costs will be, including taxes, settlement and title fees, as well as homeowner’s insurance.
4) Figure out your creditworthiness before purchasing your first home using a loan. The Federal Housing Administration (FHA) does not mandate a minimum credit score; instead, each borrower’s creditworthiness is considered in context. If you are self-employed or an independent contractor, you will most likely need to show two years of earnings history when you applying for a homeowner’s loan. For borrowers who need extra cash for their homes, the FHA does offer a special loan product, called a 203(k).
5) Consult with virtual loan officer positions for home loan services. Virtual loan officer positions work for banks and other financial institutions and specialize in recommending individual mortgage loan applications for approval. These services can help ease the upfront fees with a loan such as a down payment on a house.