How to buy a first house at the right location, and market value
How to buy a first house
Buying a home has both advantages and disadvantages, and it's important to consider both sides before making the leap. Before you start looking for a house, or even figuring out what you can afford to buy, make sure you have money saved up. Ownership of a house comes with a lot of responsibilities such as mortgage, taxes, insurance, maintenance, and all utilities. There is a lot of freedom that comes with home ownership that tenants never get to experience. Decide that you want to buy instead of rent.
Home mortgage lenders
Getting pre-approved for a loan is a process of applying for a mortgage from a lender; Banks, Mortgage brokers, Mortgage bankers, and Credit unions, before you start looking for a home. The lender then looks at how much money you have for a down payment, your income, and your credit, determines the maximum loan you get. You will get a letter stating that you are pre-approved for a maximum monthly payment. It is a commitment from a lender to loan you money. It says your maximum monthly payment, your maximum loan, and your minimum down payment.
How to find a real estate agent
A good real estate agent can make an enormous difference in finding the right home for you. There are many different ways to find an agent. You ca goes to Open houses, Agent's office, recommendation, or the yellow pages. Once you find an agent you're happy with, you need to help that agent as much as possible to get you just the house you want. A "want" list should help determine what you're looking for or at least narrow down which neighborhood you're interested in.
Selecting the right mortgage for you
There are a lot of different mortgages out there. Because coming up with cash is usually the hardest part of most real estate purchase. There are low down payment mortgages, low monthly payment mortgages, easy-qualifying mortgages, jumbo mortgages, and special situation mortgages. All of these mortgages involve having some sort of insurance or guarantee of your performance. If you're a first time buyer who has little to no money for a down payment, you may want to consider a lease option. There is no mortgage involve here.
How to make sure your property home value appreciates
Maintaining your property home value can get expensive if you don't fix things immediately. Leaky pipes, chip paint, and roof shingles are all common home repairs we have to do. Your property is your biggest investment, and taking care of it when something goes wrong will save you time and money in the long run. Finally, you have to determine how much the property will be worth after you finish fixing it up.