 |
|
|
|
Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
|
|
|
|
|
Untitled Page
|
|
|
Untitled Page
|
|
|
|
Mortgages > FHA
Buying Your First Home?
Keep these tips in mind, and you’re more likely to get through the process of buying your first home with a sense of joy and accomplishment!
• Get a real estate agent who’s working for the buyer, not the seller. You don’t need a sales pitch. You want a partner who can help you spot any problems with the property and get a good deal.
• Don’t buy a home that will put you in the poor house. It’s easy to get lured into more house than you can afford. Be patient. Keep looking until a responsible deal appears. Your total debt load should be no more than 36% of family income before taxes.
• On the other hand, don’t be faint of heart. It’s all too easy to drift along through life as a renter, giving all your money to the landlord and never building up any equity, because you can’t find the perfect house. Put up with a few cosmetic imperfections, as long as they’re not real structural problems.
• Remember to calculate the costs of insurance, upkeep, property taxes and other expenses when you figure how much of a monthly payment you can afford. Remember that these costs generally go up every year.
• Choose a 15-year mortgage over a 30-year mortgage if (and only if) you can manage the higher monthly payment. You will be paying a lot less for the house over time.
• Check out FHA loans. If you’re short on savings, the 3% down payment makes it much easier to get into that first house.
• Become an expert on the neighborhoods where you’re looking to buy. Visit them at various times to check for traffic, neighbors with motorcycles, too many kids, too few kids – whatever factors are important to you.
• If you love a house you’re looking at, resist getting visibly excited. Buying a house is something of a poker game. Thrilled purchasers are likely to end up paying more.
• Get your agent to analyze recent sales in the neighborhood and compare this history with the buyer’s asking price.
• Get the house inspected before you buy. When making a deposit, write an escape clause into the contract so that if serious flaws show up in the house, you can get your earnest money back.
• Never sign a blank form.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
|
|
|
|
|
 |
• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
|
|
|
|
| ©2005 Lendingtips.com All rights reserved. |
|
|
Lendingtips.com 464 Oak Avenue Naples, FL 34108
Phone (239)877-7835 Fax (239)594-5686
|
|
|
|
|
