By John Marsett
Why should I buy, instead of rent? Answer: A home is an investment. Many people call it your largest investment. When you are a renter, you write your monthly check and that money is gone. On the flip side, when are a home owner, you are able to deduct the cost of your interest from your taxes, and maybe your state taxes too. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.
Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment? Answer: There are many, many programs available for people with all kinds of credit issues. A broker can be one of your best resources. You may also be a good candidate for a federal program. Your broker can help you with this too. So, the answer is probably yes.
How much money will I have to come up with to buy a home? Answer: That depends on several factors. A couple of these are the price of the home and the type of you get. I recommend avoiding the zero down loans and taking the effort to at least come up with a small
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down payment. That can get you a much better interest rate. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.
How do I find a lender? Answer: You can finance a home with a loan from a bank, a savings and loan, a credit union, a private company, or various state government lenders. As I have mentioned before, I suggest starting with a qualified, expereienced broker. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. A broker can put you in the right program. Most lenders need 3-6 weeks for the whole loan approval process. Your broker will be familiar with lenders in the area and what they're offering.
John is a real estate investor and has helped many individuals get into their first home. He has helped people through lease options and finding qualified lending through mortgage brokers.
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