1) Test drive the lifestyle - Owning costs more than renting and most first time home buyers find they will have to make some lifestyle sacrifices. It might be as simple as cutting out that daily mocha grande frappaccino or packing a lunch three or four days a week, Whatever those sacrifices may be, you might want to find out if you can adjust BEFORE you buy instead of after.
Determine what your "comfort level" for a new mortgage payment will be, add one or two hundred two that and take the difference between that figure and your current rent and put it in your savings account. Not only will you know if you can handle the lifestyle changes, but you'll also have a cushion for those expenses that happen when you are a homeowner.
2) Keep your financial house in order - Lenders are examining every loan application more closely than ever before. Interest rates have increased over the last couple months and many lenders now have a minimum credit score of 640. Very shortly many of those lenders will also have a maximum debt-to-income ratio of 45%. So whether or not you've been pre-approved in the past, you might want to get with your lender to make sure your still in the market. As lender's we're going to look at all aspects of your financial picture to determine your ability to repay us and repay us on time, so make sure your financial house can stand up to lender scrutiny.
3) Check out all the first time home buyer incentives - There are a lot of good reasons to own your first home. First of all it belongs to you and your family, your not making someone else's mortgage payment, your getting tax write-offs for mortgage interest and property taxes AND state and local governments are throwing money your way in the form of down payment assistance and tax credits. Almost every municipality (city or county) has received government funds to promote homeownership for low and moderate income families and they have "use it or lose it" mandates. You can check the website for your local redevelopment agency or contact a mortgage lender who specializes in these programs.
Many families qualify for more than one program and you will need an expert's help to determine which is right for you and your family.
4) Find a Realtor and Lender team who คอนโด ราคาถูก are specialists in first time home buyer programs The loan programs and special incentives that are available for first time home buyers require an expertise that not all Realtors and Lenders have. You need a team that represents YOU!, not the seller, bank or builder.
First time home buyer loan programs are more paperwork intensive, require more time, and have more exacting guidelines, so your representative has to be looking out for your best interest to get you to a successful closing.
5) Quit procrastinating! - If you've made the decision to move from first time home buyer to first time home owner, then get up off the couch, use the DVR to record your favorite programs and get started. Sure home prices may continue to drop, but we've already seen interest rates climb and over the long term interest rates will have a greater impact on your cost of homeownership.
For more information on first time home buyer programs and incentives for first time home buyers, check out http://firsttimehome.us
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