It cannot be denied that home purchase is a costly deal. Very few people can deposit enough money to buy a house. Rest of all depend on mortgages to own a house. Fortunately there are various types of mortgages available in the market. Thus there are mortgage for a first time buyer also. It is a useful mean to buy a house for the first time in a favourable manner.

A first time buyer mortgage makes it easy to bridge the gap between tenancy and house owner. There are plenty of mortgage packages for first time buyer. What a first time buyer need is to choose the most suitable one. Being a first time buyer if you are not competent enough to make a choice then you can take mortgage advice.

Mortgage for a first time buyers remains available irrespective of their status. You may be a council tenant, housing association tenant or living with your parents; even then you can qualify for a first time buyer mortgage. A first time buyer mortgage will remain available even if you have a bad credit record. But you have to be a little careful while choosing a mortgage package. It’s because a mortgage is a big deal and puts you in long term financial commitment.

Therefore, it is necessary for a first time buyer to do some homework before accepting a mortgage deal. Among the things to be considered are the amount you can afford to borrow, the rate of interest of the mortgage, its duration and the fees you have to pay. It is recommended to dedicate some time for searching out the suitable mortgage.

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Shakespeare Finance as a finance specialist. For more information visit us at http://www.easy-buy-to-let-mortgages.co.uk

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1.Find Your Real Estate Agent - Interview 2 to 3 Buyer Agents pick the one you are most comfortable with. Make sure they can give you the service you need. Real estate agents who can send you daily emails of homes that fit your criteria will get you into your new home faster and save you money at the same time.

2.Complete Mortgage Pre-Approval - Stop! Don’t pass go until you complete this step. The process takes 20 to 30 minutes over the phone, on line, or in person. This step determines whether or not you can buy a house and how much home
you can afford. This step sets up the entire process all the way through closing.

3.Pick The Setting For Your Family To Grow - Rural, Suburban, In Town, City, On the Beach, In the Mountains, Subdivision or Acreage. The place your family settles depends a lot on where you grew up and your childhood experiences.

4.Determine What Type House Fits You - 2 stories, Rancher, Basement, no basement, Split Level, Cape Cod, Bungalow, Log Home, High Rise Condo, or Townhouse. The home style choices are not endless but after seeing a dozen homes they all start to blend together.

5.Select What Amenities You Want or Need - Eat in Kitchen, Formal Dining Room, Fireplace, Air Conditioning, Jacuzzi, 2 baths, 3 baths, 3 car garage, Patio, Deck, Screened Porch, Wooded Lot, Level Lot. The choices are limited only by your imagination and wallet.

6.What Schools Do You Want For Your Children - Public School, Private School, Parochial or Religious, How about Home School? In neighborhood walk to school, bussing OK? Mom and Dad drop off. Involve the kids as much as you can, this should also be their choice.

7.Don’t Forget Your Transportation Needs - travel to work do you use public transportation, How about travel time 20 minutes 45 minutes or more to work OK? Special needs do you require access to medical facilities. Shopping and recreation some areas it’s a 25 minute ride to get a gallon of milk.

Bill Carey with over 30 years in real estate sales, investments, and home building offers a unique perspective to the buying and selling process of residential real estate for F*R*E*E consumer information and reports log on to http://www.CharlotteNCExecutiveHomes.com and see
“Insider Real Estate Secrets Revealed”
…a must-read for Home-Owners and Renters!
It’s a F*R*E*E 12-lesson e-course covering more than 20 topics exposing the realities behind buying and selling a home.
It Could Make(or Save) You Thousands of Dollars

See http://www.BillCareyRealtor.com and sign up for our monthly e-newsletter with tips for buyers, sellers, home owners and soon to be home owners.

(Your Comments are Welcome)

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Your Real Estate Agent

Find an agent you can work with and someone who will work with you. Many agents will try to make the quick sale and before you arrive at their office they will pick 10 to 12 homes, encourage you to cut the list down to 5 or 6 take you out to see them and try to sell you one. How about something different. Meet the agent at their office go through a 20 to 30 minute interview. Work with the agent to determine what it is you are looking for and expect as a minimum in your new home. Have the agent enter your criteria into a VIP Buyer data base where the agent will send you daily emails with homes that meet your specifications. You drive around these neighborhoods without the agent you get the true feeling for the area and you decide if that area is good enough for you. When you have found the right neighborhood you bring the agent out to show you the home you picked. You’re in charge not the agent.

Mortgage Pre-approval

This process is part of the agent interview you can go online or complete a phone call application with the mortgage company prior to meeting the agent. In any case pre approval is the first step in what price home you can look for.
Start with a pre approval on a standard 30 year or 40 year fixed rate loan this will be your base. Having a conservative more realistic starting point will allow you to stretch for a more expensive home if you chose. By not by starting out with ARM or interest only you have a room for the extras when you compare houses. As an example; if a 30 year fixed mortgage allows you to buy a $130,000 home and the ARM will let you get into a $145,000 home and the interest only gets you a $160,000 home you have the choice you know where you stand. Remember this is your first house of many more through for your life time.

Stretch or Not to Stretch

You are pre approved and found the right neighborhood. How much do you want to spend? You know what the mortgage company will allow you, but will that still leave you money to go on the summer vacation each year, weekend getaways, New Years Eve in Times Square? Will you be able to furnish the new home the way you want to or will you have to wait or start racking up credit card charges? This is where the big question comes, if you stretch and stretch too far and something happens like a job loss, sickness, company downsizing no promotions or raises that you will need because next year your mortgage payment will increase what do you do? Things can happen and do happen to good people everyday. That’s just something to consider.

There are thousands of houses to choose from in every marketplace. Pick the one that fits you best, pick the one you can afford this year and next year along with all the other things you want to do.

Bill Carey with over 30 years in real estate sales, investments, and home building offers a unique perspective to the buying and selling process of residential real estate for F*R*E*E consumer information and reports log on to http://www.CharlotteNCExecutiveHomes.com and see
“Insider Real Estate Secrets Revealed”
…a must-read for Home-Owners and Renters!
It’s a F*R*E*E 12-lesson e-course covering more than 20 topics exposing the realities behind buying and selling a home.
It Could Make(or Save) You Thousands of Dollars

See http://www.BillCareyRealtor.com and sign up for our monthly e-newsletter with tips for buyers, sellers, home owners and soon to be home owners.

(Your Comments are Welcome)

Share This