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Tips For Buying Your First Home
For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control. When it comes to real estate, most people don’t have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.
The first thing you should know is to avoid pre payment penalties at all costs. What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, you’ll have to pay a penalty. You can find a variety of great loans that don’t include these types of penalties. If you find a loan that does include pre payment penalties, you should immediately turn it down and look for another loan.
You should also be on the lookout for good ARM’s. If you have a good ARM, then your interest rate and monthly payment will adjust at the exact same time. This will make sure that your interest doesn’t affect your monthly payment. If your interest rate does affect your payment, then you will notice the unpaid interest reflecting the overall amount of your loan balance.
You’ll also want to get pre approved for your house as well. This lets the seller know that you are serious about buying, and will normally work in your favor to give an edge – which is especially handy if there are several others interested in purchasing the home. Getting pre approved will also save you a lot of time as well. If you can’t get approved for a loan, you shouldn’t waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price.
Before you purchase a home, you should always be aware of how much you can afford. Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment. If you manage your money smart and know your finances, this shouldn’t take you hardly any time at all. On the other hand, if you don’t know your finances, this will take you a long time indeed.
If you’ve already purchase your first home, you should always avoid taking any type of home equity loan. These loans can be very tempting when you get in an emergency and need cash, although most home equity loans add up to more than the value of your home. You should never, under any circumstances take a home equity loan, as there are many other ways that you can clear up your personal problems without having to jeopardize your home.
Keep in mind that the above are just a few basic tips and that there are many other things you’ll need to know before you buy your very first house. You’ll need to be familiar with private mortgage insurance, special loan programs, fixed rate and adjustable rate mortgage, and several other things. Buying a home is an easy process, once you know a bit about it. If you familiarize yourself with buying a home and learn all that you can about what is involved, you’ll find the home buying process to be easier than you ever thought possible.
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Planning to buy a house soon? Then you’ve come to the right place. You’ve just found the Internet’s largest library of home buying tips and advice, created specifically with first-time home buyers in mind. We add new articles to this website on a daily basis. We also publish a Q&A blog as well as a news channel to help you stay informed. Enjoy your visit!
What’s New at HBI?
We are always working on new educational projects to better serve our audience. Here are some recent developments you might want to check out:
The 2010 Home Buying Guide can now be downloaded in PDF format.
We have compiled more than 100 frequently asked questions into a Q&A library.
We launched the Daily Housing News at the end of 2009, to help you in 2010.
Buying a Home for the First Time
On this website, you’ll find a wealth of information the explains the process of buying a house from every possible angle. As you can see from the menu tabs up top, this information has been organized by the various stages of the home buying process. Here’s an explanation of those stages:
Getting Started
Are you truly ready to buy a new home in today’s market? Do you know how to prepare financially for the home buying process? These questions are best answered early on in the process. So if you’re new to the process of buying a home and need help getting off the ground, start with this section of our website.
Home Buying Process
It pays to be informed about the process of buying a new home — especially when it’s your first time buying. The process can be overwhelming to a first-time buyer, but you can prevent this simply understanding the steps involved. In this section, we will go through the steps to buying a new home in detail, from house hunting to settlement.
Finding a Real Estate Agent
Finding the right real estate agent can make all the difference in your home buying process, especially if you’re a first time home buyer new to the whole process. A good real estate agent can steer you through the buying process and help you avoid costly mistakes. In this section, we’ll show you how to go about finding the ideal real estate agent to help you buy a house successfully.
About Your Credit
Credit is an important topic for home buyers. When buying a house you can be sure that mortgage lenders will review your credit with a microscope. So it pays to have a look at your own credit first. We will show you how to obtain your credit report and check it for accuracy. We’ll even talk about ways you can improve your credit prior to buying a home.
Checklists for Buying a House
A checklist is a useful tool when buying a new house — especially when it’s your first time going through the process. A good checklist will keep you on track and help you remember what features to look for when house hunting. In this section, you’ll find a variety of home buying checklists you can use along the way.
Types of Mortgage Loans
Fixed-rate mortgages. ARM. Balloon loans. When buying a house for the first time you’ll hear a lot about the different types of mortgage loans. It can be confusing when you’re not informed. So let’s make sure you’re well informed about the various mortgage types. In this section of the website, you’ll find plenty of information on the different types of mortgage loans.
Home Buying Tools
In this new section of the website, we have gathered some helpful tools that will simplify the process of buying a house successfully. Here you’ll find first time home buyer tools to help you obtain your credit information, find an agent, get a home insurance quote and more.
Buying Foreclosure Properties
Due to popular demand, we have added a new section to the website that explains the process of buying a foreclosed home (and why it’s such a popular topic). Though it’s not for everyone, buying foreclosure properties can be a way to get a home for less than market value.
This website is operated by Cornett Communications, a real estate publishing firm. You can reach the publisher by visiting http://www.CornettCommunications.com.
Michigan foreclosure rate is nation’s sixth highest
But Jan.-March stats show small gains over last part of 2008
Louis Aguilar / The Detroit News
One in every 136 Michigan housing units received a foreclosure filing during the first three months of 2009 — a bleaker rate than the first quarter of 2008. And as dismal as the January-March figure sounds — and it was a 12 percent increase from the same period last year — it was actually a slight improvement from the last three months of 2008.
RealtyTrac reported Wednesday that Michigan recorded the sixth highest foreclosure rate, per total state households. Nevada topped the grim list, followed by Arizona and California. In Nevada, one in every 27 housing units was hit by a foreclosure filing.
Nationwide, one in every 159 homes received a foreclosure filing during the first three months of this year — the highest national total since RealtyTrac, an online marketplace for foreclosure properties, began issuing its periodic report in January 2005.
RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: default, default notice and lis pendens (a legal notice, filed by the lender, that starts the foreclosure); notice of trustee or foreclosure sale; and properties that have been foreclosed on and repurchased by a bank.
“In the month of March, we saw a record level of foreclosure activity; the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” said James Saccacio, chief executive officer of RealtyTrac.
“It’s also likely that the drop in (bank repossessions) can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It’s very likely that we’ll see the number of (repossessions) increase again, now that most of the moratoria have been lifted.”
There is a positive note, Housing demand is up in some of the harder-hit areas, particularly on bank-owned properties that first time homebuyers and investors see as bargain.
But, “It’s unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates.”
Michigan recorded 33,184 foreclosure filings between January and March. That’s a 1.9-percent decline from the fourth quarter of 2008.
During the first quarter of 2009, Metro Detroit’s rate declined 6 percent compared with the same period a year ago. In Metro Detroit, one in every 275 housing units faces foreclosure.
New housing construction in Southeast Michigan remains at a standstill, according to Housing Consultants Inc. in Clarkston. The nine-county area saw an 83.1 percent decline in new building permits, compared to the first months of 2008.
From The Detroit News: http://detnews.com/article/20090416/BIZ01/904160369/Michigan-foreclosure-rate-is-nation-s-sixth-highest#ixzz0lApEEEYR
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