5 Things Every First-Time Home Buyer Needs to Know

5 Things A First time home buyer Needs To Know May 6, 2014 / Posted By James Harrison You’re a first time home buyer and are ready to invest your hard-earned money in a house and make it your own.

If you are about to be a first-time home buyer, Angelou’s words likely move you. But while your home will eventually be your oasis in the world, you must walk through the process of buying a home as the most practical version of yourself. That’s why we made a list of 5 things first-time home buyers need to know. 1.

“For that reason, you need to shop around, just like you would for any other product.” Veterans United, for example, specializes in loans for military and former military members, while other mortgage.

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Every day that the payoff is delayed means you’d owe a higher amount to the lender. The things that could have gone wrong. ilyce glink is the author of “100 Questions Every First-Time Home Buyer.

5. Know your tax credits. The first-time home buyer tax credit may be no more, but there are a number of tax breaks new homeowners may not be aware of. The biggie: mortgage interest deduction is a boon for brand-new mortgages, which are typically interest-heavy.

5. Be ready to negotiate. Come prepared for the negotiating process with your real estate agent by doing your research and knowing your priorities and limits. When you find a home you want, use tools like Redfin, Trulia, and public records to understand the neighborhood, history of the home and the seller. Be ready to move quickly, but also be prepared to walk away.

First-Time homebuyer tips 05:07. The sellers accepted, and Jarrod got the home. But almost a year later, he’s still not 100 percent sure he made the right choice. While he loves having plenty of space to entertain in his Uptown home, he misses Lincoln Park’s proximity to restaurants and nightlife.

The customary amount varies depending on the market, but might range from 1% to 3% of the offer price. If your offer is accepted, the funds are applied toward your closing costs. If not, your earnest money is returned to you. Down payment – this is the percentage of the home price that you must pay at closing.

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