Frequently Asked Questions For The First Time Homebuyer


by tireddadoffive - Date: 2007-06-20 - Word Count: 581 Share This!

FAQ's that all first time homebuyers need to know. Here is a list of ten FAQ's that will make the decision of buying your first home easier and more manageable.

1. To buy or not to buy? That is a good question. When you rent there are benefits. However, when you purchase your own home, there are also benefits. A homeowner has an investment for their lifetime. When you rent, that money is gone forever. When you are paying on your mortgage, you are paying into an investment that will be yours. This increases your financial value. There are also tax benefits to paying your mortgage that you do not have when renting.
2. As a first time buyer you do not necessarily have to have a large down payment. In fact under some circumstances and with the right mortgage program, you may qualify for no down payment at all.
3. When you are getting ready to buy a home it is a good idea to minimize the amount of debt you have. This would include getting your credit report, and reviewing it to make sure that all of the information on the report is correct.
4. When you are looking at different homes, it is important to find a good Realtor or buyer's agent to help you to find the perfect house that will not end up being a money pit. There are some simple steps you can follow that will make it easier to find a good representative.
a. Make a list of several agents or Realtors that you can interview. These representatives should have experience with the real estate in the area you want to make your purchase in.
b. Then it is important to interview at least three of these Realtors or buyer's agents.
c. Then after you have chosen the professional that will be representing you, you will need to sit down and go over the expectations you have. This will help the representative know what they can do for you.
5. Working closer to your buyer's agent or Realtor will help you to be able to get the best deal possible. Listening to their suggestions can end up saving you a great deal of time and money.
6. There are special financing and grants available through the Federal Government. Here are a few sites you can check out.
a. http://www.hud.gov/buying/loans.cfm
b. http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
c. http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
d. http://www.hud.gov/buying/localbuying.cfm
7. Getting pre-approved for a home loan will make it easier and faster to find the right home of your dreams. It will also help you to make sure that you are shopping in the right financial bracket of homes.
8. After you have found the perfect home with the help of a Realtor or buyer's agent, it is a good idea to sit down with a lending representative and check out what options are available. At this point it is time to also sit down with the sellers, your representative and their representative and start negotiations.
9. Trust your Realtor or buyer's agent. They have your best interest in mind and will work to make sure that you get the best deal possible.
10. Finally, you will have your new home in escrow. In order to speed the time frame up of getting your home and the rates you want, it is a good idea to make sure that the instructions that are set, are completed. This will happen after you all meet and you set up the payment into escrow. Take the time to talk to your representative in order to make sure that everything on your end is covered.

These FAQ's should make your buying experience pleasant and productive.

Related Tags: homebuyers, first time, faqs, need to know

Chuck Lunsford is the content manager for Tina Abraham, a Wilmington North Carolina real estate broker. Whether you're looking for luxury real estate, waterfront homes, historic Wilmington homes or a quaint little cottage Tina can knows the market and can get your the best home to fit your unique needs. To learn how Tina can help you find your dream Wilmington North Carolina home call us at (910) 790-7484.

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