First Time Home Buyer - First Time Home Buyer Program:

Buying a home for the first time can be a daunting task with all the legal paperwork to sign, finding the right place (remember location, location, location), getting a mortgage loan that fits your needs and moving all your belongings. It's stressful in every way imaginable - emotionally, financially, and physically exhausting. The government website for the Department of Housing and Urban Development (Hud.gov) is an excellent place to start. You can get information on first time home buyer grants, first time home owner loans, first time home buyer programs, and tips on finding the right place. They literally guide you through the process with first figuring out how much you can afford with an onsite mortgage calculator. You can also find out first time home buyer programs in your state. Get to know your rights as a potential home buyer (borrower's rights) and learn about "predatory lending" practices done by many mortgage brokers. Learn how to shop and negotiate for a home loan and then shop online for a home that meets your initial standards. You can go to the MLS.com to view properties online and get an idea of pricing, location, square footage, acreage, and amenities.

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You will at some point need to choose a real estate agent either through friends/family/co-workers. Try working with a reputable company in your state like Remax, Century21, Coldwell Banker, or Prudential. Once you have chosen an agent to work with, you can then start viewing properties in person and seeing firsthand what you are getting into. It's recommended that you setup a "home wishlist" which lets you write down what features you are looking for. Then make a home shopping checklist and take it with you when looking at homes and write down key bits of information while you tour the homes. Eventually when you find a house that meets your requirements, you will then make an offer on the house and get a home inspection done to make sure everything is working ok. Get an independent home inspector (not someone who knows the buyer or your real estate agent) as you will want the most honest findings possible. If your offer is accepted, you will need to get homeowners insurance (you can often use the same company you use for your car or life insurance). Lastly, you will be ready to go to "settlement" or "closing" where you will sign dozens of documents concerning the purchase of your home. It is the single best investment you can make, buying a home that is. Instead of paying rent your whole life, you will be accruing a nice retirement nest egg by buying.

First Time Home Buyer Loan - First Time Home Buyer Mortgage:

If you do your homework and get multiple lenders so you can compare costs and interest rates, you should be able to save $1000's over the life of the loan. Too many people go to a bank and pretty much get talked into a loan they know nothing about. Research the various loans available to first time home buyers - 3o year fixed, 15 year fixed, 5/1 ARM, interest only, Jumbo loans, etc. A good housing counselor can work with you to make the best decision on a loan/mortgage. Finding a quality mortgage broker is very important so that you can get multiple loan offers and go with the best one. Keep in mind that mortgage brokers get a kickback on every loan they generate for mortgage lenders and some pay them more than other. There was a recent study done that showed over 50% of all loans done through mortgage brokers were not the best one available to the borrower. Know your rights and ask questions to make sure you are getting the "best loan available". There are special homebuying programs like the Good Neighbor Next Door Program for police officers, teachers, firefighter and emergency medical technicians. Sometimes local agencies offer first time home buyer grants to needy families who otherwise wouldn't be able to afford the down payment and closing costs.

Buying vs Renting

The age old question has alwasy been should I rent or should I buy a house. Which one makes more sense financially. It really depends on just a few variables - your current rent, purchase price of home you want, down payment you will make (at least 10%), length of loan, interest rate, years you plan on staying, yearly property tax bill, yearly home value increase or appreciation. With the recent runup in real estate across much of America, it seems like a no brainer to buy no matter what the situation, but that is not always true. The rule of thumb has been that if you plan on staying in a location for 2 years you can buy, anything less and you are open to too many costs (realtors, property tax, etc.) and may not make that back up on appreciation within the first year or 2. Some markets are overheated like California and Florida, so buying in those areas can be risky, especially if you only plan on staying a few years. Real estate prices may go down or stay stagnant and often the rental markets in those areas are a bargain with everyone buying. In any event, some markets are riskier (with higher returns potentially) and that needs to be taken into account when considering buying a home. All in all, it's better to own a home than rent, so save your money and get a loan that works for you financially and buy your first home.

First Time Home Buyer Tips:

Take your time when looking for a house, do some research and don't just look at 30 homes. It will become monotonous and eventually all homes will start looking the same. Don't over-buy the first time, which means don't get a huge house if you don't need it. Compare all types of mortgages to see which one is best suited for your lifestyle. Get pre-approved before house hunting, it will let you know what your price range is for buying. The "perfect" home probably doesn't exist, so be prepared to not get everything you want in a home (hardwoods, granite, pool, etc) and be ready to sacrifice a bit. Don't skimp on the home inspection process. It's much too important to let this step slip by.

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