Many people opt to rent a home instead of buying, thinking that it is easier than having to pay a mortgage each month. Yet paying rent money to a landlord each month is virtually the same thing, with the only difference being that you are lining their pocket instead of your own. Each time you pay your mortgage, you can think of it as buying yet another small corner or tile of your home, and getting one step closer to owning it each time. (more…)

Are you and your family looking at buying a new home? It can sometimes be very difficult to know where to begin in the home buying process, and a good idea would be to start making a list of necessities and desires for your new property. Once you have determined what you need and what you would like, it is much easier to start on your home search. (more…)

Have you been tempted to buy a foreclosed home? Have you been looking at the prices of homes up for foreclosure in your area but are not quite sure how to find out more about them? There are three main ways in which you can buy a foreclosed home, each with distinct advantages and disadvantages. You will need to look into the procedure carefully and decide which is the best way for you. (more…)

Have you decided that you want to buy a home within the next year or so? Are you tired of renting somewhere to live and have decided that it is time to settle down? Although it may be a few months before you are ready to buy a home, there are many things that you can do to prepare yourself for the big day. (more…)

Deciding to buy your first home can be very exciting, as you imagine how you can decorate your hideaway in exactly the way that you want. You may already know how much you can afford to pay for a house, and may think that the only thing now is to find a place that you like in a good neighbourhood. There are however a considerable amount of other factors that you will need to consider when buying your first home. (more…)

Have you found your dream home and are now ready to put in an offer? Although you already know what the seller is asking for the property, you now need to decide how much you want to pay. One of the main things to look at when deciding on your offer price is comparable sales in the area. Comparable sales are recent sales on similar properties to the one that you wish to purchase. (more…)

Have you ever wondered what your credit rating is, and just why it is so important? Your credit rating can be vital for getting a loan or a mortgage, and will affect how much lenders will be willing to loan you. You may never have considered the importance of credit scores, but if you are planning on investing in a home, it is high time that you did. It is never too late to start working on your credit ratings, and there are many simple ways that you can better your score. (more…)

With the ongoing housing crisis, many people are not sure whether it is a wise idea to buy or not. There are many conflicting views being voiced across the media, with some people saying that it is a great time for first time buyers, and other people saying that it is not. Who should you listen to? If you have been considering buying your first home then you should start to think about your options carefully. You may think that it is wise to wait and see if the falling house prices keep declining, but this is not always the case. Although you may get a bargain price on a home if you wait, your financing may get more expensive. Some media sources are saying that interest rates will increase heavily by next year, which could mean that you are better off buying now. (more…)

Are you planning on moving to a new neighbourhood and want to find out a little bit more about the area before buying a home there? The location of your new home is one of the most important things that you will want to consider when investing in real estate. There are many ways that you can research the area in which you want to move to, and you will want to ensure that you do this carefully.

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If you are a first time home buyer, the first thing you are going to have to think about is financing. Should you go through your bank? Through a credit union? What other options are available?

Loans:

The first place you should call is your bank. They will be able to tell you what they have to offer and today’s rates. Many banks will over you a reduced rate if you are a current customer and choose direct withdrawl for your payment.

Afterwards, call around. Call various banks and credit unions. Find out from the credit union if you get a reduced rate if you are a member.

Alternate places to get loans: HUD, Veterans Affairs (if you are a military veteran), or sometimes a personal loan.

Grants:

HUD - Meet with your local HUD office. Many HUD offices offer Grants to cover your PMI and a percentage of your down payment. These grants are not always financial need based.

Grants.gov - Excellent source for all government grants available for first time home buyers.

State grants - many states offer first time home owners grants. Most of these are to help pay towards your down payment to avoid PMI payments.

Remember, if it is a grant, you do not need to pay the funds back.

Your Realtor and your financing officer may or may not know about these options, so do your own research online.