Own Your OWN House

Category: Finance.

Looking around for that dream house? If it is, you probably have the neophyte shakes in home buying and you cannot be blamed for that.

Is this your first time to scout around and actually think about buying that house? Buying your dream house is a very important decision to make. Dont just rent. Before really deciding, you ought to ask yourself a few questions first to help you finally make up your mind. Own your OWN house. Thats because you can rent forever and still end up in the street at the slightest provocation of your landlord. Why can you not just continue on renting instead of going through the hassle of buying your first house?

Buying a house is an investment, and aside from the security and peace of mind it brings you, you are assured of an asset holding in the future. What if I dont have money to buy my first home? Immediate cash is unimportant: know the value of credit. Thats exactly what the 100% first home buyer finance is all about. You just need to find the right financer with the most affordable and manageable rates for you. You don t even need to worry about the deposit nowadays with the kind of competition going on in the real estate market. When to need a broker.

Definitely you need one. Do I need a broker in my first home purchase? Not only will the agent be more knowledgeable than you in the whole financing and purchasing process, but he can have first- hand information of the good and bad properties up for sale, the kind of prices they are talking about, the terms and conditions of most of the sellers, the kind of financing available in the area, the regulatory and tax environment, and a host of other things that your doctor wont be able to tell you. Well that answer actually depends on the kind of home you are planning to buy. Supposing I have the money, how much should that money be? But the general idea is to have ready a reasonable amount for placing cash deposits where they may be required, having enough for legal and mortgage insurance, for settlement and, for transportation negotiating costs.

If I get a loan, what should I know? Give or take 20 to 40% of the general idea of the cost of the kind of dream house you want, now you have an estimate. The basics of home buyer finance are really the basics of real estate finance. If you havent had the time to establish your credit track record yet, your funder will need to look at the stability of your income source. Are you creditworthy? You should know the timetables for your most affordable repayment and terms.

Compute for mortgage fees. Learn about prime rates being offered in the market. In other words, even if you are not an expert, it helps to do some researching and computing on your own before finally deciding on any first home buyer finance facility.

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