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Answer You - 7 Simple Tips For First Time Homebuyers
Networking is the Key to Star Performance in Everything You Do. many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car!Many people's idea of networking relates to the 'size of their Christmas Card List, rather than the quality of their relationship with each person on that list. Similarly those people network, but few reap the rewards of zeroing in on their potential. Here are some ideas to help fill the gap between where you are now and where you can be. 1 Be Generous - Give without expectations and you will be surprised at how it returns to you. It may not come from the same source but a new client, referral, or opportunity will show up because of your efforts. 2 Be Consistent - As in marketing, the more consistent your networking efforts the more productive they become. 3 Gift your contact - Imagine you are buying your contact a gift for their work - w 3) Get Pre-Qualified Pre-qualification is a ve 1)Before You Begin, Ask Yourself One Question Will you live in your next home for at least 3 years? If the answer is “Yes,” you should probably purchase, rather than continue renting. With average appreciation, you’ll break even on your closing costs after 2 years, and start making money at year 3. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment. 2) You Don’t Need a Down Payment! It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car! 3) Get Pre-Qualified Pre-qualification is a ver 1)Before You Begin, Ask Yourself One Question Will you live in your next home for at least 3 years? If the answer is “Yes,” you should probably purchase, rather than continue renting. With average appreciation, you’ll break even on your closing costs after 2 years, and start making money at year 3. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment. 2) You Don’t Need a Down Payment! It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car! 3) Get Pre-Qualified Pre-qualification is a ve 2) You Don’t Need a Down Payment! It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car! 3) Get Pre-Qualified Pre-qualification is a ve It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car! 3) Get Pre-Qualified Pre-qualification is a ve 3) Get Pre-Qualified Pre-qualification is a very important step, and the step that first time home buyers dread the most. Qualifying to buy a home is pretty easy and requires relatively little work for you. Pre-qualification is what gives you buying power and allows you to make an offer on your dream home when you’ve found it. More importantly, pre-qualification will let you know how much your new home will REALLY cost – in monthly payments. A $150,000 or $300,000 home doesn’t mean a lot to most buyers – but $1200 per month and $2500 per month are tangibles that everyone can understand. After your lender pre-qualifies you, ask them for a “payment table” that shows you a rough estimate of TOTAL monthly payment based on purchase price. Pick your payment, and you know the price range to shop in. 4) Consult a Realtor ASAP Many first time home buyers avoid contacting a Realtor because they dislike high pressure sales. However, Realtors have an advantage over traditional salespeople because they have access to the Multiple Listing Service, which is a database that lists roughly 99% of the homes for sale in a given market. This means that your Realtor doesn’t have to sell – he/she merely presents your options. The most important qualities to look for in your Realtor are his/her knowledge of your specific market and their willin
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