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Buying a New Home – Home Buying Tips
from: Carrie ReederIf you in the process of looking for your first home, there are some essential steps that you should be aware of. Many times, people fall in love with a home and rush into the deal—not considering some important issues. Unfortunately, many of those people end up unhappy with their purchase or end up with a deal gone bad.
Avoid this by following the suggestions below and ensuring that you have thought out your purchase thoroughly.
The most important consideration should be the sales price of the home. Just because it’s the best home in the neighborhood, that doesn’t mean that you should pay a lot more for it. In fact, experts tell us that the “best” house in the neighborhood probably won’t sell for much more than the other homes in the area. You should look to pay not more than 10-20 more than the other homes in the area—no matter how much nicer the home is. Anything higher than that is based on emotion—not business—and will probably cost you when you go to sell it.
Next, you should take a serious look at the neighborhood itself. How are the school systems rated? Even if you don’t have children this is important because when you go to sell the home, your buyers might. Is the house located in a convenient area, or would you have to drive excess miles to do your grocery shopping? In addition, you should visit the area in the day time, as well as the night. Does the “feel” of the area change when it’s dark, or does it still look like a nice place to live?
Finally—and perhaps most importantly—don’t get caught up in “house fever” and commit to buying more than you can afford. One way to do this is by being pre-approved by your mortgage company. This will tell you exactly how much you can afford to pay, and that will automatically slim down your options. A good rule of thumb when you’re shopping is that your mortgage payment shouldn’t exceed more than 36 percent of your income.
To view our recommended home mortgage lenders or to read more articles about bome buying, visit: Recommended Mortgage Lenders Online.
About the Author
Carrie Reeder is the owner of ABC Loan Guide. It is an information website with articles and news about various types of loans.
Home Mortgage Refinancing Rate News
Low Interest Rates Spurring Refinancing Rush - ABC2 News
Mortgage rates are at an all time low and that's spurring many homeowners to lock into a lower rate. Homeowner Shelby Wilson has a lot more money in his pocket these days. He took advantage of the historic low interest rates and recently refinanced ...
Read more...The rush to refinance - Boston Globe
The mortgage interest rates have gone down again. Does that mean that refinancing is the best thing you can do? It’s a dirty little secret that most of the homeowners who are under water got there through refinancing, not by borrowing for their ...
Read more...Low interest rates make refinancing attractive option - Joplin Globe
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Read more...Banks see boom in mortgage refinancing - Duluth News Tribune
Low interest rates have sent refinancing inquires and applications skyrocketing both locally and nationally. Normally, refinances consist of about 20 percent of North Shore Mortgage’s December business, but over the past couple of weeks, they’ve ...
Read more...If you’re thinking of refinancing, here’s food for thought - Tacoma News Tribune
Managing your financial affairs in this season of political transition is like being in a poker game when a stranger shows up. It’s hard to know how to play a hand until you get a sense of the new guy’s strategy. President-elect Barack Obama is ...
Read more...Mortgage applications soar in LV Homeowners jump on opportunity to ... - Las Vegas Review Journal
New mortgage applications, driven by requests to refinance at cheaper rates, are on the rise in Las Vegas. Chris Biaggi, president of All Western Mortgage in Las Vegas, said mortgage applications have increased about 50 percent in December compared ...
Read more...Low interest rates have homeowners refinancing and not selling - KHOU
"I know this is the time to seize the moment," said Dr. Cleve Lewis, homeowner. Mortgage rates have hit an historic low, which has not been seen in more than 30 years. "Basically, we are seeing a 30-year fixed rate of 5 percent. It is expected that ...
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