First Time Buyer?
Here is what you need to know about the transition from renter to home owner.
Congratulations! You have finally decided to move your signature from a lease to a mortgage. Owning a home is a goal shared by many fellow Americans. This significant change brings with it important questions, factors to consider, and procedures that are key to ensuring your financial security.
Buying a home should be considered an investment that will continue to gain value. Many people’s life savings materialize through the sale of their home, years down the road. In addition to the potential future pay off, owning your home has a number of advantages when compared to renting:
- Tax-deductible mortgage interest and substantial tax credits
- Consistent monthly payments without threat of rent increase
- Sense of permanency (stability)
- Potential increase in value by customizing décor and design
These advantages must be weighed against the fact that your mortgage payment may be more than your rent check, and you will be taking on the responsibility of paying for utilities, property taxes, and maintenance bills. In the long-run the value you gain through home ownership will be worthwhile. However, there are several tasks to accomplish before making this purchase.
Most Americans do not have the available to cash to buy a house. If this applies to you, considering a loan is your starting point. The first step towards acquiring a loan is getting pre-approved for a mortgage by a reputable financial institution. Running a simple credit check to find your FICO score can determine what you will pay as mortgage interest. This will help you understand your status as a candidate.
Job security is a crucial factor to consider when taking on a mortgage. Yes, your employer’s dependability might be out of your control, but you should have a sense of confidence in your current occupation before you take on the responsibility of a mortgage. In addition, you must consider that the permanency of home ownership usually hampers mobility and job transitions.
After confirming your ability to afford a mortgage, you can move forward to the fun part: finding the right property. An agent at W Real Estate will assist you in this process using many of our available resources. After you find the right house, we will use our experience and clout to negotiate on your behalf. Best of all, our services are free to you; our commission is paid by the seller.
Owning your house is a cornerstone of the American Dream. Let us help you make this dream a reality. It is our wish that when you send the deed off to the bank you are a well-prepared, satisfied, and confident homeowner.