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Government Home Grants For First Time Buyers

7 Tips For First Time Home Buyers

By stephaniejohns01 : A how to tutorial about First time home buyers, Checklist for home buying, Tips for first time home buyers, Finance with step by step guide from stephaniejohns01.

If you are a first time home buyer and quite eager to get your newhome, here is a list of seven steps you need to follow before you takethe plunge. 1. Are you sure you are getting a house at a price at par withprevailing real estate rates? No one can actually be very sure aboutit. Hence, its advisable to check home rates in your area on websiteslike Homegain and Zillow. Here, you will get a clear idea on how muchyou must pay in order to own a home. Another trust worthy site is theone developed by National Association of Realtors. 2. Most of the First time home buyers find it quite difficult to repay the mortgage because the monthlypayment is too high. This happens due to inadequate research andinefficient planning before getting a mortgage. Make use of mortgagecalculator provided by Bankrate to work out how much you can afford torepay every month. 3. First time home buyers must also add housing cost in theirplanning list before owning the home. You must calculate how much homeowners insurance and taxes would sum up to, to get the approximatemonthly spending amount. This sounds insignificant, however its muchimportant than ones perception. In some areas, taxes can almost doublethe amount of mortgage. To know how much insurance can cost, you can pick up anyproperty in the desired area and call up the local insurers in order toget the exact amount of insurance. Getting details about property taxis comparatively simple. Zillow provides information about property taxin all the areas around the world. Its also important to make note ofthe exemptions and complexes of local tax system. Many areas can helpyou save lots of money spent as tax. 4. Determine how much amount would be spent as settling cost.This cost comprises of tax and insurances, lender fees, settlement andtitle fees, and prepaid fees like homeowners association fees. 5. Before shifting to the new home, First time home buyers must set up a budget. According to Fannie Mae, spending more than 30%of your income as household expenses can expose you to the risk ofbeing house poor. 6. Get as much information from the real estate agent as possible. Learn about the local climate, rise and fall in prices, etc. 7. House is definitely an investment. However, not maintainingthis investment appropriately can prove to be a costly affair and canbe more expensive than the investment itself in the long run. Hence, jumping to a decision without proper precaution can landyou in trouble. Its advisable for first time home buyers to followthese steps before actually become a first time home buyer. stephanie johns is a writer as well as expert in providing great thoughts on First time home buyers and their availability. For more detail Checklist for home buying and Tips for first time home buyers visit www.financialculture.com

Original article published on PubArticles.com

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