Home buying is probably the biggest financial commitment you'll ever make. Buying a home is not just a dollars-and-cents investment; it's an investment in your life. It will create a sense of stability and identity for you and your family. Regardless of how times change, owning a home remains the cornerstone of the American dream.
To assist you in the process, Morgan Rose Realty has everything you need – if you're a first time home buyer or need a brief real estate buying refresher, let us help you through it all.
Rent or Buy? The advantages of buying a home versus renting.
How Much Can I Afford? A quick look at your finances and what mortgage payments you can afford, the benefits of equity, what tax advantages you have as a home owner, and getting pre-qualified and approved for your home loan.
Working With A REALTOR. Why buying or selling a home with real estate agents makes sense and how to choose a real estate agent who is right for you.
Making An Offer. What to know about making an offer on a potential property.
Having your new home inspected prior to finalizing your purchase agreement is a great idea. And don't forget to buy homeowner's insurance to protect yourself against any unforeseen calamity!
Understanding title insurance and the closing process will help you make better home buying decisions.
Everything you need to help you find, buy, and move into your new home...and then some.
Finding the Right Home
What should I consider before purchasing?
Even before starting to look at houses, find out what price house or condominium you can afford. In general, you can afford to buy a home equal in price to three times your gross annual income. More precisely, the price you can afford to pay for a home will depend on six factors:
1.your income; 2.the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender; 3.your outstanding debts; 4.your credit history; 5.the type of mortgage you select; and 6.current interest rates.
What is the difference between prices?
A seller's advertised or list price should be treated as only a rough estimate of what he or she would like to receive. Some deliberately overprice, while others ask for close to what they hope to get, and a few actually underprice their houses with hopes that potential buyers will compete and overbid. The appraisal price is another estimate of value. The appraised price is how much money a professional appraiser estimates the home to be worth and usually is based on comps, or sales of comparable homes in the same area. Purchase price and sales price are the same thing. Both terms mean the amount of money the successful buyer actually pays out to purchase the home.
Are there first time buyer discounts?
Numerous programs exist to help first time buyers purchase a home. A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Loan limits vary depending on the county where the property is located. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans.