Why is being a first time home buyer important? The first time you buy a home you may be eligible for special discounts and financing. First time home buyers tend to be inexperienced and so they are more likely to experience pitfalls during the home purchase process. Learn what you should look out for when you’re a first time home buyer here.
When buying a home, it's best not to tell your real estate broker how much you are willing to pay for a home, especially if the agent represents the seller as well. That's because sometimes agents let proprietary information slip out and that can compromise your ability to negotiate the best deal. Many states have agency laws which state that agents working with buyers are buyer's agents and agents working with sellers are seller's agents.
While most people save money in an IRA for retirement, you might be tempted to use the money for other financial needs. However, using an IRA for a down payment on a home or to pay for college is prohibited. The same goes for using an IRA to purchase property or to make mortgage payments. Check withdrawal rules first so you don't face harsh penaltie and taxes.
A future home buyer is curious about government programs to help first time home buyers. Many programs to help first-time home buyers are local, but the Department of Housing and Urban Development (hud.gov) has an excellent website that explains many of its special first-time buyer programs.
When you apply for a loan that exceeds 80 percent of the value of the home, you will have to pay private mortgage insurance (PMI). PMI protects the lender from the increased risk associated with low-down payment loans. So should you use your saved cash to put down on a home to avoid paying PMI?
This article details several Chicago-land real estate resources and deals for first-time home buyers. These real estate resources can especially help first time home buyers secure deals for purchasing their homes.
A listing of first-time home buyer programs around the country that offer low-cost mortgages and down payment matching funds. You can call these phone numbers or check out these websites to find out what these cities offer as low cost mortgages or down payment help to first-time home buyers.
Being a homeowner can boost your child's performance in school. Children of homeowners score higher on achievement tests and are more likely to finish high school. In other money news, an Illinois Appeals Court upheld the lemon law rights of consumers who lease their vehicles, and the house of representatives approved $400 million dollars in grants to help low-income first time home buyers with down payments and closing costs.
What does a typical first time home buyer look like? How many buyers use real estate agents in their transactions? How far do people move when they buy a new home? Get the answers to these questions from a survey conducted by the National Association of Realtors.
First time home buyers are getting younger and younger. The largest group of first time home buyers are members of Generation Y. 20 and 30somethings are making smarter investments and using the internet and other resources to make smart decisions about becoming first time home buyers.