Property Buying Guide for New home owners

Property Buying Guide for New home owners, Residences, House Purchase Tips

Property Buying Guide for New home owners

House Purchase Article

10 Feb 2019

Property Buying Guide for New home owners

Buying a house or a property for the first time can be exciting!  And for the new homeowners, it is a matter of not just home ownership but also a sign of adulthood and greater financial responsibility. While it is an exciting prospect to own your own home, it also means showing higher financial maturity and making a big commitment. After all, there are so many facets associated with buying a property, especially if it is your first one. First time home buyer? Learn all the home buying myths first.

Bigwood House
photo courtesy of architects Olson Kundig

Every first-time home buyer should be aware of the common mistakes to avoid and navigate through the process with full confidence. While everyone has different ideas and reasons behind owning a house or buying a property, money is a big issue or concern for most. After all, it is a lifetime investment, and one cannot afford to make any mistakes here.

Before you set out looking for a property or house for yourself, you need to ask yourself if you really want to own that house and if this is the right time. One should not buy a property just because everybody is or just because you have some money lying around. Also, one should not buy a house just because of the low mortgage rates or if it is a buyer’s market. Buy a house when you really want one and want to be a homeowner and want to settle down. Moreover, you should only look for a house if you are financially ready.

Bigwood House
photo courtesy of architects Olson Kundig

It indeed can be a very expensive affair to buy a dream home, and all homebuyers often stretch their savings to make their dream come true. As most banks are not going to lend you more than 80-85% of the property value, the home buyer should have a neat sum of money ready to buy the property. For those running short of some cash, can count on Cash Lady to bridge the gap. It is easy to apply for these loans and get the money transferred in your account without even having your credit score cheeked!

With so many mortgage options out there, one really needs to have their homework done well. One should check out the conventional mortgages, Federal Housing Administration loans, and other loans before making up their mind. For example, there are Veterans Affairs loans that do not require any down payment at all.  Keep in mind that the amount you put down is going to impact your mortgage interest rates in the long run. So, you can adjust your down payment to get the most favorable mortgage rates.

You need to be clear on how you will afford your home and make sound financial plans. One should not take their mortgage lightly, and one needs to have a steady job, a good amount of cash in their account and good credit. You need to have good knowledge about mortgage down payment and application when shopping for the house of your dreams.  Be a confident home buyer even if you are buying the house for the first time.




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