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First-time homebuyers
First-time purchasers of a home. A homebuyer who has never owned a home before the current
home purchasing transaction.
Many tenants choose to become homeowners to offset the exorbitant costs
associated with renting a home.
Understanding the value of homeownership entails getting answers to the
following questions:
- Why should I buy, instead of rent?
- How much money will I have to come up with to buy a home?
- In addition to the mortgage payment, what other costs do I need to consider?
A- Buying a home is an investment that has proved a wise move for thousands over the past 7 years. How so? Many enjoyed seeing the appraised value of thier homes grow up to 400% the value purchased. These more than tripled there investment return. In addition there is more freedom to decorate and manage the property as you wish.
You can borrow against the property to invest in your families education, business ventures, payoff higher interest rate charges, get cash out or for home improvements. Also you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your provincial taxes.
Q - How much money will I have to come up with to buy a home?
A- This depends on the loan program you chose. Some FHA
approved lenders offer not cost or not money down loans.
Q - In addition to the mortgage payment, what other costs do I need to consider?
A- Typical closing costs are outlined below
Commission Fees
Commission fees to the real estate agents who represent both the buyer and the seller.
Property Taxes
Paid by the seller until the last day of ownership. After which this is the responsibility of the
buyer.
Homeowner's Insurance
Homeowner insurance policy that protects the property in case of a natural disaster.
Assessment and Liens
Any tax liens, judgments or other debt placed against the property.
Title Insurance
The financial responsibility for title insurance varies from county to county. The buyer and seller may decide to split the
cost.
Escrow Services
Escrow fees are normally split between the buyers and sellers. In other loan programs the seller has sole responsibility.
Tax Service Fee
Prepaid Interest
An estimate of one month interest to be paid from the close of escrow (closing date) to 30 days prior to the first regular mortgage payment.
Mortgage Insurance
This insurance is required on all conventional loans greater than 80% the value of the
property.
Tax Impounds
A deposited amount of 2 to 10 months taxes. Miscellaneous Costs and Fees
Notary, recording documents, endorsements.
Q - How do I know which mortgage is best for me?
A- A lender can help you decide. Typically if you are a first time
buyer, recent college graduate or have a low credit score or have little
money down you may wish to consider an FHA
approved lender.
Q - Can I get an FHA loan with bad credit?
A - FHA loans are ideal for individuals with credit problems
including bankruptcies and foreclosures. While your credit score is usually the most important
factor lenders consider when approving you for a conventional loan, with an
FHA loan (non-conventional loan) it’s not the central consideration. Connect with
FHA lenders here.
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