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Buying Home Purchasing Dream House
   
1. HOW DO I KNOW IF I'M READY TO BUY A HOME
You can find out by asking yourself some questions:
Do I have a steady source of income (usually a job) Have I been employed on a regular basis for the last 2-3 years Is my current income reliable
Do I have a good record of paying my bills
Do I have few outstanding long-term debts, like car payments
Do I have money saved for a down payment
Do I have the ability to pay a mortgage every month, plus additional costs
If you can answer "yes" to these questions, you are probably ready to buy your own home.
2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME
Start by thinking about your situation. Are you ready to buy a home How much can you afford in a monthly mortgage payment (see Question 4 for help) How much space do you need What areas of town do you like After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.
3. HOW DOES PURCHASING A HOME COMPARE WITH RENTING
The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
4. HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
5. HOW DO I SELECT THE RIGHT REAL ESTATE AGENT
Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.
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US Jobless Claims Fall; Housing Starts DropWashington PostMeanwhile, housing starts dropped 4.1 percent to a 657000 annual rate last month, reflecting a slump in multifamily dwellings, according to the Commerce Department. Sara Eisen and Betty Liu report on Bloomberg Television's "In the Loop.and more » |
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Sales down but outlook good for new home salesMassillon IndependentIn Stark County, new housing starts dropped 34 percent from 315 in 2010 to 207 in 2011, according to figures posted on the Stark County Building Industry Association's website. Nationally, 302000 new homes were sold in 2011, 6.2 percent below 2010 and ... |
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Evansdale hopes to spur housing starts with tax incentivesWaterloo Cedar Falls CourierIn fact, leaders say the plan to stimulate housing starts and home improvement projects by offering tax incentives will bolster the recent trend of growth citywide. After months of discussion, the City Council last week unanimously passed the first ... |
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