When you absorb all of the requirements in buying your first home, it's crucial to find the lowest mortgage rates today, so shop around and haggle if required for the best deal, as you could save a considerable amount if you pick the mortgage lender with the correct deal for you. Remember, even though the first time home buyer credit has expired, there are other programs available.
Buying your first home can be a daunting experience, as you're entering the unknown and taking on a new and big responsibility, but getting that first time home buyer loan doesn't have to be as intimidating as people can make it out to be.
You should have all of the requirements written out and how much you can realistically borrow, and it usually equates to five times your annual salary minus your deposit, which can be 10% of the total house price and this acts as a safety net and gaurantor for mortgage lenders.
What should you be looking for?
The cards don't have to be totally stacked with the lender, as they have sales targets to meet, so always ask the question. You should be looking for extras like curtains, blinds, carpets and a furniture allowance, especially if it's a new property and the builder will probably have a allowance set aside for this. If you're buying a second hand or older property then, make sure that you check the whole house from top to bottom and try to organize a tradesperson to come along with you and also get a second visit if you really like a particular property. If you're really interested in an older property then, always make sure to get a full or structural survey done, as this extra initial expense will save on any long term heartache.
What costs are involved?
This is the tricky part and you'll have to learn sound money management skills, not only to obtain your first time home buyer mortgage, but to make payments on time as well. You'll have to put down about 10% of the property price, on certain valued properties there's also a stamp duty, there's also the lenders fees for their time and administration, you'll have to pay land registry fees, then there's surveyors fees, which can vary dramatically and also removal fees for shipping your goods from your existing home to your new property.
I hope you found our guide on first time home buying of benefit and that, it can help with your decision making for the future and making the path to first time buying more pleasurable.
Author Resource:
Oliver Silverstones makes it easy for the first time buyer to find all the state and local first time buyer programs. He keeps a daily update of the lowest mortgage rates today , as well as providing great advice to avoid most first home buyer headaches
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