Buying a new home can be an very exciting and rewarding experience. It is very important to find a mortgage professional that you feel comfortable with and you feel that you can trust. When you are shopping around for this mortgage professional you are probably going to get rate/payment quotes from a few different people. These quotes will most likely be fairly similar. Working with the person with the lowest quote may not always be the best option because you may not get the necessary service or assistance that you need from them. If you having trouble deciding between a couple of different lenders to work with and they have very similar quotes, go with your "gut" and work with the person whom you have the most faith in to provide you with a quality mortgage transaction.
At My Mortgage Brokerage, we have many purchase loan programs available to help the needs of every type of borrower. To find out how we can help, call 718-886-4438 or email me at LYip@MyMortgageBrokerage.com. If you are local, we will be glad to refer you to a few realtors in our area as well.
Buying a new home should not be a rash spur of the moment decision. You will really want to think about many things such as how long you plan to live in the house. What local amenities are important to you and what style house you will prefer over the long run. Nothing could be less satisfying then buying a two story an then wishing you had a ranch.Or wishing you would have bought a house closer to local shopping or schools. Really considering where and what you want to live in can make home ownership more enjoyable.
A quick conversation with a mortgage professional will help you find out exactly what price range you should be considering. You'll also get a good idea of what sort of mortgage loan options are available to you.
Additionally, your mortgage professional can usually refer you to a highly-recommended real estate professional who can help you find the right home for you.
Buying a new home, especially if it is your first home, can be a challenge for any family. It is important to contact a mortgage professional early in the shopping process to determine how much financing you can comfortable qualify for, and how much you will have to spend each month to own your new home.
Finding a trustworthy Realtor can save many headaches when shopping for your next home. Realtors have access to statistics that will help you be sure the home you are purchasing is in an appreciating neighborhood and is not over-priced. Realtors are trained to handle all of the legal paperwork and contracts and can advise you during price negotiation. Above all, a Buyer's Agent usually splits commission with the Seller's Agent, meaning the professional service you receive costs you nothing.
Benefits of Buying a home - There are many benefits to buying a home instead of renting a home or renting an apartment. One such benefit is the fact of the investment that you are providing yourself. The money you pay each month actually goes towards something and you are not just throwing your money away each month as you would renting. Paying a monthly mortgage payment helps you to build equity in a home in a property that should appreciate and grow in value each year.
Subject to certain limits, the interest you pay on a mortgage that is your primary residence or second home is deductible.
For many people one of the biggest benefits of owning their own home is being able to whatever they want. They are able to paint the walls any color they choose, plant a garden, landscape the yard to their liking, etc.
Once you have built up enough equity in your home, you can borrow against that equity for any purpose you chose. This really comes in handy when it's time to make home improvements, go on a vacation, consolidate debt or send the kids to college.
When you own your own home, you can also own pets without asking permission or paying large deposits.
In an investment terms, a new home might come at a fraction of the true cost of the home. Once you own a home, any appreciation the property accrues belongs to you. If you purchase a home for $300,000 but only put 10% down, your investment is only $30,000. If after 5 years, your property gained an extra 10% in equity, you would have a 100% return on your original investment.