First Time Buyers
Congratulations! You are first time buyer. Welcome
to your home buying guide. Here are a few things to bear in mind when
considering this important step in your life:
- Deposit: The first thing to be aware of is that
most lenders will look favorably on you having a cash deposit to put
down on a property. This deposit can range from 5-15% of the purchase
price. If you were buying a property for $300,000, an expected deposit
would range from $15,000-$35,000. In certain cases, a lower or higher
down payment may be necessary.
- Find a REALTOR®: Don’t buy a home without one.
Besides helping you find the home of your dreams, a REALTOR® assists
you with every aspect of your homebuying experience. From appraisals to
inspections, contracts to disclosures, questions and concerns, our
sales professional are experts in the industry and are eager to help
you every step of the way.
- Credit Score: As a first time buyer, your credit
score will be used to determine your loan and interest rate options.
Credit scores range from 340 to 820. The higher your credit score, the
better your loan and interest rate options will be. Guarantee Pacific
Mortgage, our in-house lender, specializes in helping first time buyers
and can provide you with financial assistance you’ll need to purchase
your first home.
- Mortgage Payments: Make sure you know what your
interest rate is. Many first time buyers go for a fixed rate so they
know exactly how much their total mortgage each month.
- Bills: Buying and maintaining a property is not
just about keeping up with the mortgage payments; it is also about
paying your bills. Besides your mortgage payment, you will be
responsible for gas, electric, water, and sewage bills, not to mention
other household amenities (i.e. telephone, television and internet
bills). Plan in advance for these costs to make sure you can afford to
pay them each month.
- The Rewards: Once you have bought your first home,
you can enjoy the benefits of freedom and independence. You will soon
discover that it is the best thing you ever did, not just in terms of
doing as you please, but also that financially you have made a start in
paying back the biggest investment of your life. With property prices
seen to be rising higher in the coming years make no mistake that your
home will become your most valuable possession. Congratulations and
enjoy your new home!
|
