Posted by RealEstate_Guru
Are you planning on buying your first home? If so then it?s an exciting time for you that?s fraught with?concerns. This is likely to be the largest single financial transaction you?ll ever make, so it?s important to get it right.? Working with a real estate agent is essential, but you need to do?plenty of work on your own. Here are a few tips.
Check Selling Prices
Once you?ve decided on a neighborhood or area where you?d like to live, it?s time to find out whether you can afford to buy a home there. The place to start the process for? many people is the Internet. Sites such as HomeGain.com and Zillow.com are great resources for market information. Your real? estate agent should have detailed information that can supplement what you discover on your own. It?s also possible to do a quick?search of MLS listings in the area you?re considering, such as on Realtor.com. We went to that site and typed ?Raleigh NC? as a?search criteria, and the site found over 2000 properties for sale. You can further refine your search with parameters such as price,?number of bedrooms and square footage. Once you?ve narrowed your search, you?ll get a good idea of the range of prices in the area?you?re considering.
Determine What You Can Afford
This can be tricky, but luckily, the?Internet can help with affordability calculators such as that found?at Bankrate.com. This site contains a number of pre-programmed?calculators that can help you determine the costs associated with?buying a home. Available calculators include:?morgage payment?calculator, loan and?amortization calculator, cost of living calculator and how much house you can?afford calculator.
Figure the Maximum You Can Afford
Also, it?s important to get a feeling?for the maximum you should spend, and there?s a helpful calculator at? Realestate.msn.com. This consists of a couple of worksheets to fill?out that take into consideration other financial obligations that you may have. Taking a moment to do this will avoid the stress and even heartbreak associated with wanting to buy a specific home that you?can?t afford. Using this calculator, you?ll also be able to figure?your total monthly housing cost, which included items like homeowners?insurance and applicable taxes. In some areas, the cost of taxes and?insurance can nearly double your monthly mortgage payment, so it?s?very important to do this calculation, which can add as much as $1500 per year or more to your mortgage payment. Finally, decide whether?the house will fit into your budget. The Federal National Mortgage? Association, also known as Fannie Mae, is a private corporation?funded by the government that provides funds for mortgages, or a publicly traded security backed by it. Fannie Mae recommends that you?not spend more that 20% of your annual income on housing costs.
[Continued in Part 2]
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Source: http://www.real-estate-cary.com/blog/tips-for-first-time-home-buyers-part-1/
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