First Time Homebuyer

Advantages

Buying your first home is a major decision, being a homeowner comes with many advantages. A mortgage payment combined with property taxes and insurance is often the same or only slightly more than monthly rent. And, you will be building equity with each payment. Additionally, your payments will be offset by tax savings from mortgage interest deductions, which constitute most of the payment in the early years of a mortgage.

Challenges

One of the biggest hurdles in the first-time buyer’s purchase is producing cash for the down payment and buyer’s closing costs. But even this obstacle is not insurmountable. For first time homebuyers, some excellent programs allow you to purchase with a minimum down payment.  If your income enables you to qualify for the necessary mortgage loan, you may be able to negotiate a contract in which the seller pays your purchase closing costs and adjusts the price upward so that you, in effect, finance your closing costs. But the loan appraisal will still need to support this higher value for the loan to close.

A good place to start the entire process is to visit a Home Mortgage loan officer to “pre-qualify” and establish your maximum loan amount. (An agent can help you determine your affordability level, too, if you don’t mind sharing income and debt information). This loan maximum, coupled with your available cash, will determine the price range in which you should look. You may begin shopping by researching community features you want and need, remembering that “location-location-location” is as important as the home itself.

Working with an Agent

Buying a home is usually an emotional decision, and you need the counsel of a reputable, knowledgeable real estate professional who will help you buy wisely. As a first-time buyer, professional real estate assistance is crucial. You should insist that the agent work with you as a buyer’s agent be your advocate in the transaction. In most cases, this agent is still paid out of the seller’s commission paid at closing, so you will not pay extra to be represented by a good agent.  A good agent will help you evaluate the pros and cons of purchasing a single-family home, condominium, or townhouse, and what the various types of ownership mean to you.

Please contact us with any questions, we will be happy to assist you.

CONTACT

Provide your information and you will receive personalized advice in all areas of Real Estate.

Contact Us

954 761 6943

Email

oloayza85@gmail.com

1646 SE 3rd Ct

Deerfield Beach, FL 33441

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