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First Time Buyers

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Items to Consider as You Start the Buying Process

Yes, the cliche is true: Buying a home is one of the smartest financial decisions most people will ever make.  And as First Time Buyers your timing couldn’t be better.  It is a buyer’s market!

You can Help the Economy!  Buying your first home now will not only benefit your personal finances, but you can also have the satisfaction of knowing you’re helping the economy!  Everyone wins, and you can sleep soundly at night in your new home!

There are first time buyer programs and first time buyer grants.  There is down payment help for first time buyers.  Even though there is no longer a new tax credit for first time buyers and there’s always been tax benefits for home buyers.

Don’t take our word for it.  The Federal Reserve’s Survey of Consumer Finances has consistently found a huge gap between the wealth piled up by homeowners and that accumulated by renters.

Home ownership builds wealth in two distinct ways: through the forced savings of paying down a mortgage or amortization, and through appreciation — the rise in your home’s value over time.

Still, buying a home isn’t always the best choice.  Sometimes there are circumstances where you’re smarter to hold off and rent, postponing the day when you graduate to the ranks of homeowner.

Disadvantages of Buying over Renting

Maintenance. Now, when something breaks it’s your landlord’s problem.  As an owner it will be yours.
Costs of owning . If you need to sell for job transfer reasons or otherwise, it can be expensive.
Commitment. For the above reason, you’ll probably need to be there awhile to recoup the initial and exit costs.


Rent vs. Buy Calculator   

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Advantages of Buying over Renting

Tax Benefits. Interest on your mortgage and real estate taxes are deductible.
Lower Monthly Payments.  It is possible that buying your own home can actually cost you less each month than renting.
Control.  Home ownership gives you freedom to make decisions about your own home.
No Payment Increases.  Fixed rate loans enable you to lock your monthly loan payment so it never increases like rent can.
Wise.  Owning your own home allows you to build equity that can be used for retirement, college, or other needs.
Investment. Home ownership is a good investment. Chances are your home will appreciate in value and be worth more next year than it is today.
Feels GREAT! Owning your own home is a great feeling!

Start the process rightGet Approved First and build your negotiating power.  It takes time to buy a home.  Sifting through the available listings, preparing an offer, negotiating with the seller and finally the underwriting of your loan.  Do yourself a favor and get the underwriting out of the way so that with deadlines looming you won’t feel pressured into making decisions.

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