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7
A Guide for First-Time Homebuyers
Today's market is ripe with opportunities for first-time homebuyers. Shopping for and purchasing your first home is an exciting time but before you begin looking, make sure you're completely prepared and know what to expect. The following steps will help get you ready to make that big purchase. Step 1: Freshen up your Finances. Before you dive into the exciting part of home-buying-the search!-make sure you have all your ducks in a row. Figuring out your finances and crunching some numbers will allow you to set a realistic budget. Step 2: Secure a loan. After you get your finances in order, talk to lenders and mortgage brokers. It's important to shop around to get the lowest interest and overall best deal possible. Make sure you understand all of the fees involved before diving into anything. Step 3: Map out your criteria. Now that you have your finances figured out and a loan set up, it's time to begin your search-from home! With a plethora of online home-buying tools at your finger...
7
Top Three Most Common Home Defects to Check For
Most homes, both new and old, have a few problem areas. However, according to Michael Litzner, Broker of Century 21 American Homes, there are frequent flaws that every buyer and seller should check for before making an offer or putting a home on the market. Wood Rotted wood is one of the most frequently occurring maintenance issues, says Litzner. The flooring and walls in places like kitchens and bathrooms are often exposed to moisture, and over time this can lead to rot. Buyers should also check basements and garages for rot, as well as the exterior of a house including any decks, overhangs or eaves, Litzner suggests. Water and Drainage Water damage is one of the most expensive problems a homeowner can be faced with, Litzner states. Water intrusion in basements and garages can create a rotting foundation, which is pricey to repair, and mold, which is difficult to get rid of. "Be sure the foundation of your home is properly graded for maximum drain...
22
What to Do Before You Start House Hunting
Now is a great time to consider buying a home. Whether you're relocating, purchasing a vacation house or looking to become a homeowner for the first time, there are certain things you need to do before you even begin to look for a new home. Doing your homework before plunging into the house hunt can save you valuable time and energy. Before you begin looking at homes, determine what you can afford to spend. "This may seem obvious," says Michael Litzner, Broker of Century 21 American Homes, "but it's a step that can lead to disaster if overlooked, causing you to waste time with homes you can't afford, or sparking arguments with family members about what your budget looks like." Before you begin looking, sit down with all parties involved and set a realistic price range, including the amount of money you can afford to put down. Once your budget is determined, make a list of what you're looking for. What type of neighborhood do you have in mind? Do you want to be able to walk into town,...
8
Learning your Loans; Conventional vs. Unconventional
Home loans can be confusing, and finding the right type of home loan for your particular circumstances can be a frustrating process. "Knowing the difference between the two basic home loan types can help you make a confident decision, and ensure your buying process goes smoothly," says Michael Litzner, Broker of Century 21 American Homes. Conventional Loans A conventional loan-also known as a conforming loan-is one not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA), both of which make homeownership affordable and accessible. "Conventional loans require a higher credit rating, and even for those who do qualify for a conventional loan may be better off with an unconventional one," explains Litzner. "This is because the lower your credit score, the higher your interest rate will be." Unconventional Loans (FHA) An unconventional loan, or non-conforming loan or FHA loan, can be obtained through a bank or private lender. The FHA has...