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While the purchase of a home may seem a somewhat daunting experience to undergo, there are a lot of good reasons to do so. Unless you're planning on leaving the area, and relocating within the next year or so, the purchase of a home is probably the single most significant action you can take to secure your financial future.
When you purchase a home and take out a 30 year fixed rate mortgage, your mortgage cost is fixed.
If you continue to pay rent, which increases on a regular basis, you are not building equity, and you receive none of the tax advantages offered by home ownership.
Owning a home is a sure-fire way to increase your net worth and the best part is, you'll save thousands of dollars each and every year in taxes. Your tax savings are only half of the story, since you'll gain equity as your home appreciates in value.
Assuming a very conservative five percent per year appreciation, coupled with your annual tax savings, the purchase of a home is not only an attainable goal, its a very sound investment for your financial future.
With all the good reasons for purchasing your first home, it only makes sense to seriously consider becoming a first time home buyer. We can help you seek out the best financing, interest rates and terms. We can also look for the best available first time buyer bonuses in our market.
Did you know that we can often find sellers who are willing to help you with the down payment, the closing costs and other inducements to new and first time home buyers?
There are programs available that make seller assisted purchases very attractive to home sellers. Often, this type of program actually saves the home seller money.
Despite all the media hype as related to the sub-prime mortgage "melt-down" the situation is far from hopeless.
The bulk of problems associated with the sub-prime lending market are over. There are still many options for first time buyers to purchase a home with no down payment. These are legitimate options and don't involve saddling you with an excessive interest rate.
If you've thought it over, read on. There are some important tips that will help you in your quest for your first home.
We'll start with the basics:
Assuming that you've thoroughly researched your finances and corrected any issues on your credit report, you're ready to take the next step.
This next step is critical and can save you thousands of dollars on your first home purchase. This step is outlined in the following paragraphs:
Before you begin looking for a home in earnest, it's absolutely essential that you meet with a lender and get pre-approved for a home loan.
Yes, it's that simple! By obtaining a pre-approval from a lender prior to looking for your first home, you've accomplished several things that will increase the likelihood that you'll be a home owner soon!
Here are some of the things you accomplish by getting pre-approved for a mortgage loan prior to actively searching:
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You'll know the maximum amount you can spend for a home. Knowing the amount you can borrow eliminates a great deal of stress in your search.
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You'll save precious time in your home search.
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You'll be prepared to act, when you've found the home you want.
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You won't miss out on the best homes. Usually the best homes don't remain on the market very long.
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You'll eliminate finding a home you absolutely love, only to find that your credit won't allow you to borrow that amount of money.
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Your bargaining position with sellers is greatly improved. When they know that you've been pre-approved, they'll know for certain that you are serious about, and have the ability to purchase their home. Often sellers are pressed for time and are more willing to negotiate the sales price with someone who has proven up front, that they have the ability to purchase their home.
If you need assistance in getting pre-approval from a lender, we have a network of trusted and established mortgage brokers we can recommend.
Once you've obtained your pre-approval letter, you're ready to begin your home search.
Please take a few minutes and email the details of what you would be looking for in a home, town home or condo, to tmtnw@comcast.net, and let us show you the available properties that fit your budget. To make this a little easier, we've created a form to help.
If you're a little apprehensive, or if you know of someone that could benefit from our assistance, please give us a call or email.
We can help take the uncertainty out of the home buying process.
We're always more than happy to take the time to walk you step-by-step through the home buying process and there's never any obligation.
If you'd like more information regarding the benefits of home ownership please click here.
The Mesaros Team
Edmonds Realty
Pete: 425.359.8524
Jewels: 425.293.6313
email: tmtnw@comcast.net
Serving North King, and South Snohomish Counties
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