First Time Home Buyer, Tips for Baltimore City, Baltimore County First Time Home Buyer
Buying your first Baltimore City County home is a gigantic step that comes with a ton of important choices. Why you rent, rather than buying, you are simply making your landlord wealthier. Purchasing a home today is so straightforward there is no motive to wait, particularly since home prices have come down. Nevertheless, hurry! They are starting to rise due to buyers rushing to get into the market at the lowest prices. Financing is also good, so the time is now. Here are a number of guidelines to get you ongoing.
Before you start, ask yourself . . .
Will you reside in the Baltimore City County house for a minimum 3 years? If your response is yes, then buy now. You can break even selling after 2 years the way that homes value go up in this neighborhood, so moving anytime after 2 years is cost-effective for you. Bearing in mind the tax advantages, you will more than break even; and, you can write off real estate taxes and the mortgage interest. Rental fees are commonly the same as your mortgage payment, so it really doesn’t cost you.
No Down Payment!
Are you familiar with…. Buying a Baltimore City home with no money down? Finance companies are still enthusiastic to loan you money if you have good credit and your salary justifies the loan payment. Don’t accept as true if you are told you need a large down payment to buy a home . . . that is yesterday’s philosophy.
This is an effortless process. Just call a mortgage company and discuss your situation. You can call your present bank or credit union. Ask your friends or family for a personal recommendation. Use an important person with a good reputation. Consult with lenders over the net or telephone, so interview a couple to find the right one for you. Above and beyond asking the current rate, ask about lender fees and closing costs. As soon as you select your lender, get together with them personally and obtain a pre-approval letter that spells out what you can spend, interest rate and closing cost. You will present this letter with any offers you make on a home.
Consult a REALTOR
The most vital person in this Baltimore City County deal is the Realtor that you use. Be careful on how to decide your Realtor. Search on the web to find some real estate agents to call. Do not settle the first one real estate agent that comes into contact with you. Speak to a few REALTORS and get together in person with a couple of agents before you look at houses.
Make certain your Baltimore City County real estate agent sold at least 40 homes in the last year. Anything less than that means you are working with an inexperienced agent or one that is new to real estate and will mot best serve you. This agent represents you, so the agent you choose needs to a buyer’s agent that know the neighborhoods, have a lot of knowledge in negotiating, and be faithful to locating the best home and neighborhood that will meet your desires.
Put together a list of Must Haves & Wants It’s very imperative your Realtor be familiar with your criteria in order to come across homes that meet your wishes. You can go to baltimorehudhomes.com to view homes that fit your stipulations. This will provide you an idea as to what is possible in your price range and in the neighborhood you want. Once more, select your Realtor immediately so if you turn out to be fascinated by new construction your agent can negotiate for you. You want to not be represented by a buyers Realtor when you are purchasing your first home. This is very dicey because this is an intricate purchase and no representation puts you at a major drawback.
Put together an offer once you find the finest home that meets your needs, take action. First Time Home buyers often can be indecisive and this possibly will mean you pass up the best home that meets your desires. If you have selected a good mortgage broker and a good Realtor, you should have the facts to make the right decision.
The time is right to purchase your first home, so do not stop. If you work with the right team of professionals helping you, it is a simple, sensible and stimulating process!