A house is just that, a house until someone lives in it. That’s when it’s a home. There is a big difference: In our house we always say that our home is “well lived”. And with a family of six, four of them between 9 and 15 years old, this house has no other choice! Our home, which has been in the family for over 65 years, is a well experienced “home”.
Who would not love to live in a luxurious home with all the latest gadgets and high-tech inventions? Well, I would venture to guess that most of us have thought about it. But what is really important when considering buying a home from Rocky Top Home Buyers?
If you are an experienced buyer, you may have already learned from experience what type, location and price at home is good for your family. Setting some guidelines and priorities is a good way to start the hunt. First, make a wish list. This is a great starting point for anyone and will help put your priorities in order! Knowing what you want or need is half the battle.
This will include some essential questions that you can ask yourself, what can you afford? Are you willing to make renovations and how much? And shows the specific needs of your family.
Location, location, location …
The location may be flexible for some families, but it should be specific to other families. Work, disability and children are just a few factors that can affect the needs or desires of the location. For example, if you do not want to travel long distances to work, consider travel time to work. If you or a family member has a disability that requires special treatments or services, consider travel time to current providers or consider the availability of services at the new location. Local schools and their reputation will play an important role in locating families with children as well as for the safety of the neighborhood.
There is no satisfaction in qualifying for a loan that you cannot repay! Consider your other commitments and how the new payment will affect your budget.
Sometimes inappropriate mortgage brokers and lenders don’t really consider whether you can really “repay” your home loan. They boast that they can get a loan for “anyone”. It’s easy when you do not care about the end results. It is also a guaranteed loan, which means that your commitment is secured by your property. They will simply take you home if you do not follow your commitment. So be careful. Always use an accredited company for your priority needs. They may not tell you what you want to hear, but they are looking for your best interests.
GinnieMae.gov has a calculator to help you get an idea of how much you can afford. Always live within your means to prevent financial disasters created by yourself.
Once you know what you can afford, shop around and compare. Hud offers an excellent home buying brochure at http://www.hud.gov/buying/booklet.pdf, Find the best mortgage, answer questions and prepare homeowners for a mortgage experience. There is even a form for you to keep track of home loan comparisons.
Do not fall victim to loan fraud
Federal Citizen Information Center warns consumers to protect themselves from violent lenders! Before making a final decision, take the time to review the 11 tips for being a smart consumer at [http://www.pueblo.gsa.gov/cic_text/housing/loanfraud/loanfraud.htm]
When looking for a mortgage loan, remember to ask about special loans. You can qualify for special loans if:
You’re a master
You are buying a house that needs remodeling.
You are a first time buyer