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Picking the right Mortgage is as important as picking the right house!There are a great number of loan options available and Keith’s expertise will help you select the best one for you. An example is if you don’t have a large amount of cash for a down payment, you might take advantage of an FHA – low down program. Or if you are a veteran you may qualify for a zero down VA loan. USDA Rural Loans can also have a zero down payment, depending on your income. Even conventional loans from the right lender can be as little as 5% down.
First Time Home Buyers in the Foothills not only need to work with a buyer’s agent who is an expert on the process but who also has the patience to answer the many questions that first time home buyers have. Many first time home buyers aren’t clear on many aspects of buying a home such as “pending versus contingent status”, “locking versus floating your interest rate”, or the difference between homeowner’s insurance and a home warranty. Buying a home is much easier the second time around, but there’s a lot of questions that will need to be answered as the first time buyer navigates the home purchase process. At Imperial, we get a great deal of satisfaction working with First Time Buyers.
First Time Home Buyers should start the process by asking themselves…
• What style of home is most beneficial?
• What areas are most convenient for work and play?
• Is the desired community in a realistic price range?
And that’s just the beginning…There’s great excitement in buying a first home but there’s also planning that needs to be done to make sure a first time home buyer gets into a home they’ll enjoy for years to come. This includes working to locate the best and most affordable homes for a buyer and also making sure they don’t overextend themselves or rush into making a bad home purchase.
There is nothing like the pride of homeownership. For many individuals, renting is just fine as they don’t like the responsibilities that come with owning a home. But for the majority of us, there’s nothing like coming home from work to your own home. Even in a rare down real estate market, there’s still hope for appreciation in the future. Renters don’t have that hope. If owning is such a bad decision, why does the person who owns the apartment building choose to do so? The reason is that owning real estate has historically been one of the safest investments around. Best of all, you get to choose the color of the home, the quality of the home and when and how upkeep on the home is completed.
There’s also the holy grail of home-ownership and that’s the mortgage interest deduction you get on your taxes. If you compare a $1,000 rent payment versus a $1,000 mortgage payment, here’s what the mortgage interest deduction can mean to a home buyer. In each scenario above we’ll assume the homeowner and the renter are both in the 30% tax bracket. By having the mortgage interest deduction, the person making the mortgage payment gets to write off 30% of the mortgage interest portion of their monthly payments — which is the largest portion of almost all mortgage payments. Assuming 3/4 of the payment is in interest (the rest being principal pay down, taxes and homeowner’s insurance); the homeowner gets to write off 30% of $750, each and every month — that’s a savings of $225 a month each month you own the home versus renting.