First Time Home Buyers

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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 Wenger’s expertise will help you select the best one for you. One example is if you don’t have a large amount of cash for a down payment. In that case, you might take advantage of an FHA – low down program. As a bonus, if you are a veteran you even may qualify for a zero down VA loan. USDA Rural Loans can also have a zero down payment. This does depending on your income though. Even conventional loans from the right lender can be as little as 5% down!

First Time Home Buyers in the Foothills need to work agent who is an expert on the process! It is also important to find an estate agent who also has the patience to answer the many questions that first time home buyers have. Many first time buyers aren’t clear on many aspects of buying a home. You’ll find confusing terms like “pending versus contingent status” or  “locking versus floating your interest rate.” There is also a lot of confusion about the difference between homeowner’s insurance and a home warranty. There will be 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.

Important Questions To Ask

• What style of home is most beneficial?
• Which areas are most convenient for work and play?
• Is the desired community in a realistic price range?

That’s just the beginning! Sure, there’s great excitement in buying a first home but there’s also planning. These plans ensure a first time home buyer gets into a home they’ll enjoy for years to come. With an good agent, things like working to locate the best and most affordable homes for a buyer become much easer. Also, making sure they don’t overextend themselves is an essential job for an agent. It is important to not rush into making a bad home purchase.

First Time Home Buyer - Keith Wenger

The Benefits of Home Ownership

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.

The Holy Grail of First Time Home Buying

There’s also the holy grail of home-ownership and that’s the mortgage interest deduction you get on your taxes. When 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.

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