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Don't pass up the FREE $8,000 tax credit. It's a great housewarming gift - courtesy of Uncle Sam! Time is running out. Because the truth is it takes time to buy a home. There’s the hunting itself, the negotiations with the seller, and the process of underwriting your loan that can take weeks. Don’t wait until the deadline is looming and feel pressured into making decisions. If you don't start looking today you'll miss out. Want to BUY but don’t have enough for a down payment? Buy your first home with little money down and FREE closing costs. Click here to learn how! So what's the next step? View our recorded First Time Home Buyer Webinar:
We’ve also gathered the 6 most important steps to becoming a home owner. Step 1: Start Saving Now It is essential that you save now for a down payment, closing costs and taxes. Every dollar saved now will contribute to the long-term equity that home ownership offers. Step 2: Examine Finances The next step toward home buying process is assessing and understanding one’s financial status. So get a credit report and check for errors to prevent headaches down the road. It’s also important to make a details budget before beginning the search. Major changes that will affect income over the next year such as new additions to the family, or potential raises at work should be factored in as well. Cash flow is an important factor. Make certain you have enough income to cover monthly mortgage payments, taxes, home maintenance and other essentials including your social life. Step 3: Get Pre-Approved for a Mortgage It’s a good idea to get pre-approved for a mortgage BEFORE making an offer. A lender will pre-approve a borrower based on income, debt and credit scored. By getting this early green light, others involved in the process will know the buyer is serious about home ownership AND well qualified. This pre-approval is also the starting point to how much home you can afford. We recommend speaking to your tax advisor, as well as financial planner, as well as friends and family who own a home. This is so you truly understand the benefits of home ownership. Learn more at our Mortgage Center. Step 4: Begin the search online. First Time Home buyers should start their searches by utilizing FREE online resources such as those here on www.northropteam.com. On this site, you have the ability to search through a large database containing millions of current homes on the market and gain access to local community data such as school information and recent neighborhood sales. Try to narrow your search for homes in a certain location, number of bedrooms and bathrooms that best suit your lifestyle and needs. Once you have that sorted out your must-haves from your wish list, your sales association can better find homes that match your criteria. Start your search now! Step 5: Line Up an ALL-STAR team of professionals BEFORE closing time. In today’s market, buyers have the advantage during the negotiation phase. So make sure you chose a sales associate you trust will help you get the best possible price for a home. Because most first time buyers rely on their sales associate to help identify a team of experienced professionals, such as lawyers, mortgage lenders, & home inspectors, you should be certain the sales associate that you choose has LOCAL market knowledge and a suitable list of those professionals. One final thought. It is okay to interview several sales associate. Choosing the right person can play a HUGE part in the home buying process. Find an agent. Step 6: Evaluate Financing Options When it comes to down payments and mortgages, if it sounds too good to be true, it probably is. Read through every aspect of the proposed agreements to fully understand each aspect of the transaction. Buyers should arm themselves with information and shouldn’t be afraid to ask questions. First time homebuyers should also be aware that they are eligible for an $8,000 tax credit. Visit our Open House Event for further details, or get pre-qualified now! Homeownership is a great financial investment that provides tax breaks, financial gains as well as considerable joy over the years. The Northrop Team has been helping people buy homes for over 20 years. We are here to help first time home buyers every step of the way to owning their dream home. |
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