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PURCHASING YOUR NEW HOME
Buying a home can be very exciting, and very scary at the same time. Most first-time homebuyers will experience a wide range of emotions as they go through the home buying process. I've always said that if you have to pay a mortgage, you might as well pay your own and not someone else's. From an investment perspective, there's no greater feeling than that of owning your own home. It's definitely more exciting than buying stocks. It's not any secret that home prices have escalated to record levels over the last several years, and more than likely will continue to do so for years to come. Home ownership is at a record level in America, not because of the low interest rates that we have been experiencing, but because more and more people have been realizing the benefits.
The benefits of owning your own home include:
- Annual savings on your taxes
- Builds equity/appreciation for the future
- Easy to borrow against a home for investment, debt consolidation, college education, emergency, etc.
- Having a mortgage that you pay on time every month raises your credit score
- Pride of buying and owning your own home
Sometimes the hardest home purchase is your first one. I can honestly say that the rewards of "streeeeetching" to get into our first home paid off tremendously and made it easier to get into all subsequent homes purchased. Because real estate is such a safe investment, lenders will now lend up to 100% and even allow for closing costs to be built into the loan, making it even easier to "get into the game," so to speak.
Your first step will be to get pre approved, which will also save you time later. Most experienced realtors will not even take you seriously without a pre-approval for financing. You will also want to know how much you can afford in advance, and ranges of mortgage payments before you set out on your quest for a new home. You don't want to go out "house hunting" and get all emotionally wrapped up in the "home of your dreams," only to find out that you can't afford the monthly payment. On the flipside, there are many new loan options that enable you to qualify for even higher loan amounts while keeping your payments to a minimum.
Buying a new home is a two-fold process. It's about finding the right home, and finding the right mortgage for your situation. We have never seen two borrowers who have the same circumstances going on. Every person and every situation is unique. The advantage of utilizing the services of Bicoastal Lending Group is that we have access to all of the top lenders, thus enabling us to find the right loan program at the most competitive rates, for your individual situation.
It takes three things to buy a home: some cash, steady income and good credit. If you are lacking in any of these areas, don't worry! There are plenty of options out there to help you achieve home ownership, no matter what your financial situation.
GET PRE APPROVED
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