| Home | Free Articles for Your Site | Submit an Article | Advertise | Link to Us | Search | Contact Us | |
|
A Leap In To The Unknown? - Articles SurfingIf you are thinking of purchasing your first home, and taking your first step onto the property ladder, your head will be spinning with the amount of advice you will come across for first time buyers. Everybody purchasing a house before you has experienced the same things, so you can take some comfort in that. If you know someone who has recently purchased a house, whether it be for the first time or not, it can be an idea to get some advice in simple terms from them. Unless you are a person with substantial means, you will likely be looking to purchase your house using a mortgage. Often first time buyers do not have any money saved which they could use as a down payment, or deposit. This means that they will be borrowing 100% of the value of the home, and obviously repayments are going to be higher. If possible, it is always better to purchase a house using the biggest down payment you can afford, thus reducing your monthly repayments. A 20% down payment is the threshold at which you're exempt from private mortgage insurance, which can add a few hundred non-tax-deductible dollars to your monthly payment. If you cannot afford a deposit or down payment you must still find the money for the closing costs of buying your home, if you estimate about 2% ' 3% of the purchase price then that's a good ball park figure. There are many different mortgages available on the market, and some are specifically for first time buyers. With so many lenders and so many different types of mortgage, going for one specifically for first time buyers is not always beneficial, so bear that in mind when you are researching. One last thing, and most importantly is that if you do not keep up repayments on your mortgage, or any other loans secured on it, you are at risk of losing it, so don't overstretch yourself, work out how much you can comfortably afford each month and don't go above that. That is one thing you must be very strict on.
RELATED SITES
Copyright © 1995 - 2024 Photius Coutsoukis (All Rights Reserved). |
ARTICLE CATEGORIES
Aging Arts and Crafts Auto and Trucks Automotive Business Business and Finance Cancer Survival Career Classifieds Computers and Internet Computers and Technology Cooking Culture Education Education #2 Entertainment Etiquette Family Finances Food and Drink Food and Drink B Gadgets and Gizmos Gardening Health Hobbies Home Improvement Home Management Humor Internet Jobs Kids and Teens Learning Languages Leadership Legal Legal B Marketing Marketing B Medical Business Medicines and Remedies Music and Movies Online Business Opinions Parenting Parenting B Pets Pets and Animals Poetry Politics Politics and Government Real Estate Recreation Recreation and Sports Science Self Help Self Improvement Short Stories Site Promotion Society Sports Travel and Leisure Travel Part B Web Development Wellness, Fitness and Diet World Affairs Writing Writing B |