First Time Homebuyers

Topics: Real estate, Mortgage, Mortgage loan Pages: 3 (978 words) Published: July 8, 2013
First Time Homebuyers


Ms. James-Etta Goodloe


There is always the common question what does it take to get a first time home buyers loan? And the answer is there is so much that goes into the process of getting a home loan. You have to find out if there is a down payment and what percentage the seller wants for a down payment. Is the seller going to pay the closing costs or does that come out of your pocket? All these questions and more are what go into getting a home loan.

First Time Homebuyer
No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves making all the key financial decisions. The current financial situation of the person will determine the amount to be spent on a home loan. Financial factors like income, credit worthiness, person’s debt and the amount available for a down payment if requested, will be studied carefully to determine how much loan will be offered to the individual. Some banks will even consider debt consolidation to help eliminate the person’s debt, which could potentially help their credit score. Some will even recall the question of renting over buying and here is why, a home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are. (Common Questions from First Time...
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