Home Purchase
First Home Purchase
Obtain a first time home buyer loan to move into your first home more easily. These mortgages differ in that they allow for a lower down payment, limit fees that lenders can charge and may be accompanied by grants or subsidized interest costs. Alongside the benefits, look out for restrictions and strings attached.
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Good Time for Home Buyers
Currently, one owner out of four pays a mortgage debt higher than the market value of his house. Some states are more affected than others, such as Nevada, where two thirds of the homeowners are in this situation. Experts predict almost half of the owners will pay a mortgage greater than the value of their homes by the end of 2011 and this trend is likely to exacerbate the number of foreclosures. Although the present time is probably one of the worst periods for homeowners, the flipside is that it may be one of the best for people wanting to purchase their first house. What is bad news for homeowners will however be good news for first time home buyers, since this situation will result in a drop in home prices. Some are already taking advantage of low prices and attractive rates to make their first purchase. According to the United States Department of Commerce, the median price of new houses fell by 4% from $229 600 to $221 300 in the last year. The most affected regions by the devaluation of home values are Arizona, California, Florida, Massachusetts and Illinois.
Keep in mind interest rates are historically low right now. If you are ready, you may want to make a move now, before they start rising again. Before negotiating your mortgage loan, think well about the optimal conditions of it. Do you want the rate to be fixed or variable? Banks will probably pressure you to choose a variable rate mortgage, in exchange for allowing you a larger mortgage. Do not succumb to the temptation; you’ve made your budget, you know your financial situation and more importantly, you now know the consequences of living beyond your means. So stick to your initial plan if a better solution doesn’t come your way.
