| Buying a home is a very important decision which | | | | out what is the local property tax rate. Since you |
| needs time to think over and a lot of calculations | | | | are a first time buyer, mortgage may be a new |
| done before finalizing a home. There are so many | | | | thing for you. But your agent can take you |
| things to consider before you can actually pay for | | | | through the process and you just have to stay |
| a home that you have liked. First there is the | | | | alert. |
| huge task of combing through all the homes | | | | - Another tip is to remember that in some cases |
| possible for you to see and then arranging for | | | | you can add your property insurance to your |
| mortgage. | | | | mortgage payments. |
| If you are a first time home buyer, here are a | | | | - Find out the type of mortgage you are looking |
| few first time home buyer mortgage tips: | | | | for. For a first time buyer mortgage, a fixed |
| - Once you have decided on which home you | | | | rated mortgage would be a wise idea since |
| want to buy, you would want to look for a | | | | adjustable rate mortgages start with a very low |
| reliable realtor. Your realtor will guide you through | | | | interest. |
| the steps of buying a home and all the necessary | | | | - The fees that your realtor will receive will be |
| paper works and also contact with the mortgage | | | | included in the total cost of your home. This will |
| lender. | | | | raise your monthly mortgage payments unless |
| - You may prepare a budget and see where your | | | | you pay them directly. |
| money is going. Accordingly you can settle on the | | | | - There may be hidden costs added to your |
| amount to be set aside for your mortgage. This | | | | mortgage like the closing costs. In some areas |
| is the best way to find out how much mortgage | | | | the seller can be persuaded to pay the closing |
| you can afford. You would not want to buy a | | | | costs or you may have to pay it upfront. You |
| house that you cannot afford. | | | | must find out from your mortgage company |
| - One thing you must remember is that do not | | | | about how much closing costs you will have to |
| pay more than 30% of your net monthly income | | | | pay. This way you can plan accordingly. |
| as mortgage payment each month. Do not over | | | | - You may check federal and state programs |
| extend yourself financially. Give only as much as | | | | that may be available for first time home buyers. |
| you can. | | | | You may check these because many a times |
| - Your mortgage payments each month may | | | | they guarantee a portion of your loan or enable |
| include property taxes. You may speak with the | | | | you to get a loan without making any down |
| property office at your local courthouse to find | | | | payments. |