Your Questions About Buying Your First Home

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I am in the process of buying my second home now and the most important thing is to make sure you can comfortably afford your mortgage. We bought our first home last year and were all excited until we realized that even though we could afford the mortgage we couldn’t live as comfortably as we would like. I don’t mean anything extravagant, just dinner out every now and then, but it was tough b/c of the mortgage payment and keep in mind that you also have to add taxes and insurance on top of the payment. We are now scaling back a little. Even though we loved our house, we wanted to be able to have a better quality of life. Also keep closing cost in mind, that is out of pocket expense. Also be sure that if you will want to make improvements to the home that you leave money in the budget. And don’t go over board with the renovations unless you plan on being there long enough to get your equity money back out of it. It’s a big decision,but totally worth it to own your own little piece of the world. Take some family and friends along to give you their opinion and shop around before you settle on one. Also check local schools and neighborhoods out in case you want children there to make sure wit will accommodate what you are looking for. And always always, try to get the most square footage in the best neighborhood for resale value later on down the road. Good Luck and Congratulations.

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Yes, it is. I work in property conveyances, and one thing my boss always tells clients is there are no silly questions. We do this every day, but when you’re a first-time home buyer it is most likely the biggest financial decision you’ve ever made. If you’re getting a mortgage, be sure you have calculated all the costs, legal costs, taxes on the home, taxes on the realtor, insurance for both the home and, if its a high-ratio mortgage, insurance on the mortgage, mortgage broker fees, survey certificates that some lenders may require, are all extras and we’ve had people come in thinking everything was arranged and then finding they were short of cash.
I don’t mean to scare you, hope it didn’t sound that way, just trying to prepare you. That said, good luck with it and hope everything works out.

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You must make sure its within your price range, enough room, good location, good condition, make sure the seller is reliable, and make sure you look at all the house.

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“Is the rate FIXED for the life of the loan?”

It is amazing how many people with ARM’s think they have fixed rate loans.

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You can claim it on 08 taxes by ammending it or waiting to do them in march—most tax software isn;t updated yet anyway—here is all you need to know…

Http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html

and

http://www.irs.gov/pub/irs-pdf/f5405.pdf

you really can’t use it as a DP