Why Should I Buy Instead of Rent?
Buying a home for the first time can be overwhelming. Our knowledgeable professionals can answer your questions and we are committed to making the home-buying experience a satisfying one for you. To help you begin your journey, here are some answers to a few of the questions that first-time homebuyers may ask as they begin their quest to purchase their slice of the American dream.
Why Should I buy Instead of Rent?
A home is an investment . When you rent, you write your monthly check and that money is gone forever. When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes and usually from your States Taxes. 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 , building equity for you.
How do I know if I am ready to buy a home?You can find out by asking yourself a few questions :
Do I have a steady source of income ? Have I been employed on a regular basis for the last 2-3 years ? Is my current income reliable? Do I have a good record of paying my bills , do I have few outstanding long-term debts, like car payments? Do I have money saved for a mortgage every month , plus additional costs?
If you can answer " YES" to these questions , you are probably ready to buy your own home.
How Much Money Will I need upfront to buy a Home?
In general, you need enough money to cover three expenses : the earnest money or escrow deposit ( EMD), down payment, and closing costs.
In addition to the mortgage payment , what other costs do I need to consider?
Utilities, property taxes, homeowners Insurance, and maintenance costs are a few of the expenses to be considered. Additionally , there may be homeowner association or condo association dues.
How are pre-qualifying and pre-approval different ?
Pre-qualification is an informal way to see how much you may be able to borrow. A pre-approval is the lender's commitment to lend to you.
Should I use a real estate age ? 99.9% recommended a very good one like myself .
A good real estate agent professional can guide you through the entire process and make the experience much easier. All of the details involved in home buying, particularly the finance ones very difficult. First Class Real Estate is the best company to use for all your real estate needs.
12944 West Dixie Highway North Miami, FL. 33161 Tel. 305.433.5686 Toll Free 1.800.731.6092 or request info just go to www.firstclassre.com