Homebuyer FAQs
Copyright © 2006 - 2008 HomesByCharly.com
Knowledge is said to open doors. This is literally true when it comes to buying a home. To become a first-time homebuyer, you need
to know where and how to begin the home buying process. The following questions and answers have been carefully selected to give
you a foundation of basic knowledge.
Why should I buy, instead of rent?
You'll love the feeling of having something that's all yours - a home where your own personal style will tell the world who you are. A
thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen...when you own, you can do it all your way! But there's more
to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes,
and usually from your state taxes, too.
And interest will compose nearly all of your monthly payment, for over half the number of years you'll be paying your mortgage. This
adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you
rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up
through the years.
I've had bad credit, and I don't have much for a down-payment. Can I become a homebuyer?
You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting
one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local
government to see if there are any local homeownership programs that might work for you. Look in the blue pages of your phone
directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county
executive's office.
I'm a single mother. How would I go about buying a home?
Although you won't have the benefit of two incomes on which to qualify for a loan, there's no reason that you can't become a
homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan.
You might want to contact one of the HUD-funded housing counseling agencies in your area to talk through your options. And you also
might want to think about buying a HUD home - they can be very good deals.
Also, contact your local government to see if there are any local homebuying programs that could help you. Look in the blue pages of
your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or
your county executive's office.
Should I use a real estate agent? How do I find one?
Using a real estate agents a very good idea. All the details involved in home buying, particularly the financial ones, can be
mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier.
A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be
considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or
she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you'll want
to see. With immediate access to homes as soon as they're put on the market, the broker can save you hours of wasted
driving-around time.
When it's time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will
explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your
hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the broker anything! The
payment comes from the home seller - not from the buyer.
to know where and how to begin the home buying process. The following questions and answers have been carefully selected to give
you a foundation of basic knowledge.
Why should I buy, instead of rent?
You'll love the feeling of having something that's all yours - a home where your own personal style will tell the world who you are. A
thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen...when you own, you can do it all your way! But there's more
to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes,
and usually from your state taxes, too.
And interest will compose nearly all of your monthly payment, for over half the number of years you'll be paying your mortgage. This
adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you
rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up
through the years.
I've had bad credit, and I don't have much for a down-payment. Can I become a homebuyer?
You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting
one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local
government to see if there are any local homeownership programs that might work for you. Look in the blue pages of your phone
directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county
executive's office.
I'm a single mother. How would I go about buying a home?
Although you won't have the benefit of two incomes on which to qualify for a loan, there's no reason that you can't become a
homeowner. Become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan.
You might want to contact one of the HUD-funded housing counseling agencies in your area to talk through your options. And you also
might want to think about buying a HUD home - they can be very good deals.
Also, contact your local government to see if there are any local homebuying programs that could help you. Look in the blue pages of
your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or
your county executive's office.
Should I use a real estate agent? How do I find one?
Using a real estate agents a very good idea. All the details involved in home buying, particularly the financial ones, can be
mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier.
A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be
considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or
she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you'll want
to see. With immediate access to homes as soon as they're put on the market, the broker can save you hours of wasted
driving-around time.
When it's time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will
explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your
hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the broker anything! The
payment comes from the home seller - not from the buyer.
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