How to Buy Your First Home :: Process Essays

How to Buy Your First HomeI answered the phone with trepidation. Would I be the one? Did I get it?No, non the new job, lottery jackpot, or the starring role in the next word picture blockbuster. The one bedroom, split-level Id put an offer in for just a some days earlier.A crime syndicate. I was a single girl on the frontier of owning her own home. Hey, hear me roar.According to the National Association of Realtors, single women set out the fastest-growing segment in the housing market. We buy 12% more condominiums than men, and we make up 35% of first home buyers. And due to many programs designed to support single women and minorities to invest in a new home, the purchasing power of the first-time home buyer is steadily rising.As terrifying as the prospect of home-ownership is, in particular for those who view plants as a commitment, there are benefits. Youre building equity kind of of take overing rent. Interest payments on your mortgage can be evaluate deductible. And you could make a passel of money when you finally sell it, particularly if youve had the good genius not to buy near a nuclear waste sermon plant. Some tips from a happy home ownerDeep in your sum of hearts, youve probably always had an ideal vision of your perfect home. Sprawling lawns, cathedral ceilings, hand-carved banisters. Scratch that, and move on to what you can actually afford.You can usually qualify for a mortgage equaling about two times your annual in enter, and youll sine qua non enough cash for a 5 to 10 percent down payment. lick in the closing costs, which include percentage points tacked on to your mortgage (1 - 4% of the total mortgage) by your lender. The lower the points the better. Youll need a property appraisal (about $250) and a survey (about $200), during which strangers tromp through your new pad and determine what shape its in - literally. Appraisers look at the condition of the property and surveyors measure the contents. Youll also need a pest in spection - which unfortunately does not mean the neighbors.Other major closing costs include a prepayment of insurance and real estate taxes into an escrow account. You pay up front and the bank takes care of the bills. Future payments into this account come out of your monthly mortgage payment. Your real estate taxes pass on vary found on area. Suffice it to say a sprawling villa in Beverly Hills will cost you more in taxes than say, a sprawling villa in suburban Cleveland.How to Buy Your First Home Process EssaysHow to Buy Your First HomeI answered the phone with trepidation. Would I be the one? Did I get it?No, not the new job, lottery jackpot, or the starring role in the next movie blockbuster. The one bedroom, split-level Id put an offer in for just a few days earlier.A home. I was a single girl on the verge of owning her own home. Hey, hear me roar.According to the National Association of Realtors, single women represent the fastest-growing segment in the housing market. We buy 12% more condominiums than men, and we make up 35% of first home buyers. And due to many programs designed to encourage single women and minorities to invest in a new home, the purchasing power of the first-time home buyer is steadily rising.As terrifying as the prospect of home-ownership is, particularly for those who view plants as a commitment, there are benefits. Youre building equity instead of paying rent. Interest payments on your mortgage can be tax deductible. And you could make a passel of money when you finally sell it, particularly if youve had the good sense not to buy near a nuclear waste treatment plant. Some tips from a happy home ownerDeep in your heart of hearts, youve probably always had an ideal vision of your perfect home. Sprawling lawns, cathedral ceilings, hand-carved banisters. Scratch that, and move on to what you can actually afford.You can usually qualify for a mortgage equaling about two times your annual income, and youll need enough cash for a 5 to 10 percent down payment. Figure in the closing costs, which include percentage points tacked on to your mortgage (1 - 4% of the total mortgage) by your lender. The lower the points the better. Youll need a property appraisal (about $250) and a survey (about $200), during which strangers tromp through your new pad and determine what shape its in - literally. Appraisers look at the condition of the property and surveyors measure the contents. Youll also need a pest inspection - which unfortunately does not mean the neighbors.Other major closing costs include a prepayment of insurance and real estate taxes into an escrow account. You pay up front and the bank takes care of the bills. Future payments into this account come out of your monthly mortgage payment. Your real estate taxes will vary based on area. Suffice it to say a sprawling villa in Beverly Hills will cost you more in taxes than say, a sprawling villa in suburban Cleveland.