Buyer’s Guide to Home Purchase

STEP 1: You decide to Purchase!
Seven Financial Benefits Seven Lifestyle Benefits
  1. Homeownership builds wealth over time
  2. You build equity every month
  3. You reap tax benefits – mortgage deductions, some closing costs can be deducted, property tax deduction
  4. You can obtain a capital gains exclusion – must live in as primary residence for more than 2 years.
  5. You can use home equity a leverage
  6. A mortgage is like a forced savings plan
  7. Long term buying is cheaper than renting – rental rates are increasing a minimum 10% year over year due to low supply
  1. Pride in ownership
  2. Shelter – an investment you can live in
  3. Independence – not paying a landlord and building his wealth
  4. Stability
  5. Sense of community
  6. Improved quality of life – statistics indicate kids do better in school and less likely to become involved in crime
  7. Safer Neighborhoods – homeowners are more involved in civic affairs that impact the community
Why Buy Now?

  • Inventory – on the rise giving buyers an greater choice
  • Interest Rates – at a historic low
  • Incentives – tax credits, builder promotions
  • Price – house are just plain less expensive
  • Motivated Sellers – can’t afford home, job transfer, down-sizing
STEP 2: Get Your Finances in Order
Important Do’s & Don’ts Get Preapproved for a Mortgage
Do not make any large purchases
Get your down payment together – 20% recommended. Benefits:

  1. Improved chance of getting the mortgage
  2. More bargaining power
  3. Smaller monthly mortgage
  4. Lower interest rate
  5. No private mortgage insurance (PMI)
  1. Choose a reliable lender (see my Preferred List) and get a pre-approval letter
  2. Understand how much home you can afford. Consider: Purchase Price, Closing Costs, Appraisal Fee, Loan Application Fee, Inspection Reports
  3. Consider On-going Expenses: Monthly Mortgage, Property Taxes, Homeowner’s Insurance, Hazard Insurance, Utilities, HOA Fees – if applicable, Routine Maintenance
  4. Buy Safe, Sane and Smart!

Yes, there’s more…
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