It is true; becoming a homeowner can be a bittersweet experience and you may be craving some new home buying advice. While gaining the responsibility of a mortgage commitment for 15 – 30 years is a frightening thought, you also are gaining the freedom of owning your own home, where you are free to decorate the exterior and interior of your home just the way you desire.
The best new home buying advice that is out there is to not see the mortgage as a scary thing. In fact, you should see the mortgage to your new home as the steadiest rent control you in your life. While in the past you my have always had the fear of your rent increase at your rental renew, a mortgage is a predictable monthly payment. Not to mention when you buy your new home, you get the home free and clear after 360 payments along with great tax breaks!
Here are the 5 new home buying advice you can’t afford NOT to know:
1. According to most financial planners, the best time to buy a new home is as soon as possible in life. This way you begin the process of building equity, creating financial stability and receiving homeowner tax breaks.
2. “Location, location, location,” is one of the best new home buying advice out there. Based on what you can afford, buy in the best neighborhood. You are better off buying a smaller home in a well known area, then buying a larger home in a less desirable location. When the time comes to sell, your home’s value will increase more in a well respected neighborhood then a poor one.
3. NEVER assume the bank where you keep you checking is the institution that is going to be the best lender for you. Make sure to shop around at your local credit unions, banks, and mortgage lenders and brokers for the best rates and lowest closing costs.
4. Keep quality accounts that are 2 years or older and consolidate any other smaller accounts and finance loans.
5. The last new home buying advice, but perhaps the most important; calculate what you can afford for a home payment and stick to it during your search for a new home. The last thing you want is to become controlled by your mortgage payment.