Tips To Overcome Homebuying Anxiety
Homestead Funding discusses tips to overcome homebuying anxiety.
Buying a first home is one of the biggest financial commitments you can make. However, it is also a major step towards building wealth and financial security. Here are three tips to help any would-be-buyer overcome anxiety and feel more comfortable about the entire process
Know What You Can Afford!
For most people, the main cause of anxiety when it comes to purchasing a house is the cost and financial commitment. This can be addressed by finding out what you can afford prior to looking at prospective homes. Be sure to consider not only the monthly loan payment, but additional factors such as homeowners insurance, private mortgage insurance and real estate taxes as well. Furthermore, it would be wise to speak with a local Loan Originator that can better advise you on insurance and escrow costs, plus help to estimate expected closing costs pertaining to your specific geographic area. Having a better understanding of all these costs can help to alleviate some of the financially-derived worries.
Location, Location, Location!
Regardless of the type or size of home you purchase, the location is one variable that cannot be negotiated. By doing your homework ahead of time prior to shopping for a home, the issue of what location you are going to purchase a home in can be alleviated. Check out a number of towns or cities and narrow down the list to one or two areas that best meets your needs and lifestyle. Be sure to consider commuting time and cost, the school system for anyone with kids or planning to have children, and how well the town or home values tend to hold up during down economic times.
Get a Thorough Home Inspection
A buyer should always hire an independent home inspector and have his or her agent write the offer sheet such that the contract is dependent upon acceptance of the inspections results. A house inspector can let you know if youre about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that its in good shape; at worst, the inspectors report can let you back out of the deal if the house has major, unexpected problems. Buyers may use an inspector recommended by their Real Estate Agent or Loan Originator, but dont be shy about asking family and friends for recommendations on inspectors they have used in the past. If all else fails, use the American Society of Home Inspectors (ASHI) website to locate a certified inspector in your area. But remember, the homebuyer should be present for the inspection so he or she can see what the inspector is seeing, and it also doesnt hurt to bring a knowledgeable friend or relative along for a second set of eyes.
A certain degree of anxiety is to be expected when purchasing a home and making such an important financial commitment, but dont let that stop you from taking the leap. Armed with these tips and the dedication to prepare yourself as much as possible prior to signing on the dotted line can go a long way to easing some fears. Happy house hunting!
Need more information about financing your first home? Speak with a Licensed Loan Originator at Homestead Funding today. The mortgage specialists at Homestead Funding can assist borrowers looking for all types of residential financing. Whether you are a first time home buyer or refinancing your current home, Homestead Funding can assist you. For a complete list of Homestead Fundings products visit the Mortgage Products page here. Homestead Fundings specialists are located throughout New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. To speak with a mortgage specialist near you, visit http://www.homesteadfunding.com/locations/search.cfm.
Homestead Funding Corp. is a multi-state licensed mortgage banker with branches located in New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. In operation since 1995, our corporate headquarters is located in Albany, New York where we have perennially been the area's largest independent mortgage lender. We have tens of thousands of satisfied customers, originated billions of dollars in residential mortgage loans and maintained a reputation of exceptional service, honesty, integrity and financial reliability. For more information, please visit online at .www.homesteadfunding.com
Buying a first home is one of the biggest financial commitments you can make. However, it is also a major step towards building wealth and financial security. Here are three tips to help any would-be-buyer overcome anxiety and feel more comfortable about the entire process
Know What You Can Afford!
For most people, the main cause of anxiety when it comes to purchasing a house is the cost and financial commitment. This can be addressed by finding out what you can afford prior to looking at prospective homes. Be sure to consider not only the monthly loan payment, but additional factors such as homeowners insurance, private mortgage insurance and real estate taxes as well. Furthermore, it would be wise to speak with a local Loan Originator that can better advise you on insurance and escrow costs, plus help to estimate expected closing costs pertaining to your specific geographic area. Having a better understanding of all these costs can help to alleviate some of the financially-derived worries.
Location, Location, Location!
Regardless of the type or size of home you purchase, the location is one variable that cannot be negotiated. By doing your homework ahead of time prior to shopping for a home, the issue of what location you are going to purchase a home in can be alleviated. Check out a number of towns or cities and narrow down the list to one or two areas that best meets your needs and lifestyle. Be sure to consider commuting time and cost, the school system for anyone with kids or planning to have children, and how well the town or home values tend to hold up during down economic times.
Get a Thorough Home Inspection
A buyer should always hire an independent home inspector and have his or her agent write the offer sheet such that the contract is dependent upon acceptance of the inspections results. A house inspector can let you know if youre about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that its in good shape; at worst, the inspectors report can let you back out of the deal if the house has major, unexpected problems. Buyers may use an inspector recommended by their Real Estate Agent or Loan Originator, but dont be shy about asking family and friends for recommendations on inspectors they have used in the past. If all else fails, use the American Society of Home Inspectors (ASHI) website to locate a certified inspector in your area. But remember, the homebuyer should be present for the inspection so he or she can see what the inspector is seeing, and it also doesnt hurt to bring a knowledgeable friend or relative along for a second set of eyes.
A certain degree of anxiety is to be expected when purchasing a home and making such an important financial commitment, but dont let that stop you from taking the leap. Armed with these tips and the dedication to prepare yourself as much as possible prior to signing on the dotted line can go a long way to easing some fears. Happy house hunting!
Need more information about financing your first home? Speak with a Licensed Loan Originator at Homestead Funding today. The mortgage specialists at Homestead Funding can assist borrowers looking for all types of residential financing. Whether you are a first time home buyer or refinancing your current home, Homestead Funding can assist you. For a complete list of Homestead Fundings products visit the Mortgage Products page here. Homestead Fundings specialists are located throughout New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. To speak with a mortgage specialist near you, visit http://www.homesteadfunding.com/locations/search.cfm.
Homestead Funding Corp. is a multi-state licensed mortgage banker with branches located in New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. In operation since 1995, our corporate headquarters is located in Albany, New York where we have perennially been the area's largest independent mortgage lender. We have tens of thousands of satisfied customers, originated billions of dollars in residential mortgage loans and maintained a reputation of exceptional service, honesty, integrity and financial reliability. For more information, please visit online at .www.homesteadfunding.com