First Home Buyer Tips They Don’t Teach You in School

You don’t learn about how to buy a house in school. They don’t teach you  what you need to apply for a mortgage, what kind of loan you’ll need, or what PMI is (it’s called private mortgage insurance)

And let’s not mention that you need to shop around for the best deal — or you can hire somebody to do that for you.

So here are some First Home Buyer Tips to help guide you through the home buying experience. 

♦  Have a conversation with your significant other about what you’re millenial 2looking for, what you need and what you can do without. Standing in the living room during an open house with your real estate agent isn’t the time to argue about wanting three bedrooms instead of four.
♦  Know your financial records. What’s your credit score? How much Low Monthly Paymentsoutstanding debt do you have? What monthly payment can you afford?
How much money did you make last year? You’re going to need to know all of this information. Have all of your paperwork ready to go.
♦  Know your limit — if you can’t afford a $450,000 house, don’t go look at $450,000 houses.
♦  Shop around. There are dozens of real estate agents, attorneys, and mortgage officers so don’t settle. These people are going to work for you, their job is to make you happy. You’re going to be on the phone and meeting with them frequently, so make sure you like who you’re working with.
♦  Do your research. When you do decide on a real estate agent, he or she isGet Pre-Approved going to want to know what your price range is, what neighborhoods you’re interested in, if you want to be close to schools, expressways, public transportation, etc. Know what you want and Get Pre-Approved! 

♦ This is the big one you’ll be glad someone told you about.
Don’t get too attached to a house, because if it the deal doesn’t work out, for whatever reason, you’re going to be devastated.
♦  Be willing to negotiate, it’s a big part of the game.
♦  This goes hand-in-hand with negotiating: put your foot down and don’t let anyone take advantage of you. If the seller is asking for way more than you’re told the house is worth, or if they’re not willing to fix something that is broken or at least negotiate the cost, you have to be ready to walk open houseaway. There will be more houses, trust me.
♦  Don’t just purchase a house by its listing. Go look at EVERYTHING. A lot of houses look different in person than they do on-line, good and bad.

First Home BuyerI have the belief that anyone that deserves to own a home should be able to do so. The American Dream is still attainable for those buyers who do their homework, establish a game plan and work hard to achieve that goal. I’m here to help.



Real Estate Provisions in “Fiscal Cliff” Bill Benefits Housing!

The Cliff at Dieppe
Good News for Home Owners, Home Buyers and Sellers too!

Here is a summary of the Real Estate related issues included in the recent legislation to avert the “Fiscal Cliff.” 

•   The Home Mortgage-Interest Tax Deduction survived (for now).         
          ◊   This deduction could be back on the table once budget talks resume
          ◊   Real Estate Taxes continue to be deductible as well. 
•   Homeowners will be able to deduct their Private Mortgage Insurance (PMI) premiums on their income tax returns.
           ◊   This tax break expired in 2011. The new legislation extends the break through 2013 and makes it retroactive for 2012.  
•   The tax credit for Home-Energy Improvements (up to $500) was restored and retroactive to 2012.  
•   Congress preserved the $250,000/$500,000 Capital Gains Tax Exemption on home sales. 
•   Extended the 15-year straight-line cost recovery for Leasehold Improvements on commercial properties through 2013 and made retroactive to cover 2012.
•   The Mortgage Forgiveness Debt Relief Act was extended for one year.
          ◊   Homeowners who had part of their mortgage debt forgiven as a result of a foreclosure, short sale or mortgage modification won’t have to pay federal taxes on the forgiven portion of the debt.

Tax Advice Disclaimer: The information in this blog should not be used in any actual transaction without the advice and guidance of a professional Tax Adviser who is familiar with all the relevant facts.

Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE  Mortgage Pre-Approval service. We’re licensed in all 6 New England states; NY & FL too. I’m here to help.