First Time Buyers
You've picked a great time to buy your first home. You can enjoy peace of mind working with RE/MAX, the industry leader in experience and service. Here are some tips to help you with the process of becoming your own landlord.
Being prequalified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 5.5 percent vs. 5 percent is about $35 per month. Over 30 years, that's $12,600.
- Shop for mortgage rates and terms
A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent, however. Before you decide, have a REALTOR® explain the advantages and disadvantages of using a buyer agent.
In some areas, a swimming pool actually detracts from a home's value and makes the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your REALTOR® can point out features that hurt, as well as those which help, resale value.
- Features that help or hurt resale value
After touring each home, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the house that's the best for you.