10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact me, a Colorado REALTOR® serving the Denver Metropolitan Area. I can help guide you through home buying process.
Stefan Geyer
303-858-8100
Home Real Estate
"A Modern Realtor® for Modern Times"
Have home listings sent directly to your e-mail: http://www.stefanmax.com/
Showing posts with label buying a home. Show all posts
Showing posts with label buying a home. Show all posts
Tuesday, February 9, 2010
Friday, February 5, 2010
Colorado Home Buyers: Top 7 Reasons to Buy Your First Home Today
Top 7 Reasons to Buy Your First Home Today
1. Free Money. The $8,000 tax credit for first time home buyers is valid before April 30, 2010(under contract deadline). This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months. Contact me today for a free and informative a tax credit packet.
2. Affordability. Based on recent property declines and current interest rates, home affordability has not been higher since it was first tracked over 40 years ago. Your grandparents couldn't have received a better interest rate than you can today.
3. Tax Breaks. The IRS allows you to deduct the interest you pay on your mortgage, your property taxes and, in many cases for those who qualify, some of the costs to buy your home and mortgage insurance. Owning a home is a great way to lower your tax bill.
4. Build Wealth. Unlike paying rent, with each mortgage payment you make, you build equity and you decrease your income tax liability. Owning a home is still the best long-term investment.
5. Appreciation. As home prices have fallen precipitously in today's tough economy, the basis for realizing appreciation in future years is very strong. Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.
6. Stability. Knowing you can establish roots and raise a family in one location, free of the desires or needs of your landlord to sell the property you are living in. This is something no other investment provides. You can't live in a stock, and you can't raise your kids in a bond.
7. Independence. Enjoy the freedom to do what you want to your home. After all, it's yours to do what you wish. And, with any improvements you make, you have the ability to benefit from your investment. Try that with an apartment!
Call me today to get started!
Stefan Geyer
Home Real Estate
303-766-4663
www.StefanMax.com
Reprinted courtesy of:
Mandy Hammer
Loan Officer
Pinnacle Mortgage
Phone: 877-716-9006 ext 885
mhammer@pinnacle-mortgage.com
www.mytoplender.com
1. Free Money. The $8,000 tax credit for first time home buyers is valid before April 30, 2010(under contract deadline). This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months. Contact me today for a free and informative a tax credit packet.
2. Affordability. Based on recent property declines and current interest rates, home affordability has not been higher since it was first tracked over 40 years ago. Your grandparents couldn't have received a better interest rate than you can today.
3. Tax Breaks. The IRS allows you to deduct the interest you pay on your mortgage, your property taxes and, in many cases for those who qualify, some of the costs to buy your home and mortgage insurance. Owning a home is a great way to lower your tax bill.
4. Build Wealth. Unlike paying rent, with each mortgage payment you make, you build equity and you decrease your income tax liability. Owning a home is still the best long-term investment.
5. Appreciation. As home prices have fallen precipitously in today's tough economy, the basis for realizing appreciation in future years is very strong. Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.
6. Stability. Knowing you can establish roots and raise a family in one location, free of the desires or needs of your landlord to sell the property you are living in. This is something no other investment provides. You can't live in a stock, and you can't raise your kids in a bond.
7. Independence. Enjoy the freedom to do what you want to your home. After all, it's yours to do what you wish. And, with any improvements you make, you have the ability to benefit from your investment. Try that with an apartment!
Call me today to get started!
Stefan Geyer
Home Real Estate
303-766-4663
www.StefanMax.com
Reprinted courtesy of:
Mandy Hammer
Loan Officer
Pinnacle Mortgage
Phone: 877-716-9006 ext 885
mhammer@pinnacle-mortgage.com
www.mytoplender.com
Tuesday, December 29, 2009
Colorado Homebuyers, You have a 2nd Chance!
STEFAN GEYER
Realtor®, Home Real Estate
C: 303.766.4663 , F: 303.534.5508
http://www.stefanmax.com/
"A Modern Realtor® for Modern Times"
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