Buying
your first home can be one of the most exciting and memorable times of
your life. In addition to providing the safety and security of
home ownership, buying a home makes great financial sense. Not
only can you deduct home mortgage interest and property taxes from you
federal income tax returns, but also a portion of each mortgage payment you make
will help build equity in your home. In addition, when the
value of your home increases, so does your equity. Equity in these instances refers to the difference between what you bought the house for and what you sell it for. Assuminig the value increases and assuming you pay down the principle on teh mortgage loan, for your first home could become one of your best investments. In Rhode Island house prices have appreciated above national averages for the past 10 years.
First Time Home Buyers: So where do you go from here?
For
you to be able to realize your dreams and own a place you can truly
call 'your home' you must first take stock of both your present and
future circumstances. What are your earnings now? What are
your chances of promotion? How much room do you need? How
long a commute would you consider? How much money are you able to
put down as a deposit? It is suggested that you should have
approximately 1/4 of your assets in real estate - but if you have none,
where do you start? How do you get a mortgage? How can you
best prepare yourself to take this most important first step? We have gathered a wealth of information for first time home buyers here and on the associated pages of Buyer's Place. First time home buyers should review all the areas of this site to gain a strong understanding of what is involved in buying your first home.
First time homebuyers should review the links below. These links will take you to sections that outline many of the ways first time home buyers can prepare for the purchase of their new home. But the first thing to do as first time homebuyers is get your own financial house organized, and then check your credit. Then you can prepare a budget for the home purchase realistically. Once this is accomplished, your next step should be to get pre-approved for a mortgage. Of course, you should always feel free to contact us for assistance.
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