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| Learn
About Homebuying |
Homeownership
is about security, comfort, and fulfilling the American
dream. The sense of community that comes with putting
down roots in a place of your own, the security of owning
the roof over your head, the opportunity for financial
growth--all these accompany the choice to become a homeowner.
But
buying a home is also the single largest investment
most people ever make. Along with all the benefits of
homeownership comes the responsibility to manage that
investment wisely. |
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You've decided to
take the big step and purchase your own home. For most people,
this is the largest financial transaction of their lives.
It's also the most exciting, and some might say chaotic. But
with a little planning, you can become a bona fide homeowner
and enjoy yourself in the process.
Location, Location, Location
First think about areas that meet your needs:
• Which neighborhoods appeal to you?
• Do you need to be near schools, shopping, or public
transportation?
• How close do you need to be to your job?
Questions you should ask include:
• What is the quality of the local schools?
• What's the resale potential of houses in the neighborhood?
• Are many new buyers moving in from other areas?
• Are there frequently multiple offers on houses?
You can find these answers from a real estate agent who's
familiar with the area, or you can do research on your own
- online, through the chamber of commerce, or the U.S. Census
Bureau.
Make a Wish List
Make a list of the home features that are important to you.
• Do you need two bedrooms or three? How many bathrooms?
• Would you like an older home with character in an
established neighborhood, or are you drawn to the benefits
of a newly constructed home?
• Make a list of the amenities and features you'd like
- Gourmet kitchen? A fireplace?
• What about the exterior - wood frame, brick or stucco?
Most homebuyers will need to make compromises, and it's helpful
if you already know which items are "musts" and
which ones are simply "nice-to-haves." Make a list
of the home features that are important to you.
Finding "The One"
How should you begin to find the house that'll become your
home? Try these approaches:
• Use the Internet to locate homes for sale.
• Look through the real estate classifieds of the newspaper
and the local real estate magazines.
• Talk to your friends and co-workers - they may know
of someone who's selling.
• Visit open houses. This is a good opportunity to speak
with real estate agents about other properties that are for
sale.
• Work with a real estate agent who is familiar with
the area where you wish to live.
| The
Benefits of Homeownership |
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The
rewards of owning your own home include many benefits
unavailable to renters. Among other things, homeownership
allows you to: |
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Start
building wealth: Making a mortgage payment
every month builds up your equity stake in your home,
contributing to your long-term savings and helping you
solidify your financial future. |
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Reduce
your tax burden: The interest you pay on your
mortgage is usually tax-deductible, which can lead to
significant tax savings--especially in the early years
of the mortgage term, when most of your monthly payments
go toward interest. Make sure you consult your tax advisor
about the deductibility of interest. |
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Build
your credit history: Timely mortgage payments
can contribute to a positive credit history. |
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Eliminate
landlord hassles: You'll no longer have to
fear non-renewed leases and rent increases. |
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Make
the house your own: Aside from zoning rules,
Homeowner's Association requirements, and local building
codes, you'll be free to decorate, remodel, and renovate
as you wish. Whether buying a home is more costly than
renting depends on your individual circumstances. |
| The
Responsibilities of Homeownership |
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Before
deciding to buy a home, consider the responsibilities
that will accompany your purchase. You will most likely
have to make some adjustments to account for the following:
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Additional
financial responsibility: Whether buying is
more costly than renting depends on your individual
circumstances. As a renter, some or all of your utilities
may have been paid for, but they will now be solely
your responsibility. You'll also be responsible for
property taxes and homeowner's insurance in addition
to your loan. |
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Maintenance
and repairs: Maintaining your property will
be up to you, not the landlord. |
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Less
mobility: Unlike having a lease where you can
move with minimal notice, moving when you own a home
is more complicated since you're responsible for ensuring
the mortgage gets paid. |
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Depreciation:
Real estate often increases in value over time, but
not always. Owning a home means facing the risk that
its value will depreciate. |
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Beyond
the financial benefits, the personal rewards of homeownership
can be tremendous--as long as you prepare for the responsibilities
that come along with it, and choose a home and a mortgage
that are well-suited to your needs. MidAmerican Home
Services Mortgage consultants can help you make the
right decisions throughout the home financing process,
so contact us today. |
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MidAmerican Home Services Mortgage has a broad array of products
that can fit the needs of almost any consumer.
Fixed-rate and adjustable-rate mortgages, VA, FHA, no down
payment and much, much more!
We explain each product clearly and help you decide which
one is the right one for you.
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the button to check out our great line of products! |
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Click
the button to apply
online for a home mortgage
from MidAmerican Home Services Mortgage.
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Comments?
Use this quick, easy way
to contact us or call us at
1-800-247-2430 |
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Equal Housing Lender