Saturday, November 21, 2009

First Time Buyer advice from the Wall Street Journal

Here are the key points from an article I saw today. It is a bit simpler to me. I would say that the reasons to start sooner than later are not only that you have a better chance of finding a good fit for your needs but it takes longer now to get a loan approved, interest rates are very low but are likely to increase as the recovery progresses and federal borrowing increases, and there will likely be a bit of a rush on what is left in the spring so you will have more negotiating power now to increase your savings. I have worked with several first time buyers this year and would also say it is important to work with a lender that knows the local and state programs that can increase your savings and make it more likely you will qualify. There are some good programs out there that you may not know about.

Please let me know if you would like to know more about buying your first home in Steamboat with the $8,000 credit or the new programs available to repeat buyers that include a $6,500 credit. I know the process and the lenders with the best programs for first time buyers.

The Wall Street Journal recommends that First time Buyers act soon

Tips for buyers Interested in buying a home and claiming the home-buyer tax credit? Below are five tips:

1. Don’t procrastinate search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.

2. Don’t count on another extension. The credit won’t be available forever. If you want to take advantage, be sure to make that spring deadline.

3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year.

4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible.

5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax-credit deadline. Make sure the house is a good fit for your needs and get a home inspection.

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1 comment:

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