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Real Estate
Start Your Real Estate Search Now!Homeownership is becoming a reality for more and more Americans. The US homeownership rate has reached over 68%, the highest rate ever. Yet many Americans don't realize that homeownership is within their grasp.
A home is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
Compare several real estate agents online before choosing one. Look for an agent who understands your needs. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.
Your new home should fit way you live, with spaces and features that appeal to the whole family. As you search for your new homes make a list of your priorities, like location and size. Should the house be close to certain schools? Or your job? And to public transportation? How many square feet should the house be? What type of area do you prefer - urban, suburban, rural? What kinds of amenities are you looking for? Establish a set of minimum requirements that a house must have for you to consider it.
Decide how much you can realisticly afford to pay for your home. Ask yourself: do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? Do I have few outstanding long-term debts, like car payments? Do I have money saved for a down payment? Do I have the ability to pay a mortgage every month, plus additional costs, like utitlies and insurance?
Would an older home be a better deal? Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.
Whether your potential home is old or new, you should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive.
Also, a paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.
Reviewing your credit report is important for anyone in the real estate market. Your credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances of getting a loan and for getting a low mortgage rate. Once you receive your credit report, it's important to verify its accuracy. Double check the "high credit limit", "total loan", and "past due" columns. Simple mistakes are easily corrected by writing to the credit reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems.
When searching for home loans, (such as mortgage refinancing, debt consolidation, or home equity loans) online, you can easily compare several lenders to get the best rates. Compare the types of mortgages, minimum down payment required, interest rate and points, closing costs, loan processing time, and whether prepayment is allowed.
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Important Facts about the Extended First-Time Homebuyer Credit
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it:
1. You must buy � or enter into a binding contract to buy a principal residence � on or before April 30, 2010.
2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you�ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home was purchased and the settlement date is after November 6, 2009.
5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7. The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 � whether the credit is claimed for 2008 or for 2009 � and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.
Search for more on the Extended First-Time Homebuyer Credit:
Real Estate Tips
and Info- When you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes.
- Consider getting your home loan pre-qualified, so that when you find a house you like in your price range you won't have the delay of trying to get qualified.
- The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price.
- Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses.
- In addition to your monthly utilities, you'll also have to pay property taxes, and maybe city or county taxes.
- Be sure to read and understand everything before you sign.
- Refuse to sign any blank documents.
- Do not buy property for someone else.
- Do not overstate your income.
- Do not overstate how long you have been employed.
- Do not overstate your assets.
- Accurately report your debts.
- Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application.
- Be truthful about your credit problems, past and present.
- Be honest about your intention to occupy the house.
- Do not provide false supporting documents.
- Appraisals are prepared for lenders; home inspections are for you, the buyer. Home inspections give you detailed information on the physical condition of your new home.
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