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Now Is The Time For First Time Home Buyers

Now Is The Time For First Time Home Buyers

If you were considering buying a house then then there is no time better then the present

, as it is a positive time for buyers in the market right now. The government is offering a tax credit that can save you up to $8,000, interest rates are low and there are a whole lot of cheap houses available.

As a first time home buyer you are holding all the cards. Once you locate a home that you are interested in you should then contact various mortgage lenders to find the best rate on your home mortgage. The are a few montage options available but you want to stay clear of the variable rate loans and the ones that offer low interest for a set number of years, as these may end up costing you a lot more money a few years down the road.

A fixed rate loan is always the best one to take. Although your payments will be higher, you interest rate will never increase. This makes it easier to predict a monthly or annual budget that includes your mortgage payments. With the other loans mentioned before your interest rate is based on the current interest rate, therefore it can change from month to month and so can your payments.

Once you have found the home of your dreams and applied for a mortgage loan to finance it, it will be time to shop for a homeowner's insurance policy. There are several types of policies available so you have to be sure you are comparing similar policies when looking for one that will meet your needs. The best policy you can get will be a full replacement policy for your home. This type of policy will pay to replace your home in the event of a total loss. You will pay extra for this policy, but will be very happy you have it if you should experience such a loss. Again, it is important that you are comparing similar policies when weighing the homeowner's insurance quotes that you received. You will be required to list the mortgage holder as the loss payee on your policy and show them proof that the policy exists and is endorsed in this manner. All banks and finance companies require this policy to protect their investment in your home.Now Is The Time For First Time Home Buyers


Once all the a fore mentioned is completed it is now time to close on your home. When going to closing you may be required to pay some additional closing cost, unless you have included them in the price of your mortgage. Find out all you can about getting a "no closing cost" loan, as this can save you thousands of dollars at the time of closing.

by: Jackie Smith
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Now Is The Time For First Time Home Buyers