A Guide for the First time Home Buyers

<h1>A Guide for the First time Home Buyers</h1>Author: <a title="Caitlina Fuller" href="http://www.articlesbase.com/authors/caitlina-fuller/152401.htm">Caitlina Fuller</a> As a first time home buyer, do know the first thing about the cost of buying a house? Most first time buyers don't. Here are some things to keep in mind when you get ready to make the largest financial decision of your life. A mortgage broker marketing company will be your best bet to get all the information you will need to make the purchase. Use this as general information or your personal mortgage marketing tool.   First of all, consider how much can you afford? A mortgage marketing company will tell you that the average person can afford a house that cost about 3 times their annual income. So with an income of $40,000 a year, a person could afford a house that costs about $120,000.   Wow, where are you going to get $120,000? Don't worry. If you qualify, you will take a loan from a bank to pay for the house. This is called a mortgage. Mortgages can be paid back within years of taking the loan such as 30 years. A mortgage marketing tool, sometimes known as a calculator can calculate the price of a home you can afford. It can also calculate the monthly payments you will make depending on the amount of the loan and the size of your down payment.   Down payment? What's that? A down payment is up front money you will make to the bank that is offering you the loan. The larger your down payment, the lower your monthly payment will be. In general, a bank will want to see at least 3% to 20% of the cost of the house as your down payment.   Now that we have discussed the down payment, let's discuss the closing costs. The closing cost is the is the amount it will cost you to have the keys handed over to you. The cost of paperwork and title transfer make up this up front money. In some cases, the bank will add the closing cost to the loan, which will add to the monthly payment. Generally, up to  8% of the sales price is the amount of the closing cost.   As a first time buyer you will be overwhelmed emotions, good and bad. Find a home that you would like to purchase and contact the mortgage marketing firm selling the property. They will take you through all the steps to get you into your dream house. Remember, this is your first time but a  mortgage broker marketing company has sold houses a time or two.About the Author: Caitlina Fuller is a freelance writer. Use this as general information or your personal <a href="http://www.loansiteplus.com/broker.home">mortgage marketing tool</a>. First of all, consider how much can you afford? A <a href="http://www.loansiteplus.com/">mortgage marketing</a> company will tell you that the average person can afford a house that cost about 3 times their annual income. Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/mortgage-articles/a-guide-for-the-first-time-home-buyers-1015662.html" title="A Guide for the First time Home Buyers">A Guide for the First time Home Buyers</a>

As a first time home buyer, do know the first thing about the cost of buying a house? Most first time buyers don't. Here are some things to keep in mind when you get ready to make the largest financial decision of your life. A mortgage broker marketing company will be your best bet to get all the information you will need to make the purchase. Use this as general information or your personal mortgage marketing tool.

First of all, consider how much can you afford? A mortgage marketing company will tell you that the average person can afford a house that cost about 3 times their annual income. So with an income of $40,000 a year, a person could afford a house that costs about $120,000.

Wow, where are you going to get $120,000? Don't worry. If you qualify, you will take a loan from a bank to pay for the house. This is called a mortgage. Mortgages can be paid back within years of taking the loan such as 30 years. A mortgage marketing tool, sometimes known as a calculator can calculate the price of a home you can afford. It can also calculate the monthly payments you will make depending on the amount of the loan and the size of your down payment.

Down payment? What's that? A down payment is up front money you will make to the bank that is offering you the loan. The larger your down payment, the lower your monthly payment will be. In general, a bank will want to see at least 3% to 20% of the cost of the house as your down payment.

Now that we have discussed the down payment, let's discuss the closing costs. The closing cost is the is the amount it will cost you to have the keys handed over to you. The cost of paperwork and title transfer make up this up front money. In some cases, the bank will add the closing cost to the loan, which will add to the monthly payment. Generally, up to 8% of the sales price is the amount of the closing cost.

As a first time buyer you will be overwhelmed emotions, good and bad. Find a home that you would like to purchase and contact the mortgage marketing firm selling the property. They will take you through all the steps to get you into your dream house. Remember, this is your first time but a mortgage broker marketing company has sold houses a time or two.

Caitlina Fuller is a freelance writer. Use this as general information or your personal mortgage marketing tool. First of all, consider how much can you afford? A mortgage marketing company will tell you that the average person can afford a house that cost about 3 times their annual income.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/mortgage-articles/a-guide-for-the-first-time-home-buyers-1015662.html

Article Tags: mortgage, home buyers

Related Videos
Related Articles
Ask / Related Q&A

Play

Real Estate Tips Part 1/2

Play

How to Buy a First Home

Play

Real Estate Tips Part 2/2

Play

First Time Home Buyer Programs

Play

First-Time Homebuyer's Credit

Latest Mortgage Articles
More from Caitlina Fuller

401K Transfer

By: Jennifer Quilter | 08/11/2009
A 401K transfer can be done under a limited number of circumstances, but there are a lot of rules that need to be considered to keep your savings safe.

First Time Home Buyer Stimulus - Tax Credit Deadline Extended

By: Safiur Rahman | 08/11/2009
Did you know that you can get up to an $8000 tax credit from the federal government towards the purchase of a new home if you are a first time home buyer? Did you also know that the deadline for qualifying was recently

FHA Mortgage loans are Easy to qualify for for, 97% FHA Home loan

By: Florida Mortgage | 07/11/2009
FHA Home loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) - which is part of (HUD), provides FHA home loan insurance to insure private lenders against loss. The FHA home loan mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

FHA home Loan Documentation needed for an FHA Home loan

By: Florida Mortgage | 07/11/2009
FHA guidelines you must adhere to in order to be pre approved for an FHA home Loan. You must collect all the required documentation, and submit the FHA home loan request to the underwriter. The FHA underwriter is the person who reviews your file and determines if you are approved for an FHA home Loan, denied, or suspended in your request for an FHA home Loan. You will also want to verify the Florida FHA Loan Limits in your area because they are always changing.

FHA Streamline Refinancing - Quickly Refinance Your Home With FHA Streamline Refinancing!

By: Al Hardy | 07/11/2009
If you have a FHA Loan Mortgage on your home and you need to or want to reduce your mortgage payments without all of the hassle that goes with most refinancing, you need to do more research on how you can do it quickly and easy with FHA Streamline Refinancing.

The FHA home loan Process Four easy steps to your FHA loan!

By: FHA home loan Lender | 07/11/2009
Applying for an FHA home loan through FHAmortgageFHAloan.com is simpler than ever before. We have combined the speed and ease of the Internet with the hands on approach that our FHA home loan applicants have come to expect. Once you apply online for an FHA home loan, you are entered into our database where your FHA home loan is processed. Within 24 hours, your assigned FHA home loan officer will contact you, via e-mail or phone, to schedule your interview.

FHA home loans for Buying a Florida home, ((97%w 540 FICO))

By: FHA home loan Lender | 07/11/2009
Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a Florida home, making financing easier and less expensive than an other home loan program

How To Manage The Customer And Get The Deal Closed

By: Loan System | 07/11/2009
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that don’t close, wastes more time and leaves you with nothing to show for it.

Keep Your Valuables Secure In a High Quality Safe

By: Caitlina Fuller | 07/11/2009 | Home & Family
There are many types of safes on the market that are burglar and fire resistant and they are available in many styles and sizes. A compact keyless access home safe features a mechanical lock that allows for quick access by providing the correct number combination.

Pomegranate Juice Provides Incredible Health Benefits

By: Caitlina Fuller | 07/11/2009 | Drinks
Pomegranate juice has grown in popularity over the past few years due to the many health benefits it provides. Several studies have proven that drinking Pomegranate Juice destroy breast cancer cells and even stop breast cancer cells from forming.

The Adrenaline Driven Sport of Paintball

By: Caitlina Fuller | 06/11/2009 | Sports & Fitness
Paintball is a game that players compete, either in teams or individually, to eliminate opponents by hitting them with round paint-filled pellets from a special paintball gun. Paintball can be played indoors or outside on special playing fields that are scattered with natural or artificial terrain.

Microfiber Cleaning Products are Highly Effective

By: Caitlina Fuller | 06/11/2009 | Home & Family
Microfiber refers to man-made fibers that measure less than one denier. A denier is a unit of measurement for the linear mass density of fibers. Microfiber is used to make textiles that are soft, durable and absorbing.

Use Quality Power Tools for Best Results

By: Caitlina Fuller | 06/11/2009 | Tools & Equipment
Power tools are designed to make life much easier for the average homeowner. A power tool can be a device as simple as a battery operated screwdriver or as powerful as a rotary hammer.

How to Deal With Acne Breakouts

By: Caitlina Fuller | 06/11/2009 | Health
Most teenagers, at some point or another, will have to deal with acne, as 8 in 10 teens have acne as well as many adults. Acne is considered a part of growing up but that does not make it any easier to deal with when you look at your reflection in the mirror to discover a new outbreak.

New Media Innovations Worth Checking Into

By: Caitlina Fuller | 06/11/2009 | Electronics
You have no doubt heard of blu ray and know that it was was designed to supersede the standard DVD. Blu ray media is advancing by leaps and bounds and the name itself comes from the blue-violet laser that is used to read the disc.

Find Fashion Bargains Online

By: Caitlina Fuller | 06/11/2009 | Fashion
With online shopping, you are saving gas and your valuable time. You can sit comfortably at home in front of the computer and take your time browsing for what you are looking for.