| No matter how you look at it, buying your first home is | | | | A common mistake that most inexperienced buyers |
| a big deal. Not only is it a huge financial commitment | | | | make is to try and cut corners and save on |
| but it's a huge emotional commitment. Taking on the | | | | professional fees. One such fee you should not try |
| responsibility of loaning such a huge amount of money | | | | and skimp is with inspections. Its incredibly important |
| has given many first time buyers sleepless nights. As | | | | that you get an appraisal done and have a |
| long as you are smart about it and get good advice, | | | | professional do a proper survey to make sure that |
| there is nothing to worry about. In fact, buying your first | | | | you don't buy yourself a liability instead of an asset. As |
| home is probably easier than buying your second | | | | soon as you sign on the dotted line, its your |
| home since the government has several grants and | | | | responsibility and all the defects become your financial |
| programs in place that are specifically designed to help | | | | liability so its best to get it sorted before you buy. |
| first time buyers. | | | | Speaking to professionals is important and seeking out |
| As a first time buyer you qualify for an FHA loan | | | | professional advice is vital, but something as simple as |
| which is a great way to get on to the property ladder. | | | | speaking to your friends and family is a great way to |
| The loan is subsidized by the government and aims to | | | | understand the buying process better. There is a |
| encourage low and mid income families to buy their | | | | wealth of information available on the internet. Use it |
| own homes. It does not have any of the normal strict | | | | and get clued up before you commit. |
| credit checks and it only requires a 3.5% down | | | | When it comes to grants and first time home buyer |
| payment - which is way below what any normal bank | | | | programs, you can always just do your research and |
| loan or mortgage loan requires. | | | | due diligence online. All the grant programs have |
| One of the first things you need to do is to see a | | | | detailed explanations on their websites and many of |
| mortgage broker. As a specialist he or she will analyze | | | | them have hotlines where you can actually speak to |
| your current financial situation and help your determine | | | | someone. Even your local bank and building society will |
| exactly what you can afford. A broker will also help | | | | be able to point you in the right direction, so what are |
| you find the best possible mortgage based on your | | | | you waiting for? |
| individual circumstances. | | | | |