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New Beginning-New Home
Helpful tips for Rochester, NY brides and grooms planning to buy their new home
New Beginning-New Home
One of the biggest financial purchases you will ever make will be the purchase of a home!
Advantages of buying vs. renting
Tax Breaks: The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
Building Equity: Money paid for rent is money that youâ€™ll never see again, but mortgage payments let you build equity ownership interest in your home.
Savings: Building Equity is a ready made savings plan.
Predictability: Unlike rent, your mortgage payments donâ€™t usually go up during the years (depending on the type of mortgage you have) so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
Freedom: The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
Stability: Remaining in one neighborhood for several years gives you a chance to participate in community activities, and lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
A smart way to start the home buying process
Before you start the home search process, you should take the time to find out how much of a home you really can qualify for. It is a fairly simple process called a pre-qualification and this can be done through any mortgage broker/banker at no cost to you and no obligation. This will save you a lot of useless time looking at homes that you possibly could not have afforded to purchase anyways. Taking that a step further you can get a pre-approval (for a small fee) but this will hold more clout in your buying process.
Pre-qualifcation vs. Pre-approval
So many times people ask the question- â€œSo what is the difference between a Pre-qualification and a Pre-approval?â€
A Pre-qualification is merely a comparison of income to debt. This calculation will only tell you your approximate borrowing limit. This is according to industry qualification ratios. A Pre-qualification does not offer any type of approval status for a mortgage. If you wanted to take it a step further you would have to go get a Pre-approval.
A Pre-approval is a much more in-depth analysis and highly recommended early in the home buying process. The process of Pre-approval allows the provider to give you more accurate Mortgage advice, since they see the whole picture. Pre-approvals are conditioned loans from a mortgage provider. Typically if you submit a bid on a property your pre-approval would accompany that. If another buyer is bidding on the same property and submits a pre-qualification, your pre-approval will demonstrate to the seller that you are a much more serious and qualified buyer. This could make the difference between winning and losing a bid.
A real estate transaction is complicated. A knowledgeable guide can help you to avoid delays or costly mistakes.
Selling or buying a home is time consuming. With a busy work schedule and family commitments a Realtor can guide you through the home search process and keep an eye on the transaction to keep it moving in the right direction as it progresses.
Real estate has its own language. Not understanding some of the real estate lingo can sometimes get you to accepting something that is not in your best interests. A realtor can translate information for you that you may not understand.
REALTORSÂ® have done it before. Laws and regulations change quite frequently â€“ a realtor who handles real estate transactions regularly will know about those changes. Protecting yourself by having an expert on your side is critical.
REALTORSÂ® provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling and buying is often a very emotional undertaking. And for most people, a home is the biggest purchase theyâ€™ll every make. Having a concerned but objective, third party helps you keep focused on both the business and emotional issues most important to you.