Home is where the heart isBuying your first home can be an emotional decision. A home represents your personal taste and provides a haven of stability and security for both you and your loved ones. It also provides a pride of home ownership, because it's yours.
Home is where your wealth isBuying your first home also needs to be a rational decision, such as to grow wealth via equity buildup, debt pay down, and value appreciation. In the United States, you can take advantage of tax- deductible benefits such as property and mortgage interest write-offs. A home is an investment that creates leverage opportunities.
In a few years, you can use your equity to trade up to a better home.
Or, you might consider using some of your home equity to invest in a rental property or a second home.
Real estate agents perform 7 main roles:
1. Educate you about the market
2. Analyze your wants and needs
3. Guide you in finding homes that fit your criteria
4. Negotiate on your behalf
5. Coordinate the work of other needed professionals
6. Review paperwork and deadlines
7. Solve any problems that may arise
Advantages of a buyer's representation agreement
- Sets mutual expectations in writing between you and your agent.
- Commits your agent to getting you into the home you want, while you commit to working exclusively with your agent.
Credit Tips For First Time Homebuyers
Popular Programs In DMVMaryland Mortgage Programs - gives $5,000 downpayment assistance to qualified first time home buyers.
MPP - Offers up to $10,000 closing cost assistance to qualified first time Montgomery County buyers.
DC Open Doors - offers qualified DC buyers 3-3.5% downpayment assistance.
HPAP - offer qualified DC buyers up to $54,000 of financial assistance for closing costs and downpayment.
My Home II - Up to $20,000 in downpayment and closing cost assistance to qualified home buyers in Prince Georges County - select from 14 zip codes.
Each program has its own
- Income, loan amount or sales price limits.
- Homebuyer education classes.
- Qualification requirements