You can deduct the cost of mortgage loan interest from your federal and state income taxes, as well as the property taxes you pay as a home owner. The value of your home will appreciate over time. And nothing beats the joy of having a place to call your own.
Should I use a Realtor?
Absolutely! The detailed process of buying a home, qualifying for a mortgage and signing the papers at closing can be overwhelming for even experienced buyers. A Realtor can help you find a home to meet your needs and price range; negotiate the best price; guide you through the paperwork; and serve as a trusted advisor during the home-buying process – and beyond.
How much money do I need?
Costs will vary depending on the price of the home and type of mortgage. You can expect to pay earnest money (a good-faith deposit); a down payment (a percentage of the cost of the home and a minimum of 3-5 percent); and closing costs (the costs associated with processing the paperwork, usually 3-4 percent of the cost of your home).
Where do I get a mortgage?
Allen Tate offers a one-stop shopping approach through its Family of Companies, including Allen Tate Mortgage Services, which has access to many loan programs as well as in-house underwriting capabilities for FHA and VA loans. Allen Tate’s Best Rate Guarantee program ensures you are getting the best loan package possible. You’ll need comprehensive documentation to qualify for a mortgage, and the process generally takes about 3-6 weeks.
How much do I offer?
Your Realtor is your best advisor on price. Consider the following: 1) recent comparable listing and sale prices; 2) condition of the home; 3) time the home has been on the market; 4) amount of mortgage required; and 5) how much you want the home. Many sellers in today’s market are highly motivated to sell to an interested buyer who makes a reasonable offer.