amerifirst.com

Whether you’re looking for a neighborhood with large houses and expansive lawns, or a modern condo in a thriving downtown area, there are characteristics that make up a great living area. People are out on the streets: A good sign of a neighborhood’s vitality and safety is seeing people on the sidewalks, children riding bikes and youngsters walking to school. Ask any parent with school-age children and he or she will tell you that the quality of the school system is one of their top priorities when choosing a neighborhood. Living in an area with a much sought-after school system raises your property value, so be sure to check your school district scores and district boundaries.

Items that affect your interest rate include credit score, down payment, loan program, loan type, property type and loan-to-value. Taxes Taxes are annual property taxes paid by homeowners to local governments to fund public services (community schools, roads, police, etc.), and are usually a percentage of the assessed property value. If you’re taking out a loan on your first home, it can be a little overwhelming to think about adding a monthly mortgage payment, as well as managing new expenses such as property taxes and home insurance premiums. With a mortgage escrow account, you pay your lender 1/12 of your annual real estate tax bill and hazard insurance premium each month, along with your regularly scheduled payment.

Your loan officer will tell you which documents you need in order for them to be able to get you the loan for your future home. After your loan officer has all of the documents they need, you will be able to fill out an official application, which will solidify the amount you can borrow to buy your home. Your loan package sent to Underwriting Dept. To make sure that all of the i's are dotted and the t's are crossed, your loan officer may need some additional documentation. All of the hard work that you, your loan officer and your real estate agent have done has paid off, and you are just a few signatures away from officially owning your dream home.

An experienced professional who knows the market can save you time, money and heartache by helping you find the right home, and make and negotiate the best purchase terms on your behalf. You’ll most likely be spending the next six months working with your Realtor, so it’s important to find someone whom you like and who will be able to safeguard your financial interests. Yes, make sure the agent is licensed by the state; about half of all agents are designated Realtors, which means they belong to the National Association of Realtors and agree to abide by NAR’s stringent code of ethics. Your agent should be able to provide you with new listings to consider as they become available, and will also include important demographics and market value information on the area you are seeking to buy a home.