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Linda Reeder
Purchase Your First Home in St. Louis
with Confidence
If you are making the transition from
renter to homeowner, you're not alone. In 2004, 40 percent of homebuyers were
purchasing for the first time, according to "The 2004 National Association of
REALTORS® Profile of Home Buyers and Sellers."
With interest rates at all-time lows and a booming real estate market, now is a
good time to purchase real estate. However, with the prospect of making one of
the largest investments you'll ever make in your life, you can easily become
overwhelmed. Some of the questions you may be asking are:
Will I be able to afford the home of my dreams?
Do I have enough money for a down payment?
Will I make smart home buying decisions?
If you go into the process prepared, your first purchase can be a good
experience.
Resources
Before starting out, educate yourself on the process. Check your library or
local newspaper to find a homebuyer seminar that you can attend. The U.S.
Department of Housing and Urban Development has an entire section on its website
(www.hud.gov) devoted to homebuyers. It has a list of common questions of
first-time homebuyers, information on mortgage and home-buying programs, access
to housing counselors, downloadable tools such as a wish list and home-shopping
checklist, tips on selecting a real estate professional, etc. Another informative
site to check out is www.ginniemae.gov.
Also, be sure to review all of the applicable articles on this web site under
Buyer/Seller Tips.
Your Realtor® is also a great resource. Don't hesitate to let them know that you are new to the process. They will expect you to have questions at each step-from house hunting, to making an offer to the closing.
The costs involved in the purchase of a home can be overwhelming to first-time
homebuyers. There are mortgage costs, the down payment, and closing costs to
think about.
Affordability
By looking at your income and debt ratio, your Realtor® can help you
calculate how much you can afford each month in mortgage payments or you can use
our calculator to do it
yourself. However,
before determining your price range, you should also take into consideration
other factors that will affect your monthly budget once you are a homeowner,
such as property taxes, insurance, utilities, and maintenance. In addition, if
your down payment is less than 20 percent of the cost of the home, you will may be
responsible for private mortgage insurance, more commonly referred to as PMI.
Mortgage payment
Fear of being rejected for a home loan is one of the main concerns for
first-time homebuyers. To lessen the stress, and to strengthen your purchase
offer, you should get pre-approved
for a loan before looking at prospective homes. This will not only help you feel
more confident, it will also give you an advantage where there are multiple
offers for a specific property. In addition, the fact that your loan has already
been approved is of great value to the seller because it shortens the purchase
process, and there is less of a chance that the buyer will back out of the sale.
If you do not have a specific mortgage lender in mind, ask your Realtor® for a recommendation.
Down payment
The down payment amount varies depending on the value of the home you choose and
your mortgage lender. Moreover, in some cases, first-time homebuyers can
purchase a home with no money down. Although it varies from state to state, most
offer government-funded programs for first-time buyers that help people buy a
home with no down payment. Your Realtor® will be able to explain
the different options available to you.
Making Offers
Do not feel pressured into making an offer on the first home you see. This is a
common mistake of many first-time homebuyers. Make sure you view different homes
to get a feel for the marketplace. When you decide on a home to make a bid on,
work with your Realtor® to get all of your questions answered
before making an offer. But don't wait too long to make an offer. The longer you
wait, the greater the chance other prospective buyers may place offers, making
it harder for you to negotiate a good deal.
Above all, remember there are no silly questions. Make sure you understand and
are comfortable with every aspect of the transaction. Your Realtor® can be an invaluable asset in helping you make educated decisions
so that your first home purchase is a rewarding experience.
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Linda Reeder provides St. Louis Missouri real estate information and resources in order to assist home owners and home buyers with the process of buying and/or selling their St. Louis home or other residential real estate (house, condo or other property in St. Louis MO). Linda Reeder is a top St. Louis real estate agent and will assist you in getting the best value for your purchase or sale of a St. Louis MO home. Her on-line services include free search of the St. Louis area (includes St. Louis MO homes - St. Louis houses and St. Louis condos) Multiple Listing Service (MLS) with NO REGISTRATION, Email updates on new listings as they become available, and more. She provides you the information to help you learn more about St. Louis condominiums, St. Louis houses, and other St. Louis MO real estate. Linda Reeder is a GRI and is designated a Certified Residential Specialist (CRS) and Coldwell Banker University Graduate (CBU). Additionally, Linda Reeder is also an Accredited Buyer's Representative (ABR). When you want a top St. Louis REALTOR, Linda is your best choice. Linda can help you obtain financial services, professional building inspections, assist you in maximizing your relocation benefits, advise you on how to prepare your home for sale to maximize your selling price, and make your St. Louis home buying or St. Louis home selling process go smoothly and successfully. When you need a Realtor in the St. Louis MO area, call Linda Reeder. Linda Reeder |
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