How to Buy Your First Home :: Process Essays

How to Buy Your First Home I answered the phone with trepidation. Would I be the one? Did I get it? No, not the new job, lottery jackpot, or the starring role in the next movie blockbuster. The one bedroom, split-level I'd put an offer in for just a few days earlier. A home. I was a single girl on the verge of owning her own home. Hey, hear me roar. According to the National Association of Realtors, single women represent the fastest-growing segment in the housing market. We buy 12% more condominiums than men, and we make up 35% of first home buyers. And due to many programs designed to encourage single women and minorities to invest in a new home, the purchasing power of the first-time home buyer is steadily rising. As terrifying as the prospect of home-ownership is, particularly for those who view plants as a commitment, there are benefits. You're building equity instead of paying rent. Interest payments on your mortgage can be tax deductible. And you could make a passel of money when you finally sell it, particularly if you've had the good sense not to buy near a nuclear waste treatment plant. Some tips from a happy home owner: Deep in your heart of hearts, you've probably always had an ideal vision of your perfect home. Sprawling lawns, cathedral ceilings, hand-carved banisters. Scratch that, and move on to what you can actually afford. You can usually qualify for a mortgage equaling about two times your annual income, and you'll need enough cash for a 5 to 10 percent down payment. Figure in the closing costs, which include percentage points tacked on to your mortgage (1 - 4% of the total mortgage) by your lender. The lower the points the better. You'll need a property appraisal (about $250) and a survey (about $200), during which strangers tromp through your new pad and determine what shape it's in - literally. Appraisers look at the condition of the property and surveyors measure the contents. You'll also need a pest inspection - which unfortunately does not mean the neighbors. Other major closing costs include a prepayment of insurance and real estate taxes into an escrow account. You pay up front and the bank takes care of the bills. Future payments into this account come out of your monthly mortgage payment. Your real estate taxes will vary based on area. Suffice it to say a sprawling villa in Beverly Hills will cost you more in taxes than say, a sprawling villa in suburban Cleveland. How to Buy Your First Home :: Process Essays How to Buy Your First Home I answered the phone with trepidation. Would I be the one? Did I get it? No, not the new job, lottery jackpot, or the starring role in the next movie blockbuster. The one bedroom, split-level I'd put an offer in for just a few days earlier. A home. I was a single girl on the verge of owning her own home. Hey, hear me roar. According to the National Association of Realtors, single women represent the fastest-growing segment in the housing market. We buy 12% more condominiums than men, and we make up 35% of first home buyers. And due to many programs designed to encourage single women and minorities to invest in a new home, the purchasing power of the first-time home buyer is steadily rising. As terrifying as the prospect of home-ownership is, particularly for those who view plants as a commitment, there are benefits. You're building equity instead of paying rent. Interest payments on your mortgage can be tax deductible. And you could make a passel of money when you finally sell it, particularly if you've had the good sense not to buy near a nuclear waste treatment plant. Some tips from a happy home owner: Deep in your heart of hearts, you've probably always had an ideal vision of your perfect home. Sprawling lawns, cathedral ceilings, hand-carved banisters. Scratch that, and move on to what you can actually afford. You can usually qualify for a mortgage equaling about two times your annual income, and you'll need enough cash for a 5 to 10 percent down payment. Figure in the closing costs, which include percentage points tacked on to your mortgage (1 - 4% of the total mortgage) by your lender. The lower the points the better. You'll need a property appraisal (about $250) and a survey (about $200), during which strangers tromp through your new pad and determine what shape it's in - literally. Appraisers look at the condition of the property and surveyors measure the contents. You'll also need a pest inspection - which unfortunately does not mean the neighbors. Other major closing costs include a prepayment of insurance and real estate taxes into an escrow account. You pay up front and the bank takes care of the bills. Future payments into this account come out of your monthly mortgage payment. Your real estate taxes will vary based on area. Suffice it to say a sprawling villa in Beverly Hills will cost you more in taxes than say, a sprawling villa in suburban Cleveland.