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An Overview of buying your first home
by Jeff Lakie
http://www.loan-source.co.uk
Finally, the time has come to realize your dream of being
a homeowner. Everyone knows that with buying your first
home, you are also essentially buying the excitement and
stress that comes along with it. Generally, a new buyer
will begin to save their income to put towards a home
deposit many years before the actual event. For a loan
officer, a first time buyer presents a big risk. Lenders
look a specific set of criteria when a first time buyer
approaches them. Each set of criteria poses a risk all of
its own. This criteria can include, true new homebuyers,
assisted new homebuyers, returners and unassisted new
homebuyers.
Purchasers that are unassisted typically fall into the age
group of thirty and younger. Those in this group work to
gain their own deposit made up from savings they have
acquired through their income. Purchasers that fall into
the group of assisted purchasers also fall into the age
group of thirty and younger. However, this group typically
derives their deposit from another source in addition to
their own.
A new homebuyer that falls into the criteria of true
homebuyer, is one that is generally in the age group that
is older than thirty. These buyers are a group on their
own and include homebuyers that are assisted and
unassisted. The criteria for returners is that the fall
into the same age group as true homebuyers, however, they
have previously been a homebuyer. You may wonder how if
they purchased a home previously, they can be included
into the first time homebuyer criteria. This is because
even though they have previously purchased a home, they
took a sabattical from owning a home for a specific period
of time.
We find parents are helping their offspring more and more
lately. They work to help their child raise deposit money
to purchase a new home. They will use their equity that
they possess within their own home or other important
assets to give their offspring the money needed for their
first home.
After you have a significant amount saved for a deposit
on your first home, you can begin to shop for deals.
Many places offer an extensive range of loans for those
that are first time purchasers. However, before you start
basking in all the deals, you should do extensive research
on the home market. You must also have a solid understand
of what you can afford and cannot afford. Many experts
also suggest that a first time home purchaser should seek
the advice of any mortgage advisor immediately so you
will have someone to help you understand the many options
you may have readily available to you.
Deals that may be readily available to the first time
buyer could be substantial. For example, a first time
buyer may be able to lock in special interest rates and
special terms that are only offered to the first time
home purchasers.
Finally, as I stated it is of utmost importance that, as a
first time home buyer, you be fully aware of your
allowable budget as well as obtaining expert advice.
Buying a home is an extremely important step.
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