As a First Time Home Buyer, you will find the information on this page can save you a lot of time and help make buying your home less expensive. Plus, you can receive a Home Buyer Rebate for additional First Time Home Buyer Savings to make buying your home less expensive. The IRS views such home buyer rebates as a reduction to the cost of buying a home and so non-taxable to you.
1. Getting Approved for a Mortgage is only the First Step.
Talking with a Mortgage Lender and getting their approval for a home loan will tell you your price range limits, the down-payment required, and your estimated closing costs. However, there are other financial considerations you need to be aware of as a home buyer including increased costs for property taxes and the cost of insurance, utilities, home maintenance, and perhaps homeowner association dues. So, when you take all of this into account and it fits your budget, you should be ready for the next step. Importantly, DO NOT take out any new loans or Credit Cards, and don’t make any big purchases like furniture or a car after you are approved for a loan. Any of these moves could jeopardize the loan for your home purchase.
2. Now that you know what you can afford, it is time to start your home searching.
In addition to doing some of your own real estate research, the best place to start your home search is online. Plus, driving through neighborhoods close enough to work, good schools, shopping, and your other lifestyle choices can help save you time in locating the right homes to choose from. Concentrating on the neighborhoods that are best for you and your family before looking for specific homes is smart. Importantly, the Realtors at The Real Estate Savings Center typically have better access to some home listings including those that match your specific needs even if they have not yet been listed for sale.
3. As a First Time Home Buyer, you will benefit from the Right Kind of Realtor.
The Realtors at The Real Estate Savings Center are Buyer Brokers and their Accredited Buyer Representatives that will work as your advocate throughout the home buying process. It has been shown the selecting a Buyer’s Broker can typically save you about 3% more than going through the Agent advertising the property for sale. These “Listing Agents” normally have a legal obligation to get the seller (not the buyer) the best price and terms. Importantly, not only do the Buyer Brokers and ABR’s in our Nationwide Network offer a written agreement stating that they will represent your best interests, but the agreement also offers you a Home Buyer Rebate as First Time Home Buyer Rebate. This means you will need to bring less money to the closing table in the 40-states where such Home Buyer Rebates are legal and affordable. The Truth about Real Estate Rebates.
Home Buyer Rebates are not yet legal in these States: AL, AK, IA, KS, LA, MS, MO, OK, OR or TN