You might be a bit afraid or intimidated by the whole process of buying your first home. As top North Wilmington, Wilmington, New Castle County and Hockessin real estate experts, it's our job to guide you, from beginning to end.
We will take the time to go through each and every step of the buying process. There are no dumb questions!
Together, we will consider:
- How much can you really afford?
- How to qualify for a mortgage.
- How much cash you should put down.
- How to buy a home with little or nothing down.
- What it takes to get approved for financing. What banks and other financial institutions are looking for.
- How much your payments will be.
- The tax advantages of buying.
- Is renting or buying better for you?
Tell us a bit about your situation below. We'll get right back to you. There is absolutely no charge, and we offer this to you with no strings attached.
Benefits to Owning Your Own Home
Owning a home may or may not be right for you�Everyone�s situation is different and we are here to guide you through the process to see if homeownership is for you. I�m not buying the home, you are, so lets go through some things you should consider. Have a question�Just ask! It would be my pleasure to assist you in anyway possible.
Owning a home has great financial and tax benefits and can make a monumental difference on April 15th! The interest you pay on your mortgage is usually tax deductible as well as the points you pay to reduce your interest rate are also tax-deductible for that year. What�s more is that you are creating more equity in your home with each payment you make.
Three Common First-Time Home Buyer Mistakes
1. Not finding the right person to guide you through the home buying process.
This is your most likely your largest investment and finding the right people to assist you in the process may save you from losing your mind as well as losing thousands of dollars in the end. I have been selling real estate for nearly 20 years and am ranked in the � percent of all agents in the country. During those years I have created a team of all-stars that I know will work hard for you and have your interests at heart.
2.Not checking your credit report and score.
Your credit score can be the most influential part in your purchase of a home. A low credit score will certainly make it harder for a buyer to get a loan and definitely will result in a higher interest rate. A higher credit score will result in a lower interest rate.
According to Federal law, you can get a free copy of your credit report once every 12 months. Any mortgage broker will need to pull your credit report in order to pre-approve you for a mortgage. You are able to dispute errors and have them corrected if your credit score is low due to mistakes, but if it is due to things like late or missed payments, then you can take action to improve your buying habits and eventually raise your score.
3.Not knowing how much home you can afford.
A long long time ago�or when I first started out in the business, you needed 20% as a down payment to purchase a home. Today such a large down payment is no longer a requirement. Some new products being offered are interest-only loans, negative amortization loans and loans that assist in a buyers settlement costs as well as loans with little or no down payment.
It is critical not to forget about other costs when figuring out how much you can afford. You will need to set some money aside for what is called closing costs, or the costs and fees in order to settle on the property. These closing costs can include title fees, recording fees, attorney fees and appraisal fees among others.
The Fun Part, Finding Your Dream Home
It is safe to say that in the dream of home ownership not just any house will do. In the end you must always choose whatever makes you happy, but the golden rule in real estate is location, location, location!!! That doesn�t just mean where the home is located � it involves everything having to do with the location. There are 3 important things that impact the value of a home, schools, safety and traffic.
If you have kids or plan to have them, then you will want to research the school systems in Delaware. As a parent you will want to make sure your kids are getting an education that is up to your standards. Our website has the capability to do research on schools and provides you with rankings as well as parental reviews. Give me a call if you have any other questions in regards to Delaware schools.
Safety is always a prime concern and it is important to consider the crime level of the area. While driving around the neighborhood be sure to ask yourself if you and your family would feel safe and comfortable living there. Contact the local police department or check the internet to find out more about the crime level in the area.
Traffic levels should be of a particular concern in the area you are looking to buy in. Always think about what route you would take to work and how long it would take to get there. Also consider how much noise traffic from main roads, highways or railroad tracks create.
There is much more to home ownership, but I hope that I have helped you to ask some important questions and discover if ownership is right for you. Please give me a call at 302-478-6425 as it would be a true pleasure to help you, your family and your friends to help achieve the American Dream of homeownership.
- NUMBER1EXPERTS™ 
