Q: My wife and I have been wanting to buy our first house, but with all the negative news about foreclosures and bad loans, we are nervous. We have a good down payment saved and we are planning on a 15 year fixed rate loan. What other pointers can you give us?
A: Good job with the down payment and fixed rate loan! You are already on track for a wise purchase. Hopefully, these tips will be helpful:
Update: Buying your first home has even more benefits right now. If you are new buyer, you may qualify for the first time home buyer credit that was recently put into action. Not to mention that the low interest rate environment makes a 30 year fixed conventional loan a pretty sweet deal. Be sure to check with a tax and banking professional to see how you the first time home buyer tax credit can benefit you.
1. Title Insurance
Get title insurance to protect you from an unclean or disputed title. If you close on your dream home and the previous owner’s Aunt Matilda shows up claiming the home was left to her in a will, you won’t have to worry. The title company will deal with Aunt Matilda because they have insured a clean title. […]
