Buying a House or a Home?
Buying a house is an important financial decision and should be treated as such. There are many factors to consider when making a home purchase. It's more than just an investment in property. A home is an investment in your family.
A house is just that, a "house", until someone lives in it. That's when it becomes a "Home." There's a big difference. At our house, we always say our home is well lived in. And, with a family of six, four of them being between the ages of 10 and 16, this house has no choice! Our house, being in the family for over 65 years, is a well seasoned "home", to say the least.Who wouldn't love to live in a luxurious home with all the newest gadgets and high tech inventions? Well, I would venture to guess that most of us have thought of it. But, what's really important when you consider buying a house?
If you're a seasoned home shopper you may already have learned from experience what type, location, and price of house is good for your family. Setting some guidelines and priorities is a good way to start the house hunt. First, make a wish list.
This is a great starting point for anyone and will help get your priorities in order! Knowing what you want or need is half the battle of buying a house.
This will include some essential questions you need to ask yourself like, what you can afford?, are you willing to do home renovations?, and lists specific needs for your family.
Location, Location, Location
When buying a house, location can be flexible for some families. However, some families may require more specific location guidelines due to specific concerns or needs. Work, disabilities, and children are just a few factors that can influence location necessities or desires.Consider Distance - If you don't want to commute long distance to work you will need to consider travel time to work. If you or a family member have disabilities that require special treatments or services, you will need to consider travel time to current providers, or consider availability of services in the new location.Schools - Local schools, and their reputations, will play an important role in buying a house for those families with children, as well as neighborhood safety.
There's no satisfaction in qualifying for a home loan that you can't afford! Consider your other obligations and how the new payment will affect your household budget. Sometimes, scrupulous mortgage brokers and home lenders don't really consider if you can actually "afford" the loan for your home. They boast that they can get "anybody" a loan. That's easy when you don't really care about the final results.
Besides, it's a secured loan, which means, your commitment is secured by your home. They'll simply take your house if you don't meet your commitment. So, be careful. Always use a reputable company for your mortgage needs. They may not tell you what you want to hear, but they'll look out for your best interests. Ginnie Mae has a calculator to help give you some idea How Much House You Can Afford? Always live within your means to prevent self-created financial disasters.
When you know what you can afford, shop and compare home loans. Get the lowest rate on your new home loan . Hud offers a great home buying booklet Looking for the Best Mortgage that answers questions and prepares homeowners for the mortgage shopping experience. There is even a form for you to keep track of home loan comparisons.
Don't be a Victim of Loan Fraud
The Federal Citizen Information Center warns consumers to protect themselves from predatory lenders! Before you make a final decision, take the time to review these 11 Tips on Being a Smart Consumer
Don't forget to ask about specialty loans. You may qualify for specialty loans if:
- You're a Teacher
- You are buying a house that needs remodeling
- You are a first time buyer
More Tips on Buying a Home
More Home Loan Information
HUD answers Common Questions from First Time Home Buyers
Whether you're First Home Secrets buying your first home or growing into a new house, you'll be successful if you take your time, know your priorities, and research all your options!
May the "House" you choose become a happy "Home!"
Buying a House or a Home Resources
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