First Time Home Buyers
Albuquerque NM First Time Home Buyers
A Place to call Home
When you buy your first home, you're not just making an investment that will pay off years down the road. You are making an investment that will pay off the moment your kids forst walk in the door and say, "We are home!"
I believe that everybody deserves a home. It is my utmost desire to assist you in reaching the goal of buying your first home in Albuquerque.
There has never been a better time to buy a home! Historically low interest rates, reduced home sale prices, federal tax credits and additional New Mexico specific First Time Home Buyer Programs make now the right time to buy. Let me assist you through the steps to homeownership and help you find the perfect place to call "Home"!
YOUR VALUES
Prior to looking for a house, it is important to determine what specific features you value in a home. When thinking about buying a home, think about the aspects of a home that are most important to your family as a whole. Do not assume that everyone in the household will share similar values and goals. Ask each person who will live in the house to list what is important to him or her and then compare the answers given by each.
YOUR GOALS
Buying a home is probably the most expensive purchase you will make in your lifetime, and is also one of the most important decisions you will ever make. Therefore, it is imperative that you approach the decision carefully, keeping in mind your family’s overall goals.
YOUR DESIRES
Most people would like to get everything they desire when choosing a home. Realistically, however, homebuyers are probably not going to get everything they desire. Often, we tend to make purchases based on emotion rather than forethought and logic. Therefore, you should understand the difference between what is desirable and what is acceptable.
WEIGHING THE ADVANTAGES OF HOMEOWNERSHIP
There are a number of benefits to owning a home. Among them is the opportunity to build “equity.” Equity is the portion of your home’s value that you own “free and clear.” Equity is calculated by subtracting the amount you owe on the home from the home’s actual value. Home equity can help secure future loans for events such as college, major home improvements, or business loans.
Another key benefit of homeownership is the ability to deduct mortgage interest and property tax on income tax returns. (Borrowers should consult a qualified tax advisor to determine their specific tax benefits). Some of the less tangible benefits include the sense of personal control and sense of belonging to a community that comes with owning a home.
DETERMINING HOW MUCH YOU CAN AFFORD TO PAY
How much of a house payment can you afford? Mortgage lenders will qualify you for the maximum loan amount, according to your income, debt, and prevailing interest rate. However, this may not be the actual amount you want to borrow. Remember that you can always borrow less. Take your projected PITI (principal, interest, taxes, and insurance) and all your other debt payments and calculate what you have left, based on your net income. Do you have extra money left? Or will you be “house poor?”
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