First Time Home Buying: Before, During and After
Buying your first home is exciting! For the most part home buying is an easy process, especially if you follow these steps.
- Get your finances in order. Cash and good credit will help you snag a bargain home.
- Find a lender eager to help you qualify for a good mortgage.
- Get pre-approved for a mortgage so you know your price-range. This will also help expedite the closing of your purchase.
- Narrow down your wants and needs.
- Find a real estate agent. Work with one who specializes in the properties you want to see.
- Start looking. Look for homes on the internet and have your realtor schedule showings.
- Find the right home. There’s no need to settle. The right home for you is out there so keep looking until you find it.
- Make an offer. When you do find a home you love it’s time to may an offer!
- Agree on a price, sign and close. Once you’re in a bilateral contract with the seller it’s time for inspections before closing.
- Move in!
After you’ve purchased your home don’t forget to take advantage of home buyer tax breaks. That’s right; buying a home can be good for your wallet!
Tax Breaks
- Mortgage Interest
This is the biggest tax break a home owner can receive. This information comes courtesy of Form 1098 sent to you by your lender at the beginning of the year.
- Points
Points are a percentage of your home’s purchase price you may pay a lender to secure a loan. You can deduct points from the amount you put down on your home.
- Property Taxes
Local property taxes can be deducted every year.
- Energy-Efficient Improvements
You can get credit for certain energy-efficient improvements. This amounts to 10% of your costs with a $500 credit cap.