For most people, this is a fantasy. We may never
own a house like this fantasy one, but we can purchase a condo
or house, and financial experts say that the sooner we do it,
Since most of us are about to graduate from college and head
out into the world, we should start thinking about investing
in a home. Why not start with a condo? Not as impossible
as it sounds. Sure we’re in college, all of our money goes
to paying for school or buying beer. Well, what if you were
that buying a condo or house would be beneficial in the long
So, you check your bank account and wonder how is it possible?
Well, the good news is that you could qualify for a loan.
First, check your credit status. Creditors will. They want
how well you have paid your bills. If you pay bills on
According to Fannie-Mae, a New York Stock Exchange company
and one of the biggest nonbank financial services companies
world, there are many advantages to owning your own home.
For one, its worth will increase over time. This means
net worth will also increase. As your home increases
in value, you build equity in it: the value of your home
you owe in mortgage debt. You can use the equity when
you want to
sell or refinance your home.
Another advantage is that the interest you pay on your
home mortgage is tax-deductible.
Finally, you can put up posters and pictures and not
have to worry about your landlord getting on your
the holes in the wall. Of course, holes reduce your
value, so you might want to get on your own case about it.
FannieMae’s Web site offers many useful tips on what
to do when purchasing your first home. It suggests that potential
home owners talk to one of their approved lenders.
Buying your first home can be a rewarding experience
in the long run, but don’t wait too long.
Interest rates are
low right now, but they could go up. Buy now
and take advantage of the
increase in value instead of paying for it later.
There is also a worry about the down payment.
Start putting money aside now and when the
day does come,
the money to buy your home. Percentage rates vary depending
on where you
get your loan and the down payment amount. They can range from
3 to 20 percent, depending on where you live, what type of
home you buy, and what type of loans you get. The FannieMae
offers no or low down payments. What type of loan you can receive
depends on your income.
If buying a home still sounds expensive, why
not look into finding a co-signer? Maybe
parents to help out
one last time.
Having someone co-sign gives you a better
getting the home.
Don’t forget to ask a lot of questions while buying your
home. You wouldn’t want to buy a home and then find out
that it wasn’t what you had in mind, so stay safe by
checking things out and looking around.
For more information, visit fanniemae.com
or your local real estate brokers.