Basic Tips for First Time Home Buyers

Choosing a first home can be a daunting task, but following a few key steps makes it a lot less confusing.

An essential part of the process for every home buyer is to simply do the math. It is very wise to do all the financial planning first, before beginning the search for a suitable property to buy. Every home buyer should shop around for the mortgage deal which suits them best, and calculate exactly how much the monthly repayments will be for each loan option, how much the loan will cost in the long term, and how long it will take to repay, to get a clear picture of exactly how much property they can afford to buy. Most mortgage lenders offer pre-qualified loans, so buyers can shop for their new home with the confidence of knowing exactly what they can afford. Having a pre-qualified loan deal also means the buyer can move quickly on a purchase when they find the right property, which can be a great advantage particularly if there are other interested buyers.

Choosing whether to use an agent, and choosing which agent to use is another important step. Negotiating the purchase directly with the seller can save a substantial commission fee, but inexperienced home buyers in particular can benefit from the advice and negotiation skills of a good realtor. An experienced realtor can give advice on factors which may affect the future resale value of the home. A good agent also has knowledge of the real estate market in a specific area, and can help point a buyer in the right direction by showing them properties with features which are most important to them.

David Cannell is a freelance writer and university educator.He is the owner of http://www.all-your-finances.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.