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Thinking about buying your first home?
A first-time buyer (FTB) is a term used  for a potential house buyer who has not previously owned a property.There are many factors a first-time buyer may need to consider before purchasing their first property; how much initial cash they will need for stamp duty and any solicitors fees, and if they need to arrange a mortgage how much are they able to afford. As a homeowner, you may also be able to:
Take control. Avoid rent increases and cancelled leases while creating a home that meets your needs and tastes.
Build home equity.
Grow your assets with the principal portion of your mortgage payments as your property value potentially increases.
Get tax benefits.
Deduct mortgage interest and real estate property taxes on your income tax returns. (Consult a tax advisor regarding the deductibility of interest and taxes).
Build your credit.
Create a strong credit history by making on-time mortgage payments.
Home ownership is a serious and long-term commitment: financially, geographically, emotionally, and more. For more information on benefits and responsibilities of home owning, visit My First Home, our interactive learning experience for first-time buyers. Give careful thought to these factors as well:
Financial responsibility
You’ll need to pay for utilities, maintenance, and repairs — on top of your mortgage payments, property taxes, and homeowners insurance.
Potential risk.
Real estate often increases in value over time, but not always. Your property value can also go down.
Tighter ties
As a renter, you can pick up and move with short notice. When you own a home, selling it before moving on is more complicated. A home is probably one of the largest purchases you’ll ever make. Knowing what to expect can help you make informed financial decisions.
How can I get started with home buying?
Knowledge of the area where the property is located, as well as an understanding of the financial considerations that go along with buying a home can increase your chances for a successful start. Here are some steps you can take to get started.
Create a financial plan
Understand your credit needs and borrowing ability. Check your credit history and make a plan to get your credit in shape if necessary. Determine how much you can put toward a new home. The total amount you need is the sum of your down payment and closing costs. Use our monthly payment calculator to estimate payments for various mortgage amounts and interest rates. Your monthly payment will usually also include an amount for property taxes and homeowners insurance. And, if your down payment is less than 20%, you’ll generally also need to get private mortgage insurance(PMI). Determine when you’d like to buy your home and use your financial and credit information to establish a budget that can help you achieve your goal.
Interest rate
The interest rate is the percentage of your loan amount Loan Companies charge you to borrow money.
Interest rates are based on current market conditions, your credit score, down payment, and the type of mortgage you choose. Check today’s rates.
Discount points
One point equals 1% of your mortgage amount. If you qualify, you may be able to pay one or more points to lower your interest rate. A lower interest rate means lower monthly mortgage payments.
Loan term
Your loan term is the amount of time you have to pay off your mortgage balance.
Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates.
If you pay off your mortgage balance within a shorter term, you may pay less in total interest than with a longer-term mortgage.
Consider using a real estate agent
While it’s easy to search for homes online today, you receive invaluable information and assistance by working with a licensed real estate agent. Many real estate agents also hold a REALTOR® designation. A REALTOR® is a member of the National Association of REALTORS® (NAR). The NAR trains its members in the most effective professional practices and requires them to abide by its strict Code of Ethics. A licensed real estate agent may help you navigate the home buying transaction more smoothly. Some of the benefits you’ll enjoy include:
Professional assistance and representation
Marketplace experience and access to up-to-date information
Services provided at no direct cost to you because the agent is compensated from the seller-paid commission when you buy a home You Can do your research online to find a realtor.

I We’ll help you understand the first-time home buyer programs available so you can make informed decisions about your first home loan
Valley RealtorRamin Mashkour
(818) 539-5918