Home Mortage

The world of real estate has pretty much stayed the same for decades. It’s no different today than it was 50 years ago. The basic principles will never change. Is this true? Only part of it? Well, lets look at what is different in the real estate world. Also, lets see what is the same.

Because of the unbelievable appreciation of land in recent years the real estate industry has grabbed the attention of Americans and also the world ( investment opportunities are worldwide)
like it hasn’t done for a long time. There were certainly periods in the USA’s history where people
were absolutely overtaken with the idea of making money from and possessing real estate.

Take
the decades in the 1800s as an example when people risked their lives to go west. The risks were amazing but the idea of a better life and of having their own land made it worthwhile. This is certainly a situation that could be described as being one that hasn’t changed much because people are still looking at real estate investments, land development, land deals, building homes,
acquiring land, and just looking for a better life. That will never change I believe even if some day, hundreds of years from now it means buying land on space cities and maybe even the moon. Heck, I don’t think the idea of buying condos in space is really that far away actually. It will happen. ( Ok! This example can be described as a BIG difference.)

Then again citing the 1800s people can also say things are dramatically different now than they were 175 years ago. The price for one. Remember the Louisiana Purchase? I think the US
bought about

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There have been many recent worries about fears in a crash in house prices in Australia’s currently buoyant property market - but it has bucked those trends and continues to be resilient.

Figures released in September 2005 by the Australian Bureau of Statistics for the June qtr showed that established house prices across the 8 capital cities fell by a very modest 1 per cent over the quarter to be 0.1 per cent lower than 12 months earlier.

For new homes (minus land), prices edged up 1.1 per cent over the quarter to be 5.7 per cent higher than a year earlier, showing the increasing pressure that on the supply of building trades.

First Home Buyers are making up a large contingent of this strong market trend with increased prices not dissuading them from purchasing. The first home buyers grant (fhog) continues to be a strong motivator to get people buying their first home.

When comparing cities, over the three months, established prices fell in Sydney by 3.1 per cent. Rises were recorded over the quarter in Perth, up 3.8 per cent, Adelaide, up 1.5 per cent, Darwin, up 1.4 per cent, Melbourne, up 1.3 per cent, Brisbane, up 0.8 per cent, Canberra, up 0.3 per cent and Hobart, up 0.2 per cent.

For brand new homes (excluding the land cost) prices rose over the quarter in all cities except Melbourne. The biggest increase was recorded in Perth, up 3.6 per cent followed by Darwin, up 2.8 per cent, Canberra, up 1.1 per cent, Hobart, up 1.0 per cent, Sydney, up 0.9 per cent, Brisbane, up 0.5 per cent, and, Adelaide, up 0.3 per cent. Prices fell in Melbourne by 0.1 per cent.

Sheldon Fassom - Finance Manager - First West Home Loans - http://www.firstwesthomeloans.com.au

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Your first-time home buying experience can be stressful and chaotic, or it can be smooth and easy. The difference comes from having a solid plan and knowing what to expect. The following checklist will help make your home buying process a smooth one:

Step 1. Review your credit and finances.
Mortgage lenders will put your credit and finances under the microscope. So before you begin the home buying process, you should review these things for yourself.

Start by requesting a copy of your credit report from the big three credit agencies — Equifax, Experian and TransUnion. Review your credit report closely for errors. If you find an error, work to correct it right away, as the process takes time. For instructions on correcting your credit report, refer to the websites of the three agencies.

You should also review your finances to determine how much of a home you can comfortably afford. Use an online mortgage calculator to determine monthly payments based on total price. This will give you a rough idea of where your comfort zone lies.

Step 2. Learn about mortgages.
Once you’ve reviewed your finances, credit and purchasing power, you should start researching the different types of mortgages. Each type of mortgage has its pros and cons. Finding the one that’s right for you will depend on many factors, such as how long you plan to own the home, how much you can afford to pay up front, etc.

When reading about the different types of mortgages, pay close attention to any sentence that starts with “This mortgage might be a good option for you if…”

Step 3. Visit HomeBuyingInstitute.com
At HBI, you can learn about the home buying process in depth. HBI is the Internet’s largest library of home buying tips and advice, and best of all it’s free!

Step 4. Make a wish list.
Now that you have a better understanding of the financial side of things, you can begin to create a home “wish list.” Write down all the things you want from a home. Include the size, features, location, etc. Categorize each item on the list as a “need” or a “want.” This list will save you time, narrow down your search, and help you stay focused.

Step 5. Find a good agent.
Even with all of the home buying information available online, it’s a good idea to hire a professional real estate agent. When you consider how much money you’ll pay for a new home, an agent’s fee will seem miniscule by comparison. Combine that with the peace of mind you get from having professional guidance, and it’s even more apparent why you should use an agent.

To find an agent, start by asking family or friends if they can refer a local agent they were happy with. If that doesn’t produce any leads, try using search engines or the websites of well-known companies.

Step 6. Get pre-approved for a home loan.
Pre-approval from a mortgage lender will help you in several ways: (1) It will reveal how much you can realistically afford. (2) It will help you identify credit problems early on in the home buying process. (3) It will show sellers you’re serious about buying (which can be helpful when there are multiple buyers / offers).

Step 7. Get a home inspection.
Whether you’re buying a new home or an older one, a home inspection is always a good idea. Inspections cost around $500, which is a small price to pay for peace of mind. A home inspector will examine the home’s roof, foundation, heating / cooling system and other important areas.

* Copyright 2006, Brandon Cornett. You may republish this article online provided you keep the byline, author’s note, and active hyperlinks.

Learn more:
For more advice on first time home buying, visit HomeBuyingInstitute.com — the Internet’s largest library of home buying tips and articles. Online at http://www.HomeBuyingInstitute.com

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