Archive for January, 2013
Purchasing a home is a commitment that takes time, patience, and a ton of steps. So whether you are a first time home buyer, or an owner of multiple properties, it is necessary to complete a series of steps before you can officially call a property your own. Before you can close on your new home, most buyers require a loan. Not all FHA approved lenders will offer the same interest rate and costs, even if it is the same fha home loans, so borrowers should shop around for va home loans before committing to home loan lenders. Down payment assistance programs also exist for va home loans, so be sure to shop around. Other aid opportunities such as a first time home buyers program does exist with multiple lenders, so be sure to be aware of all of your options upfront.
After you are approved for your va home loans, closing is the last step before purchasing your new home. Closing is the process of transferring ownership of a home from one person to another, and generally the purchaser receives a loan to finance the purchase. You will also sign legal paper work, and will likely pay fees. Closing costs include origination fees charged by the lender, title and settlement fees, taxes, and homeowner’s insurance or homeowner’s association fees.
When first budgeting for your new home, be sure you have an idea of closing costs up front, in order to avoid a set back when the time comes to close on your new home. Factor these costs in after completing your property search, in order to stay ahead of the game.