essay about buying house

Essay on Buying A House

Students are often asked to write an essay on Buying A House in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Buying A House

What it means to buy a house.

Buying a house is when you choose a place to live and pay money to own it. It’s a big step because it’s usually very expensive and means you plan to stay there for a long time. People often save money for years to buy a house.

Choosing the Right House

When picking a house, you look at how big it is, where it is, and if it has what you need, like enough rooms. It’s important to visit many houses to find the best one for you.

Paying for the House

Most people don’t have enough cash to buy a house outright, so they get a loan called a mortgage. This means they pay back a little bit every month for many years.

Final Steps

Before you get the keys, you need to check the house carefully and agree on the price. Then you sign papers to make it officially yours. It’s exciting to finally have a place to call home.

250 Words Essay on Buying A House

Buying a house is a big step in life. It means you choose a place to live and make it your own. When you buy a house, you pay money to own it. This can be exciting but also a bit scary because it’s a large amount of money.

Planning Your Budget

Before you think about buying a house, you need to know how much money you can spend. This includes the money you have saved and the extra money a bank might lend you. It’s important to make sure you can pay for the house without trouble.

Finding the Right House

Looking for a house is like a treasure hunt. You want to find one that fits what you need, like the number of rooms, and is in a place you like. It’s also important that it’s in good shape so you won’t have to fix a lot of things.

Getting Help

Many people get help from a real estate agent. This is a person who knows a lot about buying houses and can give you good advice. They can show you different houses and tell you what’s good or bad about them.

Once you find a house you like, there are papers to sign and rules to follow. This is when you agree on the price and make sure everything is fair. After that, the house is yours, and you can start making it feel like home.

Buying a house is a big choice, but it can be a great one if you take the right steps and think carefully about your decision.

500 Words Essay on Buying A House

Introduction to buying a house.

When a person decides to buy a house, it is a big step. It is not just about finding a place to live, but it is also about choosing a spot where you will make memories, maybe raise a family, and call it your home. It is a big decision because it involves a lot of money and planning.

Knowing What You Can Spend

Before you look for a house, you need to know how much money you can spend. This means looking at your savings and what you earn to figure out what you can afford. It is important to remember that the cost of the house is not the only thing you pay for. There are extra costs like taxes, insurance, and fixing things in the house.

Once you know your budget, you can start looking for a house. Think about what you need in a home. Do you need a big yard? How many bedrooms do you want? What kind of neighborhood do you like? You can look online, talk to a real estate agent, or drive around areas where you might want to live.

Checking the House

When you find a house you like, you need to check it carefully. This means looking at everything to make sure there are no big problems. Sometimes you can ask an expert, called an inspector, to do this. They can tell you if the house is in good shape or if it needs a lot of work.

Making an Offer

If you decide you want to buy the house, you make an offer. This is when you tell the person selling the house how much you are willing to pay. Sometimes they say yes, sometimes they want more money, and sometimes you have to talk about it until everyone agrees.

Getting a Loan

Most people need to borrow money to buy a house. This is called a mortgage. You go to a bank or a company that lends money, and they decide if they will give you the money. They look at your job and your money to make sure you can pay them back.

Closing the Deal

When the seller accepts your offer and you have your loan ready, you are close to owning the house. But first, you have to do what is called closing the deal. This is when you sign a lot of papers, pay the seller, and pay any other fees. Then the house is yours!

Buying a house is exciting but also a lot of work. It takes time, money, and patience. You have to think about what you really need and can afford, check the house to make sure it’s good, and deal with lots of paperwork. But in the end, you get a place that is all yours, where you can create your own special world. It’s a big step, but for many people, it’s worth it to have a house they can call home.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Busy Street
• Essay on Businessman
• Essay on Traffic Jam

Apart from these, you can look at all the essays by clicking here .

Happy studying!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Buying a House: Studying Financial Aspects Essay

Buying a house or other real estate is a long and responsible process, where knowledge of mathematics will help you understand and possibly save money. First, most often new residential real estate is bought with the help of mortgage banking services. This process is strongly associated with many variables that affect the actual price that a person ends up paying for a house. This includes the annual rate, which is charged on the balance of the debt annually; the ratio of the actual debt paid or interest on it; the term of the mortgage, which affects the monthly payment and the amount of payment after it. By adjusting these parameters, this undertaking can be quite difficult for a person, especially considering that mortgage terms are calculated in decades. For example, if a person wants to take out a mortgage loan of $100,000 and there are offers at 1.2% per annum for 25 years, or at 1.5% for 15 years, then in the first case $130,000 will be paid, and in the second $122,500, although the rate was higher. In this regard, knowledge of mathematics becomes vital in this situation, since the conclusion of such contracts affects a significant part of a person’s life, is associated with many risks. By resorting to various offers of banks, a person, knowing how to calculate these indicators, will be able to choose the best one and save as much money as possible, for example, on repairs.

Secondly, there is another important aspect of paying for a house, which involves a down payment. The size of the mortgage depends on its size, as well as the remaining part of the payment after the deposit, if the property is bought for cash. Quite often, the larger the down payment, the better mortgage conditions the borrower can get, and the faster they also move into new housing (Agnello et al., 2020). Sellers accept concessions and discounts if the buyer is willing to provide payment to them right now, even if it is not the whole amount requested. For example, if you immediately deposit 50% of the cost of a house, then the bank is ready to offer a rate of 1.2%, instead of 1.8% when less than 50% of the deposit is paid immediately. In this case, with a house value of $100,000, the overpayment could be reduced by $3,000 – paying $50,000 straight away, the mortgage is $50,000 left, so this is the difference between a $9,000 overpayment and $6,000 at different rates (Consumer Math, 2020). In such situations, knowledge of mathematics can allow you to communicate in the same language with the seller, when it comes to the percentage of the down payment or deposit, and the amount of discount that the owner of the house is willing to provide. In the case of a mortgage, its term, interest rate, monthly payment and many other important indicators can be reduced, which greatly affect the financial capabilities and prospects of a property buyer. Therefore, in addition to the basic bank values when calculating a mortgage, the size of the first installment plays an important role.

Finally, mathematical calculations can come in handy when planning the renovation of a new home. For example, if ordering turnkey repair services costs $300 per square meter, and the buyer wants to attract craftsmen only for one room with dimensions of 4.5m by 2.5m, then knowledge of mathematics can help calculate the approximate cost of work without a measurer. In this case, it will be 300*(4.5*2.5) = $3375.

Agnello, L., Castro, V., & Sousa, R. M. (2020). The housing cycle: what role for mortgage market development and housing finance? . The Journal of Real Estate Finance and Economics, 61 (4), 607-670. Web.

Consumer Math. (2020). https://www.excelhighschool.com

• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2024, January 9). Buying a House: Studying Financial Aspects. https://ivypanda.com/essays/buying-a-house-studying-financial-aspects/

"Buying a House: Studying Financial Aspects." IvyPanda , 9 Jan. 2024, ivypanda.com/essays/buying-a-house-studying-financial-aspects/.

IvyPanda . (2024) 'Buying a House: Studying Financial Aspects'. 9 January.

IvyPanda . 2024. "Buying a House: Studying Financial Aspects." January 9, 2024. https://ivypanda.com/essays/buying-a-house-studying-financial-aspects/.

1. IvyPanda . "Buying a House: Studying Financial Aspects." January 9, 2024. https://ivypanda.com/essays/buying-a-house-studying-financial-aspects/.

Bibliography

IvyPanda . "Buying a House: Studying Financial Aspects." January 9, 2024. https://ivypanda.com/essays/buying-a-house-studying-financial-aspects/.

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

Essay On Buying A Home

Show More When is the right time to purchase a home? Buying a home is a huge financial decision and moment in your life. It’s the “American Dream” to own a home with a white picket fence but it can also become an American nightmare if you are not prepared. There are three major expenses that go in to buying and maintaining a home. Your on-going costs, closing cost and down payment. Your on-going costs are the the monthly mortgage payments along with the taxes, insurance and maintenance cost of the home. Your down payment is the amount needed in order to get approved for a mortgage loan . Some loans require at least 3% of the purchase price. Finally your closing costs, the fees you have to pony up in order to get into the house which is usually around …show more content… Then you have to pay your utility bills and factor in the monthly maintenance costs. That can easily add up to $1600+ per month to maintain this home. So how do you know if you 're ready to buy a home? Whatever your estimated mortgage loan payment is, add 30-50% to it per month. If your current budget can handle that payment month after month without leaving you in financial hardship then I think that’s a great start. Here are some things I …show more content… You “DO NOT” want to clear out all of your savings to purchase a home. That would be setting yourself up for failure. 2.) Make sure your building up your credit score and showing great credit worthiness. When you 're shopping for a mortgage, having good credit will make the process much easier and possibly save you thousands on interest. 3.) Visit the area during different times of the day. Research the city, here is a great website for city statistics city-data.com. Look up information like the crime rate, the population and demographic, the schooling and education systems if you plan on having children… etc. 4.) Evaluate your current financial situation. Your debt-to-income ratio (monthly debt payments/monthly income) can decide whether or not you can handle a mortgage payment. Most lenders will allow you 36%-40% max with a mortgage included. 5.) Don’t rush!!! According to “realtytrac.com” default notices, scheduled auctions and bank repossessions were reported on 1,083,572 U.S. properties in 2015. I’m sure at one point these people qualified for loans for their properties also but emergencies happen and life kicks in. I want people to be well prepared so they can handle these rough

Related Documents

Rent to own essay.

Rent to Own 101 For most of us, buying a house requires a mortgage. To qualify for a mortgage, potential buyers need to have an approved credit score and a good chunk of change for down payment. Without these, buying a home might not be possible. However, we offer an alternative—rent to own. Rent to own is a way of getting you into the house of your dreams while working on a down payment and improving your credit score.…

The Pros And Cons Of NACA

You need to first sign up at the NACA website, www.naca.com, and register for a workshop. The workshop is four hours long, if you have kids you should get a babysitter, the presenter gives an in depth look as to what you can do to buy a home or save your home. The next step is to go to a face-to-face counseling where you review your financial situation and find out what you can afford. Once you get NACA qualified you can then begin your search for your new home. The best part of this is you mortgage consultant will be with you through it all, even after you buy your home.…

Joe Schmo Case Study

‘Joe Schmo’ lenders double stake in Canada’s mortgage market Since 2007, alternative lenders have increased their share of Canada’s $1.4 trillion mortgage market to 13% from 6.7%. Falling outside the responsibility of Canada’s banking regulators, these alternative lenders are increasing risks in the very housing sector they operate in. Bank’s Retreat:…

Summary Of The Giant Pool Of Money

The Giant Pool of Money Analysis Every individual in the United States wishes to be a homeowner because owning a home is considered as the ultimate achievement by majority of the population and is a symbol of successful and fulfilling life (Grant, Rick). So in the early 2000s when individuals were provided an extremely easy way of getting a loan and buying a home irrespective of their job and background, majority of them grabbed the opportunity. But, this scheme of simplifying mortgage rules and procedures led to overvaluation of mortgages based on an assumption that housing prices will continue to escalate led to the financial crisis of 2008 (Blumberg and Davidson). One of the biggest issue during crisis was that the decisions made around…

Fha Or FHA: What Is My Credit Good?

Currently, the two most common mortgages are conventional and FHA. FHA is nothing more than a big insurance program for lenders. FHA is not lending you any money, they are just insuring the lender that you are obtaining your loan through against default. When choosing between an FHA and conventional mortgage you must ask yourself a few questions.... Is my credit good?…

Importance Of Choosing A Home Inspector

Important Guides on Hiring a Home Inspector Gotcha! Finally you are buying your own house. Choosing house can be costly and stressful. That is why most people who at the same time want to safeguard their hard earned money consider first looking to a home inspector in buying house. Buying a house is a tough responsibility.…

Real Estate Agent Essay

Taxes: Yes! Real estate agents pay taxes also, around 15% - 30% or more from their commission. Business Expenses: They pay their association dues, gas (showing around homes to buyers), yard signs, flyers and all other various marketing to find buyers and sellers, office space lease, internet and other necessary items to run a smooth business. Feed Family: After all these business expenses, taxes, brokerage split and marketing, real estate agent provide food on the table for their family from this commission paid at closing a transaction. Now, you can see where this commission goes, which they get at closing of an escrow.…

Foreclosure Crisis Essay

During the Foreclosure Crisis several years ago, my community was hit hard. I never thought I would see homes in my neighborhood being foreclosed. It was unbelievable. I was in middle school and high school when this was going on and heard my parents discussing this many times.…

American Dream Home Ownership Analysis

From that point on we have been renters. It gives my parents a sense of freedom to be able to say we can move if things change for us. We have rented the same home for over 6 years. I call it home much more than the one they had built.…

Compare And Contrast Renting Vs. Owning A Home

Ultimately, then, my goal is to demonstrate that although buying a home is expensive in the beginning as my peers explained the long term benefits outweigh the initial financial complaints. With this in mind, my objective is first to demonstrate how buying a home is not as expensive as everyone may think. For example, there are programs available to first time home buyers where they do not have to come up with a down payment for the home at all. Furthermore, home buyers can ask for and negotiate in the contract of the home that the seller be responsible for the closing costs of the home. Secondly, as far as the maintenance issues there are several home warranty companies that allow for home buyers to pay a small monthly fee to be covered for all appliances for normal wear and tear concerns.…

Why A Mortgage Pre-Approval Is Important

No, but there are reasons real estate agents generally agree that it is an essential first step. Here are the reasons why getting mortgage pre-approval is important. Discover Home Affordability Your real estate agent wants to know two things. First, they need the confidence you have the credit and ability to buy a home. It identifies you as a serious buyer.…

Fa Mortgage Loan

Conforming home loans follow the terms and conditions developed by the Government Sponsored Enterprises. These guidelines include optimum loan amounts, borrowers’ income guidelines, credit scores, and down payments. • Jumbo Home Loan…

Foreeclosure Persuasive Essay

For some people, the foreclosures hit them with a force of a bulldozer rolling them out of their comfortable zones and forcing them back into the land of the rental. But for others, like myself, the foreclosure market was an amazing moment when the stars aligned and every house price dropped to prices that some of us could easily finally afford. Not only were we able to afford a house for the first time possibly in history, we were able to have our pick of the litter as it were. It was a buyers’ market, and people like me, we were all about buying a house that no one will be able to take away from us. Or so we thought.…

Compare And Contrast Essay On Buying Vs Buying A Home

Why You Should Buy a Home There are three major reasons why buying a home is better than renting. They are finances, stability, and the ability to call your own…

Compare And Contrast: Buying A Home Vs. Renting A Home

One of the main differences is how much it costs to put a down payment on a property. When buying a home you have to put a down payment that is generally pretty large. There are also mortgage fees that you have to pay for when buying a house. When you are renting a home the payment right away is usually first and last month’s payment and an additional security deposit. If you do not damage anything you can get the security deposit you paid back.…

Related Topics

• Mortgage loan
• Types of insurance
• Credit score
• Credit card

Ready To Get Started?

• Create Flashcards
• Mobile apps
•   Facebook
•   Twitter
• Cookie Settings

• Free Essays
• Citation Generator

Buying a House

You May Also Find These Documents Helpful

Gdp11 unit10 rep046 13 s.

Buying a home is a process that many of us will go through in our lifetime. If we are like many other prospective buyers, we will experience this major decision three or four times in our working years. A home is often the largest purchase we will make, and it therefore deserves our careful attention.…

Pros And Cons Of Commercial Mortgage

When lenders evaluate customers for commercial mortgages or refinancing, they first review the credit histories of the company and the business owner. Then, they carefully analyze the risks of the commercial venture and target mortgage terms. Like with a first mortgage, business owners who present a solid business plan that is based on historical success will most likely convince lenders to approve the loan with favorable…

Personal Finance Case 5.07

4. How's your credit? Before applying for a mortgage, it is proper to take the benefit of your right to a free credit report from each of the top credit bureaus to ascertain where you are standing. 5.…

Fannie Mae Foundation Summary

The Fannie Mae Foundation created a guide, titled Knowing and Understanding Your Credit, to inform people on how to maintain good credit and move them closer to their dream of owning their own home. This guide covered the topics of building and maintaining a good credit as well as figuring out what kind of credit you have.…

Business Plan for Pm430

Buying a house can be a challenging and expensive decision for most families. There are many things to consider in the process and could take years to finalize the project. Today, buying a house can be challenging because of the market and the economy falling every hour of the day. The purpose of…

A New House-Risks and Benefits Week 5 Xeco 212

I recommend for the risks and benefits for buying a home with the above considerations, is that all first time home buyers consider buying with the knowledge on The American Reinvestment and Recovery Act, which was created by Congress to help first time home owners with a credit for taxes of $8,000, that was lengthen to go pass the June 2010…

Week 7, Day 5 Xeco/212 Purchase a Home

The purchase of a home has many benefits in the economy. The way the strength of the economy as a whole can affect the marginal benefits and the marginal costs associated with the purchase of a home are interest rates and home values. If the economy is good the value of homes typically increase, and interest rates will be driven by prime rate which is set by the Feds. When the rate is low people want to buy or refinance, but when the economy is poor there are fewer buyers because there job market is tough and banks will slow down lending by making it tougher for people with credit problems to buy a home.…

Predatory Lending in the Housing Industry

Those involved in the mortgage lending process have some duty to the borrower. They are expected to perform their specific duties in an ethical manner and have some form of direct or indirect contact with the client. Banks (Prime Market): Banks are lenders who generally handle all facets of the lending process through their own institution. They function differently from brokers in that they usually only service those clients with good credit ratings/scores of 700 or more. Mortgage Brokers (Sub-prime Market): According to HUD, the Department of Housing and Urban Development, mortgage brokers are involved in about sixty percent of all mortgage loan transactions. Brokers try to find the best loan for their clients by shopping their loan applications around to lenders who are willing to accept the clients credit package. Brokers generally service clients, known as B-C-D credit clients, with ratings/scores of 650 and below. In some instances, a major problem for borrowers is that a broker may work in the best interest of the lender as well. Furthermore, in some states they can act as brokers and lenders. Brokers can be considered dual agents. Brokers (1) originate loans using "table funding" provided by a pre-arranged buyer of the loan (2) originate loans using a line of credit from a bank/financial institution (3) originate loans using their own funds (4) bring the borrower and lender together in a transaction that they do…

Nt1310 Unit 1 Study And Thinking Skills

Find out why your credit scores are low – experience tells us, if you have low credit scores, the first step to…

First Time Homebuyers

No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves making all the key financial decisions. The current financial situation of the person will determine the amount to be spent on a home loan. Financial factors like income, credit worthiness, person’s debt and the amount available for a down payment if requested, will be studied carefully to determine how much loan will be offered to the individual. Some banks will even consider debt consolidation to help eliminate the person’s debt, which could potentially help their credit score. Some will even recall the question of renting over buying and here is why, a home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are. (Common Questions from First Time…

Tenant Landlord Law

Owning a small piece of property and maintaining a good credit rating will allow a landlord/property…

Home Inspector Speech

Congratulations, you've found the perfect home to buy! Right about now, you are probably on information overload, and looking for resources to get everything ready. One of the most important steps you need to take after getting that ratified contract is to get the home inspected. Like most subjects on the internet, there is a ton of information about home inspections, and how to hire them. One source that is very underrepresented though is probably the best one out there: the home inspectors themselves.…

Despite the current struggles of our country and the fluctuation in the economy, people will always need to buy houses. Many Americans cannot afford to buy a house in one payment. Since 1929, Americans were provided with different options in order to make their decision of buying a home more comfortable and affordable. A 30-year mortgage rate on a home is vital to the development of new families. This allows families to start a healthy line of credit with minimal risk. Also for new homeowners, government grants can help cut the cost of housing. A 30-year fixed mortgage rate along with a government grant can help new homeowners afford their…

Meta Description

One of the biggest achievements in your life is when you get to buy yourself real estate of your own. But then, the process that you have to go through is like passing through the eye of a needle. Not only will you have to accomplish a stockpile of paperwork but also a lot of other stuff such as finding the lowest yet best loan option for you. Fortunately enough, you do not have to go through this difficult time on your own. You can be spared from this puddle of stress by simply calling 1300 510 045 to get a hold of one of our specialists. If you…

Home Ownership Research Paper

The Home Ownership Workshop was held on Saturday, February 6, 2016. It was held in the Logan City Library and was put on by the USU Family Life Center - Housing and Financial Counseling. There were several staff, interns, and community members that presented at this workshop. The following is an overview of what each speaker presented on, and may not be in chorological order of how they presented the information.…

Related Topics

• Real estate
• Credit score
• Credit history

Essay On Buying A New Home

Families who are getting ready to buy their first home are sure to be bombarded with advice on how to go about purchasing it. With so much advice, it may be hard to know exactly how to get started with financing a first home. Having a step-by-step guide can help first-time home buyers through this process. Types of mortgages It is essential for people who are ready to buy a home to have a basic understanding of the different types of mortgages. Depending on a family ’s financial circumstances, there are several ways to go about financing a new home. Different types of mortgages have different requirements, including how much home buyers have to put towards a down-payment, what the minimum credit score must be, and how many years the home …show more content…

This information will help make it clearer what type of loan will be in the buyer’s best interest. It also helps to be familiar with the term when talking with a mortgage loan officer. If he sees that the buyer understands the terminology, he will be more likely to offer the best mortgage loan offer possible. Will you need PMI insurance? The need for PMI insurance is something that is misunderstood by many people buying a home for the first time. Whether or not the buyer needs PMI mortgage insurance will depend on the personal financial circumstances and the type of mortgage loan. The loan officer will advise the buyer before closing if PMI insurance is required. There are advantages and disadvantages to having PMI mortgage insurance, and also ways to avoid it altogether. Understanding mortgage points and closing costs Another consideration for people who are preparing to purchase their first home is the additional costs that can be added by mortgage points and the various types of closing costs. It is in the buyer’s best interest to understand each aspect of mortgage points and closing points thoroughly before signing any loan closing paperwork. Using a mortgage calculator It takes a great deal of financial planning to prepare for the purchase of a home. A mortgage calculator can help buyers determine the affordability of a mortgage and whether or not they will have difficulty in keeping up with the monthly mortgage notes. It

First Time Homebuyers Guide to Success

Main Point # 2: It is very important to be aware of the housing market conditions, what is going on in the market in regards to interest rates and what mortgage products are available to you. All of these factors are significant in deciding your time frame for purchasing.

Essay On Purchasing Your First Home

A home is a valuable asset that every person desires to own. Purchasing a house of your dreams brings joy and satisfaction to your family. However, for first-time homebuyers, the process of buying a new home can be challenging and complicated. First-time homebuyers should approach this decision with confidence. Before making this purchase, you need to prepare yourself both financially and emotionally to make an informed decision. Below are crucial tips for purchasing your first home that will make the buying process smooth and manageable.

Mortgage Rate Research Paper

Buying a house is a big deal - it is, for most people, the largest dollar purchase they'll make in their lives. Regardless of whether you're buying your first house or your fiftieth, the most important thing about buying a house is getting an affordable mortgage rate. The mortgage rate that you get could make or break the purchase of your home - a high mortgage rate could lower the amount of money you can spend on a house, therefore lowering the range of houses you can look at purchasing. A lower mortgage rate, however, can raise the range of houses you're looking at purchasing, and can help you afford your dream home.

Mortgage Regulations Research Paper

You should be thinking about your long-term goals and income situation to determine what type of mortgage will best suit your needs.

First Time Homebuyer Research Paper

Buying your first time home can be both exciting and nerve wracking. This is why preparation is key. Preparation overall helps the process go a lot smoother. But even if you do all of your homework, there are still some things that you may never know as a first-time homebuyer. Read on to learn 5 things that every first-time homebuyer should know.

First Time Homebuyer

Have you ever dreamed about buying your own house? Do you think your ready to sign that dotted line? Well let me tell you, buying a house can be a long and complicated process. It can be stressful for anyone let alone a first-time homebuyer. Most new homebuyers are excited to finally have a place of their own, but rarely are they prepared for when that day comes. There are important things you should know and do before buying a house.

Home Ownership Is The American Dream !

Home ownership is the American dream! It is one of the most costly purchases an individual or family can make in their lifetime. Some people save until they have cash to purchase however, many people borrow money from a bank or lending institution; when a person borrows money to purchase a home the loan is called a mortgage. The lender is called the mortgagee and the borrower is called the mortgagor; banks have several different types of mortgages: fixed rate mortgage, adjustable rate mortgage, investment mortgage and much more. Borrowers have to undergo the lender underwriting process to show financial capability of repaying the mortgage (Makarov & Plantin, 2013). In this article I will use a fictitious person named “Julianna,” she is in the process of buying her first home at age 30; I will be her lender and will use mathematical procedures to find out what is her down payment, principle, installment payment, points (closing cost), mortgage maturity value and total interest paid.

Proposed Plan for Resolving the Housing Crisis in America Essay

Though it may not immediately impact the economy for the better, the far reaching consequences will be much greater than simply writing a new homeowner a check for $8,000 that they may or may not have earned. This financial education will focus on a far-ranging plethora of topics, but in regards to buying a house specifically, there will be three main pillars: the importance of a savings account for emergencies, the importance of living by a budget, and a more expansive area of loan and interest education.

The Foreclosure Crisis Of The United States

Many consumers who are looking to purchase a home again with the recovery of the housing market may not have the ideal financial background to get started. In order to discover whether or not they qualify, these potential borrowers should first consult with a mortgage professional, such as a

Buying Your First Homebuyer

Most home buyers need to finance their purchase, especially first time buyers. So sit down and have a chat with a mortgage lender and find out exactly how much you can afford before you go house shopping.

The Importance Of Credit Score For Home Ownership

Timeliness is vital for the person who wants a home mortgage loan. One late payment can leave a really bad impression on a person's financial history. Make it a point to pay bills in a timely fashion. Speak to a representative if you find yourself in financial trouble and payments need to be delayed. Be a good money manager. Stay on top of your budget and live beneath your means. When you have enough money set aside for emergencies, you're able to stay on top of your bills and pay them on

Persuasive Essay On Light Farming

Depending on your credit score and the kind of financing you want to secure, you could pay anywhere from 3 percent to 20 percent down on a home. Additionally, you’ll have closing costs that can often run into the multiple thousands of dollars. You won’t want to miss out on buying a home you want because you don’t have enough money for a down payment.

Essay On First Home Buyers

It is a long journey from saving up the first deposit to actually owning your own home, but it is certainly a rewarding one! Your first property is an important financial and emotional investment into your future, so you want to make the most of every opportunity to make your dream home a reality.

Persuasive Essay : The Process Of Buying A House

Owning a house has become more important than simply having a place to live, or making a sound real estate investment in our society. Buying a house has become an integral part of the American dream. No matter if you are male or female, young or old, rich or poor, what culture or country you are from, everyone has a dream about it; in other words, every one of us wants to own a place that we can live in and create memories in that will last a life time. For a first-time homebuyer, that dream can quickly turn into a nightmare. The whole home buying process can quickly overwhelm the average individual. You’re entering into what could be the biggest purchase of your life with no experience to fall back on. The good news is a little preparation can go a long way and help you approach this decision with confidence. Luckily for you, I have taken the liberty of putting together a guide for the first-time homebuyer. Throughout this guide I will take you step by step through the daunting process of buying a home.

Essay about First Time Homebuyers

No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves

Related Topics

• Developmental psychology

Essay on Buying a House

Buying a House What is the American Dream? Better living standards, better education, own a house, own a better car… You can add anything to this list you could think of. Based on my experience so far, having your own house is the most significant one. No matter if you are male or female, young or old, rich or poor, what culture or country you are from, everyone has a dream about it; in other words, every one of us wants to own a place that we can live in and store personal properties. To buy a house is a lot easier in America than any other countries. In the United States if you have a decent job that can pay your monthly mortgage payments and a good credit score, 620 or above, you can buy your own house. However, the process is long and extremely painful. The first step to buying your house is reviewing your financial situation, such as how much debt you have versus how much assets you have. After the review, try to pay off some of your debt, and put some money aside for the rainy days. Then contact your bank or finance agent to evaluate how much exactly you can afford and borrow; therefore, you will know what your range is and avoid making an expensive mistake that will put you in trouble in the future. Be aware there are a lot of mortgages and many factors determine interest on the mortgage. Also, the amount of the down payment makes big impact on the type of mortgage you will get. Always keep in mind, the larger the down payment is, the easier it is to get a mortgage; however, 100 % value of the property mortgages are available with private mortgage insurance, which protects the lender from possible losses. The second step is to find a good real estate agent who assists buyers by finding the best house and helps them purchase property for the best possible price under the best terms. Getting a realtor is not always necessary, but, if you are a first time buyer, it is highly recommended to have one. Also do not forget the realtors get paid by the seller, but they work for the buyer. When you find a house that suits you best, start doing your search about the house. You should learn about the latest sales in the neighborhood, the tax value, and the next ten or fifteen years development plan for the area the house is in. If you are satisfied with the search results, your realtor writes an offer letter to the seller. The offer should be a good deal to both the seller and the buyer. Sometimes this process takes a long time, but usually Show More

Related Documents: Essay on Buying a House

Negotiation-Buying a House Essay

CHAPTER 2 LEARNING EXERCISE: BUYING A HOUSE SKILL 3.1: Yes, this is definitely a distributive bargaining situation. Base on my opinion, when it comes to purchasing a house, we would want to get a good property at an inexpensive value and have a good home appreciation value so that we can invest in a house property with no future worries. Buying a home need a thorough look as it will most likely be a lifetime investment. We always want to get the most value of our hard-earned money. Base on the…

Words 1088 - Pages 5

The Factors One Must Consider While Buying a New House Essay

Purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences. The health of the economy has many considerable factors that I must consider when buying a new house. To help refine my decision, an important factor to remember is the strength of the economy, government spending, and taxes affect the marginal costs and benefits of my final decision. The strength of the economy as a whole could affect the marginal benefits…

Words 324 - Pages 2

Essay on What Should We Know When We'Re Buying a House?

For most of the people, buying a house is a hard decision to make. Especially when it’s not just a bargain for merchandises, it’s the place where we live. In order to get a ideal house, I would want to know about the surrounding area, the flexibility of space using, and the price of the house. First of all, quality and convenience of the neighborhood is essential for me. Since the house will likely be the habitat for life time long, easily accessible supermarkets and a friendly neighborhood would…

Words 393 - Pages 2

com 156 final Essay

Holly both knew they should have went with buying that house instead of choosing to rent an apartment, thinking it would be better and help them save money. Their plan to save money did not work; they spent more money on pest control and breaking their lease. In the long run, many will find that buying is more beneficial than renting. The decision on whether to buy or to rent is a very hard one to make and should not be taken lightly. Buying a house is a huge responsibility and takes a large…

Words 938 - Pages 4

Buy or Sell Essay

Linton are considering the critical decision of buying or renting at Stedman Place in Newton, which is a western suburb of Boston, Massachusetts. The timing of this decision is important, as the decision is being made in July of 2006, before the housing market downturn. The case gives insight into the couple’s decision-making process, and the pros and cons of buying versus renting are weighed. There are a few important benefits associated with buying a home that Beth and Jon will want to consider…

Words 1718 - Pages 7

Home Buying Myths

The 9 Most Common Home Buying Myths Buying a home is simple right? Wrong. There are many steps to the home buying process. To add to the difficulty of navigating the home buying waters, there are many commonly believed myths about the process. Read through this today so you won’t be caught off guard during your home buying experience. 1. Start the home buying process by looking for a house – Many people believe the first thing you need to do is find a house you want to buy. In reality you need…

Words 546 - Pages 3

House and Problems Essay example

really need a solicitor to make an offer on a house’? The answer is that buying a home is often the biggest financial decision we’ll ever make (especially in Sydney, where property prices can be astronomical). So making an offer and entering into a contract for sale without knowing your legal rights can have profound long-term consequences on your finances and your overall quality of life. This checklist answers common questions about the process for buying a home in NSW and how your solicitor will…

Words 2904 - Pages 12

Economics: Economics and Principle Essay

decision of buying a house. I will provide examples for each showing the interaction, decision making and the workings of the economy that I have made to decide which and where I buy a home. I will explain how the influence the marginal benefits and marginal cost associated with the decision to purchase a house. The first important principle that I would use is the second principle which states The Cost of Something is what You Give Up to Get It. I believe in this principle that needs a house you would…

Words 339 - Pages 2

Home Buying Process

buy a house, you first need to learn how to budget for a house so you will be prepared for the long journey that's ahead of you. Buying a house doesn't have to be hard, if you've taken the time to educate yourself about the process. This will help you avoid any potential pitfalls and to go through the home buying process with ease. Taking the time to learn everything there is to know is the only way you can determine if you are ready to buy a home and if you truly have your financial house in order…

Words 989 - Pages 4

Essay On Housing Discrimination

Buying a house of one’s own represents the classic realization of the American dream. However, many Americans are not given the same treatment or opportunities when buying a house, because of their race. In 2012, a study was conducted where one caucasian and one person of color of the same age and gender with similar qualifications, visited the same housing provider or agent. This study proved how housing discrimination greatly affects achieving the American dream by purchasing a home. The American…

Words 454 - Pages 2