How To Go About Selecting And Buying A New Home

Some home buyers want the convenience and amenities of a new home. Others want the character of an older home.

This section will provide you with insight as to what to look for when you start looking for a home to buy, and finance through a FreeLoanComparison.com lender.

Meeting Your Housing Needs

What kind of home do you want to buy -- new or old? Do you want a detached single-family home, townhouse, condominium, or cooperative? There are many choices.

Where do you want to live? How close to schools, your job, a grocery store, or public transportation do you want to be? We provide a worksheet that helps you and your real estate sales professional narrow your search for a home.

Make sure that any special requirements you have -- such as parking, air conditioning, or wheelchair accessibility -- are part of the property you want to purchase. Many of FreeLoanComparison.com’s partner’s offer special financing options that may suit your needs. If you want to build your home and buy the land upon which it will be built, then consider a Construction-to-Permanent Mortgage.

Costs of Owning a Home

You should not purchase a new homes unless you feel comfortable that you can make the mortgage payments and are able to pay for other housing-related costs.

Up-front home mortgage costs include the down payment and mortgage costs related to closing and settling-in. Most of FreeLoanComparison.com’s lending partner’s use automated underwriting tool, such as Desktop Underwriter, that may be able to help you save on your up-front home loan mortgage costs.

On-going home ownership costs include your utilities, mortgage payment, property taxes, homeowner’s insurance, and others. Mortgage insurance may also be required.

Some additional housing costs to keep in mind when calculating moving expenses are furniture, appliances, lawn and garden equipment, or any repair work that may need to be done before you move in.

Review the mortgage pre-qualification you receive from your mortgage lender. Although it is not an approval for a new home loan, a residential home loan mortage pre-qualification letter is a good way to gauge how much you can pay for a home, and judge whether the home you’re considering is within your price range.

Working with a FreeLoanComparison.com lending partner is a good way to determine how much house you can afford. Mortgage lenders use many factors when determining the most appropriate home mortgage loan for you. Our How Much House Can You Afford mortgage calculator will help you get a rough estimate. You may also be interested in other mortgage calculators to help you identify the new home mortgage amount you can afford.

Finding Your New Home

One of the most popular ways to begin the search for new homes is by reading your local newspaper, which often provides information about new homes for sale.

Drive through neighborhoods you like and see if there are "For Sale" signs. They typically list the name of the real estate agent selling the home. Or, check your local grocery stores for home shopping guides that give descriptions and photos of homes for sale.

FreeLoanComparison.com does not lend money directly to consumers. Instead, we work with mortgage lenders to make sure they have money to lend. Mortgage lenders working with FreeLoanComparison.com have a broad array of home mortgages to offer consumers.

For more helpful mortgage tips on buying a new house, mortgage refinancing, home loans, reverse mortgages or a home equity line of credit, contact FreeLoanComparison.com today!

Last update: November 14, 2008