With mortgage rates at all-time lows, and a huge increase in foreclosures, it is no surprise that many apartment-dwellers are ready to become homeowners. Buying your first home is very exciting, but also very scary and ripe for disaster. Before making the biggest investment of your life, use the tips below to make the process easy and error-free.

Rent or Buy: That is the age-old question. Arguments can be made for either, depending on your financial situation. The one issue that first-time buyers seem to forget is affordability. You may think you can afford the payments, but that is just one expense associated with owning a home. Maintenance and taxes can cost quite a bit more than expected. If you live in an apartment, the cost of maintenance is included in your rent, but homeowners pay out-of-pocket for repairs. Taxes are just over 1% of the assessed value of your home. That can add up to thousands each year. Still, there is one major benefit to owning a home: equity. The money you put into the home is not lost. You are adding value to your home and investing for the future. There is another nice bonus in the form of a large mortgage interest deduction on your taxes each year. This means you will get a little extra money back from your investment (or at least owe the government less).

Get educated: Ignorance may be bliss, but it is definitely not the best method for a successful home-buying experience. It may seem better to rush things and get a real estate agent right away, but what if you are not even sure what kind of home you want? Or how much you can afford? There are websites that can calculate your mortgage payments and let you see what kind of homes are in your price range. Free Internet open house searches are plentiful, and most have pictures of the interiors of the homes. You can even go to open houses on the weekends. Practically every street corner has an open house sign, and even if the home is outside your price range, seeing various houses will give you a better idea of what you want. Also, try to research the home-buying process. Find out the different types of loans available, the real estate lingo, and get an overview of the steps to owning a home. Read the Real Estate section of the newspaper, or check out some free books at the library. There is a wealth of information out there, so why not gather as much as you can?

Know Your Credit Score: The first thing any lender will do before pre-approving you is check your credit score. 650 used to be ok, but now even 700 is borderline. Before you end up with rejection staring you in the face, do your own credit self-check. As many a TV ad will tell you nowadays, you are entitled to one free credit report from each of the major credit bureaus. It may cost a few dollars to get your credit score, but it will be worth it in the long run. Once you know any weaknesses in your credit, you can develop a repair plan. Additionally, you need to take an in-depth look at your finances. Do you have enough in your savings to pay off most or all of your debt? A good debt-to-equity ratio is 40%. If you are not even sure what that ratio is, then see the tip about doing your research. For first-time buyers, there are options that might help you if your credit and finances are not exactly perfect. FHA loans only require a 3. 5% down payment, and having a close family member with good credit sign on as a co-borrower will help ensure that you get the home loan.

Don’t Let Yourself Be Bullied: A typical first-time buyer mistake is to let their lender talk them into a certain loan right off the bat. An educated buyer, however, will know about the types of loans going in (15-year vs. 30-year, ARM vs. Fixed). Never allow your lender to bully you into a financial situation that makes you uncomfortable. If it sounds too good to be true, it probably is. Also, remember that you do not have to get your loan from the same lender who pre-approved you. Always go to more than one lender and find the best deal. Make sure your lender is familiar with first-time homebuyer programs as well. Another potential bully is your real estate agent. You might think they are working for you, but the honest truth is that they are in business for themselves. Agents make money through commissions from sales. This means that you could end up with an agent who is a little too eager to get you into a house. Never let yourself be rushed! Another sneaky trick is when an agent shows you more expensive homes first. Those houses might be a little out of your price range, but the agent is hoping you will fall in love and buy the house regardless. A good real estate agent will work to find what you want in your price range, or at least be honest if your expectations are too high.

Compare Homes: Since almost any house can seem like an upgrade from an apartment, it is easy for a first-time homebuyer to want the first house they see. This is a big mistake. Compare, compare, compare. If your agent or the seller’s agent tells you there are multiple bids on the house, it could be a tactic to get you to buy, or it could be legitimate. Talk to your agent about the consequences of making an offer. Your initial offer is never set in stone, but make sure your agent is clear about the window of time for backing out. If you are going to make an offer on a home, visit it more than once, at different times of day if possible. Even simply driving by the house at night might give you a different perspective on the neighborhood. Be sure to take pictures inside the house so that you have a reference when those nagging questions come up.

With so many wonderful homes on the market, the choices for a first-time buyer might seem overwhelming. Follow these tips and you will be ahead of the game. A house is one investment you must take seriously, but it can be truly rewarding when you finally have the keys to your dream home.

The author enjoys writing about home improvement, marketing, and health subjects. Pay a visit to his newest web site that discusses fabric roller shades and bamboo roman shades and more.

When most people think of mortgage refi, what comes to mind is usually basic information that’s not particularly interesting or beneficial. But there’s a lot more to investment property mortgage rates than just the basics.

Mortgage rates are in their best range, even though there is a lot of new government debt coming on the market through new auctions next week. Use one of the best mortgage brokers on the web. They are the leading company that enables us to find the best mortgage online. Mortgage reduction depends on the daily balance of the loan, affecting its rate and length of paying period. There are companies offering mortgage reduction assessment for free, and they could help people decide on which options to choose that would be more beneficial for them in the long term.

Mortgage protection is intended to help assist the insured through coverage of the monthly mortgage obligation. For most people, their mortgage is the most important financial obligation because their homes are secured by it. Mortgage lenders have the arrangement of thoroughly checking you as a borrower in terms of your personal details and your financial details. The most obvious financial record that is used before lending money to an individual or business is the credit rating. Mortgages also are known as liens against property and claims on property.

You can see that there’s practical value in learning more about investment property mortgage rates and mortgage refi. Can you think of ways to apply what’s been covered so far?

Mortgages can be a minefield, from first time buyers to buy to let mortgages, it is necessary to do your research first so you can compare the market and compare the mortgages on offer. Review Centre offers reviews of users experiences to help you decide what mortgage company has the best mortgage, rate or application process.

Mortgage markets are far less internationally integrated than, say, equity or bond markets, and residential real estate is largely domestically financed in most countries. The graph plots the international correlation of stock markets against that of residential housing prices.

Mortgage brokers will be able to advise you what will be required in your circumstances as each case is individual and every lender has it is own lending criteria and application process. Also landlords are required to comply with current rules and regulations. Mortgage protection insurance is a good idea for anyone with a mortgage.

Sometimes it’s tough to sort out all the mortgage refi details related to investment property mortgage rates, but I’m positive you’ll have no trouble making sense of the information presented above.

About the author: MortgageSet.com brings you free resources on investment property mortgage rates and offers mortgage refi tools. You have full permission to reprint this article provided this paragraph and all hyperlinks are kept unchanged.

There is wonderful news for people considering purchasing a home! Congress has recently passed further legislation, as a portion of the plan for energizing the U.S. housing market, that makes the Federal tax credit of up to $8,000 now available to even more first-time home buyers. Additionally, some people who now own a home and would like to purchase a new one will also be eligible for a Federal tax credit of up to $6,500.

The Extended Home Buyer Tax Credit extends and improves the existing legislation that is no longer in effect on November 30. Both new and move-up buyers can now get the benefits of the Federal tax credit. Of course, this is in addition to the current historically low mortgage interest rates.

Here are the new key provisions:

* The first-time buyers’ $8,000 has now been extended through April 30th, 2010. * Current homeowners are now eligible for a $6,500 tax credit, provided they have resided in the residence they are selling as their principal residence for at least five straight years within the past eight years. * The income limits for qualifying buyers were increased to a range of $75,000 to $125,000 (for single buyers) and a range of $150,000 to $225,000 for couples. * Time has been extended to make allowance for closing the home purchase. If they have a legal contract by the last day of April, they will subsequently have until the end of June, 2010, to close the purchase. The qualifying purchase price of the new residence must be $800,000 or less.

Additional details:

* Tax credits provide a dollar-for-dollar payment of taxes owed with any surplus funds available as a refund. The amount of the credit will be first credited toward any tax liability for the purchase year. Next the amount remaining will be paid to the buyer. (For example a first-time buyer whose tax liability is $2000 would receive a payment of $6,000). * Any single-family home purchased to be used as a primary residence (including condos, co-ops) will qualify assuming that it is purchased by the 30th of April, 2010 and closes by the 30th of June, 2010. * The entire amount of the tax credit is available for individuals who have an adjusted gross income of no more than $125,000 or $225,000 on a joint return. When income is greater than these figures, the amount of the tax credit is reduced until the upper limit is reached – $145,000 for individuals or $245,000 of joint income.

Jim Navary has been a freelance writer and researcher for more thirty years covering a wide range of topics. He is also a licensed real estate salesperson in the Commonwealth of Virginia specializing in real estate in the Tri-Cities area of Virginia and, in particular, Tri-Cities Area, Virginia, area homes for sale.