A recent article on www.abc2news.com is showing potential first time home buyers in Washington DC that buying in Baltimore is cheaper than renting. Through the following resources, future Baltimore home owners can get help with down payment and closing costs:
Gone are the days are getting a home with literally no money down. Today everyone that wants to buy a house for the first time needs to come up with a down payment. Saving is difficult enough. For gas to groceries, the cost of just about every thing has gone up in the last ten years.
To save for a down payment you need to get creative. Here are five ways you can save for a down payment on a new home.
1. Get a Keurig – The cost of a Keurig coffee machine is about $100 right now on Amazon. Why get a Keurig? Simple, it makes great coffee easily and quickly. Skip your favorite coffee shop that charges you $2 for a cup and make coffee at home yourself for a fraction fo the price since a cup of Keurig coffee typically costs around $ .60.
2. Sack Your Lunch – While this is probably a lot harder than it seems, if you do it enough it becomes a habit. Eating out is expensive. An economical lunch typically costs around $8, a decent lunch will set you pack around $15. If you and your spouse are both eating out for lunch every day it gets very expensive very quickly. Consider it practice. After buying a house, most first time home buyers end up bringing a lunch from home because it’s the cheaper option.
3. Get Rid of Cable or Dish – Why spend up to $99 a month for television and movies? Instead you can stream your entertainment via Amazon, Netflix and Hulu. You get the similar programming at a fraction of the price. If you must have your daily dose of first run cable shows (like Duck Dynasty or Walking Dead) you can always purchase them for $2 an episode.
4. Say Goodbye to Your Land Line – Ask yourself this question – if you and your spouse or partner each have cellphones why do you need a land line? If the answer is we don’t, then say good buyer to your land line. The truth is more and more households are dropping their land lines because cellphones are more practical.
5. Skip the Movies – The cost of going to the movies add up quickly – tickets, popcorn and drinks can cost up to $25 per person. Instead, wait for the movie to get to Redbox (the red movie rental machine) and buy popcorn and your favorite drink at the grocery store. Most grocery stores have a Redbox so you you can get your movie, popcorn and drink at a fraction of the price.
Hopefully these five tips will get you started on your way to saving for a down payment. They’re pretty easy to implement and once you buy a home, there’s a very good chance that you will need to implement these tips anyway.
Through the Community Partners Incentive Program (CPIP), CDA is partnering with foundations or nonprofit organizations interested in expanding affordable homeownership opportunities ("Community Partners") who provide financial assistance for downpayment and settlement costs to homebuyers. Through the CPIP, CDA will match the financial assistance provided by a participating Community […]
Maryland’s Community Partner Incentive Program is a unique first time home buyer program. This first time home buyer program is a partnership with local Maryland foundations or nonprofit organizations that want to offer down payment assistance.
The Community Partner Incentive Program matches the financial assistance provided by foundations or nonprofit organizations to the first time home buyer homebuyer, dollar-for-dollar up to $2,500. Eligible borrowers must qualify with income and must use the State’s Maryland Mortgage Program loan to purchase their home.
Buying your first home is a great time full of excitement and even fear. The process of buying your first home is unfamiliar and can be a bit intimidating. There are several mortgage loan programs available and it is important to know the difference between them before signing on the dotted line. You should also know what factors can increase or even decrease your chance of getting a great rate.
What is Your Bottom Line?
Many first time buyers end up purchasing a home that is out of their price range and they can’t afford it. Many people make the wrong assumption. Just because a loan is approved does not mean you can actually afford the monthly payments. Lenders do sometimes approve loans that are higher than what a buyer can afford because let’s face it, they make more money on these loans. You need to figure in cost of living, utilities, and emergencies.
When you are pre-qualified for a loan, the sellers know that you are probably going to be able to get the mortgage and make your home buying go smoother. You will also be able to know the price range of homes you should be looking at so you don’t waste your time on homes that are out of your price range. A pre-approval is still a loan that will have to be processed but it states that if your current situation has gone unchanged, you will be able to get the loan you apply for.
Get Your Credit Under Control
Make sure that any debts you have outstanding are paid for or at least under control before you start applying for loans. If you have a bad debt on your account, fix it before you begin. If you have a good credit history, you will be able to make a choice in loans. If you have poor credit, you may be stuck with the loan that is offered, high interest and all. Don’t skip payments and by all means pay off the smaller loans that can affect your score.
Select Your Mortgage Package
Your broker will have an idea on what loans you may qualify for. If you want to keep a little cash on hand, you should look for a loan with little to no down payment that will have to be handed over up front. Let your lender know what it is you are looking for and they will find you the best deal possible.
How to Apply for a Mortgage for First Time Home Buyers
A first time home buyer can find it easy to shop for a home mortgage these days. You no longer have to struggle with traveling from place to place trying to find a loan. Applying for a mortgage for first time home buyers online has made the process much easier and you can compare rates in your own spare time.
Three Simple Steps To Get a Mortgage for First Time Home Buyers
In a few simple steps, you will be able to find the perfect mortgage for first time home buyers that will suit you and your financial needs by going online. Here are the steps you will want to take while trying to secure your first loan:
First, select the terms of the mortgage for first time home buyers
The terms of your mortgage for first time home buyers are going to have an effect on your payment and the interest rate. If you want to get the most value for your money, it is best to look for an adjustable rate loan. Your payments will start out low but will grow in time. If you want to stay within a steady budget, look for a loan that is set at a fixed rate as this will allow you to know exactly what you’re paying for the remainder of the loan. If you choose a loan that will be paid off in 15 years, you should know that the payments will be at least 1/3 higher than the average 30-year mortgage but you will be saving a substantial amount in final costs by cutting the interest considerably.
Second, know the mortgage for first time home buyers that you’re getting into.
Make sure you are clear about payback interest rates because a higher rate on your mortgage for first time home buyers can have you spending thousands more in the long run. If you want to buy a home and sell it off rather rapidly, you should look for a loan that offers lower closing costs. If you plan on staying in your home for several years then taking advantage of lower rates will be in your best interest.
Third, get your mortgage for first time home buyers online.
You can get your mortgage for first time home buyers started right online saving you the headache of running all over town to get to the lender. Even if you have not found the home of your choice, you can get pre-approved for a loan that will help you when it comes to placing your bid on a home. You can get all of your forms in the mail and the headache of finding the right mortgage for first time home buyers has been greatly reduced.