What to Expect from a Home Inspection

If you are trying to sell your home or if you are interested in purchasing a home, you may mistakenly believe that getting an appraisal is the same as getting a home inspection. While there are some similarities between the two processes, they are actually quite different and serve very unique purposes. Whereas an appraisal is meant to help determine the value of the property that is being bought or sold, a home inspection is meant to help the potential buyer understand what may be wrong with the home before making a purchase. In fact, after completing a home inspection, the buyer may want to renegotiate the price of the home based on the repairs that are going to need to be made.

What is Inspected During a Home Inspection?

There are several key areas of the home that are reviewed during a home inspection. These include:

· Appliances - includes range, oven, dishwasher, garbage disposals, microwaves and smoke detectors
· Attic - includes ventilation, framing, roof construction, gutters and flashing
· Electrical - includes grounding, wiring, ceiling fans, exhaust fans and light fixtures
· Exterior - includes grading, landscaping, elevation, wall covering, fences, driveways, trim, driveways, sidewalks, windows, fascia and lights
· Garage - includes ceiling, walls, slabs, firewall, openers, garage doors, exterior windows, lights, roof and windows
· House Systems - includes furnaces, water heaters, duct work, air conditioning, sprinklers and fireplaces
· Plumbing - includes showers, toilets, faucets, sinks and traps
· Structure - includes the floors, ceilings, walls, foundation and roof

The report you receive after the inspection will tell you about any problems that may be a danger to your health or safety as well as any moisture or drainage issues. You will also receive notification if the roof has a short life expectancy, if the foundation is deficient or if your furnace or air conditioner are malfunctioning.

What is Not Inspected During a Home Inspection?

While there are certainly many things included in a home inspection, there are many areas that are not addressed by the typical home inspection. For example, the home inspector will not check for asbestos, radiation, radon, lead, formaldehyde or methane. He or she also will not check for wood-destroying organisms such as termites, for rodents or for mildew, mold or fungi. This is primarily because the home inspector is not certified to check for these particular problems. Therefore, it is a good idea for you to hire a professional to check for these potential health and safety issues as well.

About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of on-line home appraisals and offers a nationwide personalized instant informational report about home appraisal. For more information, please visit .
http://www.electronicappraiser.com.

The Ins and Outs of FHA Loans

If you are interested in purchasing a home, you will find that there are many different financing options available to you. Depending upon your personal financial situation, one of the options you will want to explore is the FHA loan. This loan option has been available for over 60 years and, during that time, has made it possible for literally thousands of people to become proud homeowners.

The Benefits of FHA Loans

There are numerous benefits associated with FHA loans. For instance, if you have less than perfect credit, you may be able to get approval for an FHA loan even if you have been turned down for a conventional loan. Even if you have had financial difficulties and have had to file for bankruptcy, you can still obtain an FHA loan just two or three years after filing if you have maintained good credit since that time. In addition, if you have had to foreclose on a mortgage loan in the past, you can still qualify for an FHA loan just two to three years after your foreclosure if you keep your credit in excellent shape afterward.

In addition to the benefits associated with your credit rating, there are several other benefits you can enjoy when obtaining an FHA loan. For example, there generally is no adjustment made to the interest rate. If an adjustment is made, it generally varies by only about .125 percent from a conventional loan.

Another benefit to obtaining an FHA loan is the fact that the mortgage insurance is paid through the loan. This results in a premium of 1.5% that is added to the balance of the loan rather than having to be paid out of pocket. A small amount is also added to the monthly payment for the mortgage insurance premium, but this is generally lower than the cost associated with private mortgage insurance premiums.

Meeting FHA Loan Requirements

Although there are many benefits associated with acquiring an FHA loan, there are many requirements associated with the loan as well. For example, the home will have to pass through an inspection before it can be purchased with an FHA loan. Although the requirements have become less stringent over the years, the home must still meet certain qualifications in order to be purchased with an FHA loan. For example, a defective roof with a leak needs to be repaired, but an older roof does not automatically need to be replaced if it does not leak.

Although the home need to pass through an FHA inspection in order to qualify for the loan, it is important to note that this inspection is not meant to replace the traditional home inspection. Rather, you should obtain a professional home inspection in addition to the FHA inspection in order to make certain you are getting involved with a good deal.

About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of on-line home appraisals and offers a nationwide personalized instant informational report about home appraisal. For more information, please visit .
http://www.electronicappraiser.com.

Understanding Jumbo Mortgage Loans

Are you considering obtaining a jumbo mortgage loan in order to purchase the home of your dreams? If so, you may find that obtaining a jumbo mortgage in today's market is a bit difficult. Yet, only a year ago, jumbo mortgages were a relatively common type of mortgage loan for future homeowners to use when buying the home of their dreams.

What is a Jumbo Mortgage?

Put simply, a jumbo mortgage is a type of mortgage loan that exceeds the industry standard for a conventional loan. The amount of a mortgage loan that is considered to be conventional is determined by Freddie Mac and Fannie Mae and any loan that exceeds this amount is considered to be a jumbo mortgage. The amount that is considered to be conventional changes each year and certain areas have higher set limits than others. The U.S. Virgin Islands, Hawaii, Alaska and Guam are all areas that have a higher limit placed on conventional loan amounts.

What are the Risks of a Jumbo Mortgage Loan?

Obtaining a jumbo mortgage loan is actually more of a risk for the lender than it is for the buyer in many ways. Even if you have obtained an appraisal that demonstrates the value of the property you wish to purchase, selling one of these homes to the mainstream homebuyer can prove to be difficult. In other words, if you were to default on your loan and the lender were to repossess the home, the lender will likely have more difficulty selling your home because there aren't many buyers in the market capable of paying for a luxury home. In addition, the value of a luxury home can be quite subjective and can change quickly. For that reason, many lenders require at least two appraisal before they will approve a jumbo mortgage loans.

What are the Drawbacks to Getting a Jumbo Mortgage Loan?

Although a jumbo mortgage loan is not necessarily riskier for the buyer, there are drawbacks to getting this type of loan. Namely, jumbo mortgage loans tend to have higher interest rates than conventional mortgage loans. The increase in the interest rate depends greatly on the current market trends, but generally ranges anywhere from 0.25 to 0.5%.

Another drawback to applying for a jumbo mortgage loan is that you may have difficult obtaining the loan. Just as recently as a year ago, jumbo loans were a fairly common phenomenon because the market was stronger and the prices on homes were increasing. With the current status of the market, however, the prices on homes have fallen and lenders have become less willing to take a risk on a jumbo mortgage. Therefore, unless you are getting a great deal on a home with a high appraised value and unless you have an excellent credit history, you may find it nearly impossible to get a jumbo mortgage loan.

About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of on-line home appraisals and offers a nationwide personalized instant informational report about home appraisal. For more information, please visit .
http://www.electronicappraiser.com.

Saving Money on Your Homeowner's Insurance

As a homeowner, you want to be certain your property is properly insured. After all, your home is the single biggest investment you will likely ever make. As such, you want to make certain it is protected against damage, vandalism or thievery. At the same time, you don't want to spend more than necessary to insure your home. Therefore, in order to save the most on your home insurance cost, you might want to follow these simple tips.

Tip #1: Get Your Home Appraised

Before you start searching for a home insurance policy, you need to have a good idea of the value of your home. This way, you know how much coverage you need to have in place in order to replace your home if it becomes completely damaged.

Tip #2: Shop Around

It is also important for you to take the time to shop around and to compare the policies and rates of various insurance companies. Ideally, you should get at least three different quotes to compare. Be certain the policy terms are the same with each of the companies you compare. That way, you can be certain you are fairly comparing what each company has to offer.

Tip #3: Increase Your Deductible

Increasing the deductible on your home insurance policy is one of the quickest ways to decrease your premium payments. In fact, simply raising your deductible from $500 to $1000 can save you as much as 25% on your premiums. Of course, before you make this change, make certain you would be financially capable of meeting the deductible if a disaster should occur.

Tip #4: Look for Combo Deals

In many cases, you can save money on your insurance policy if you purchase your homeowner's insurance and your automobile insurance from the same company. In fact, some companies will reduce your premium payments by as much as 15% if you carry both types of policies. So, be sure to keep this in mind when shopping around and comparing the rates of different companies.

Tip #5: Make Some Changes to Your Home

Making a few simple changes to your home can sometimes result in a decrease in insurance costs. For example, installing shatter-proof glass, adding storm shutters and modernizing your plumbing, heating and electrical systems can all help reduce the costs of your insurance. Similarly, adding security features such as burglar alarms, smoke detectors and dead-bolt locks can also bring down your rates. Discuss these items with your agent and find out which additions to your home can help you bring the cost of your insurance premiums down. In some cases, you may need to install certain brands or follow specific guidelines in order to receive the discounts offered by your insurance company.


About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of home appraisals that offers a nationwide personalized instant informational report about house values. For more information, please visit www.electronicappraiser.com .

5 Tips for Taking Out a Mortgage Loan

When it comes time to purchase a home and take out a mortgage, there are several mistakes that many homebuyers and homeowners do on a routine basis. In order to be certain you put yourself in the best financial position possible and that you properly protect yourself and your home, be sure to implement these five simple tips.

Tip #1: Do Your Research

Many homebuyers, particularly first time buyers, are so excited about purchasing a home that they fail to do their research about available types of mortgages. Be certain to take your time to investigate the types of mortgage loans available and choose the one that suits your finances, future goals, and lifestyle the best.

Tip #2: Don’t Have Too Much Credit

When it comes time to apply for a mortgage loan, many lenders will frown upon your application if you have an excessive amount of credit. Even if you are responsible with your credit cards and other loans, having too much credit can be almost as bad as having poor credit. So, don’t apply for any new loans before it comes time to apply for your mortgage.

Tip #3: Be Honest on Your Loan Application

Some homebuyers are tempted to lie on their mortgage applications, particularly when it comes to how much they make. Not only can misleading information get you caught up in a mortgage you really can’t afford, lying on a mortgage application is a federal offense. Although most lenders do not prosecute people for lying on their applications, it is certainly not a risk that you want to take. In addition, if you are approved and the lender later discovers that you lied, you may be forced to pay the entire remaining balance of the loan all at once.

Tip #4: Never Sign an Incomplete Application

Just as you may be tempted to stretch the truth in order to be approved for a loan, an unscrupulous lender may also put false information on your application in order to gain approval. Therefore, make certain all of the blanks are filled in before you sign your application.

Tip #5: Get the Home Inspected

Although getting your home inspected is an added cost that you may not want to have to pay, it is in your best interest to get it inspected before you make a purchase. A home inspector looks over every aspect of the home and will be able to tell you if there are any problems with the home. This way, you can better determine if you really want to purchase the home or you can renegotiate the price according to the repair that need to be done. By getting the home inspected, you give yourself one more chance to make certain you are getting what you ask for with your new home.


About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of home appraisals that offers a nationwide personalized instant informational report about house values. For more information, please visit www.electronicappraiser.com .

Five Simple Steps to Homebuying

Are you planning to buy a new home? If this is your first home purchase, understanding the ins and outs of purchasing a home can be a bit overwhelming and confusing. With these simple steps, however, the process can be much simpler and easier to understand.

Step 1: Hiring a Real Estate Agent

Depending upon the route you want to take to purchase a home, you might want to hire a real estate agent to help you with the purchase process. If you are interested in purchasing a home directly from the homeowner, however, hiring an agent may not be necessary. Still, you should hire someone to represent you when finalizing the deal. That way, you can be certain you are not signing something that you will regret later.

Step 2: Get Pre-Approved for a Mortgage

In order to expedite the buying process, it is helpful to get pre-approved for a loan. When you get pre-approved for a loan, you know exactly how much you can spend on your home and how much you can expect to be able to borrow. This will give you a better idea of which homes you should look at and will also help you seal the deal more quickly after you find the home of your dreams.

Step 3: Determine the Location that is Right for You

Now, it is time to actually start doing some house hunting. In order to narrow down your choices, decide upon the type of setting you would like for your new home. Do you want to live in a rural location? Perhaps you would like to live in the suburbs or in the city. Or, maybe you want a home on the beach or in the mountains. Do you want lots of land or is a small city lot sufficient? Remember to consider your current family situation as well as your future plans so you can make a wise decision.

Step 4: Decide Upon the Type of House You Want

Once you have determined the right location for your dream home, it is time to consider the style of house that you want. Do you want a simple ranch home or are you looking for one with multiple stories? Do you want a basement? Are you interested in a condo or would you prefer a log home? The better you formulate a vision of the home you want, the easier it will be to find the one that suits your taste and needs.

Step 5: Consider the Amenities

Although you will pay extra for certain amenities, it is certainly easier to find a home with the ones you want rather than trying to add them on later. Some popular amenities that you might want in your home include:

• Air conditioning
• Deck
• Eat in kitchen
• Extra bathrooms
• Fireplace
• Formal dining room
• Jacuzzi / Pool
• Patio
• Screened porch
• Three car garage
• Wooded lot
• Proximity to schools / Work
• Location

Remember, purchasing a home with these amenities will cost extra, so make certain you are willing to pay more for the amenities you desire.

Whether you hire a real estate agent to help you find a home or you decide to work directly with a homeowner, you will have a much better experience if you know what you are looking for in a home. This way, you can narrow down your choices and view only those that truly suit your needs.


About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of home appraisals that offers a nationwide personalized instant informational report about house values. For more information, please visit http://www.electronicappraiser.com/.

Buying a new home, should you wait or purchase now?

Are you looking buy a new home due to a new job, a transfer or just because you are seeking a better neighborhood? If you are someone who has been keeping up on real estate news, the latest housing headlines are far from encouraging: Foreclosures are up, home prices are down and new-home sales are at record lows. All this dismal news has many buyers sitting on the sidelines, afraid to make a move. But, economists say, waiting for the bottom may not be the smartest strategy.

First, there's no agreement on when the U.S. real-estate market will officially touch bottom. If you believe the National Association of Realtors, it will happen later this year. Investment bank Merrill Lynch is much more pessimistic, predicting that U.S. home prices will drop another 15% this year and 10% in 2009, with perhaps even more depreciation in 2010. But even with this knowledge, evaluating your own personal situation, including where you live, how long you have owned your current home and what you plan to do with your new home, all are deciding factors on whether you should buy right now or wait a little longer.

Here Are Five Reasons To Buy Now:

1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price.

3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.

4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home.

5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.


Here Are Five Reasons To Hold Off:

1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. Indeed, you may have negative equity, if you live in many areas such as California, Florida, Arizona or Nevada.

2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until the smoke clears.

3. You don't plan to stay in your next house at least five years. While it's not important to buy at the exact bottom of the market, it is important to stay long enough to ride it out completely.

4. You don't have good credit or a decent down payment. Do you have a job and income you can document? As a result of the subprime lending crisis, lenders are much more careful about whom they're giving their money to.

5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm.

Greg Sullivan is the President of www.electronicappraiser.com, a leading provider of home appraisals offering a nationwide personalized instant home appraisalservice. For more information, please visit www.electronicappraiser.com.

Use a Realtor® when buying from a Builder or Not?

The number of new homes being built every year (In 2007 there were 1,620,000 housing starts as reported by Freddie Mac) http://www.freddiemac.com/news/finance/pdf/Jan_2007_FRECOM_Outlook.pdf ).

As a buyer of a “new construction home” should you use the expertise of the Realtor® on the buying side? Typically a Realtor® who helps a buyer find a home is recognized as a “buyer’s agent”, someone who represents the buyer.

As a buyer’s agent, the real estate agent owes you a certain amount of loyalty. They should be acting in the buyer's best interest. They should maintain confidentiality by not offering information to the seller/builder that would influence your ability to negotiate the best terms. And a buyer’s agent would disclosure to other parties of the transaction that they represent you, the buyer only.

Let’s examine a few areas where a Realtor® / buyer’s agent can help.

Negotiating:
Not every unit with a builder’s inventory is fixed in price. Builders are often negotiable on homes (especially in this market). Builders have been known to throw in everything from carpet upgrades to a new car if you buy one of their homes. Having a buyer’s agent on your side can take the pressure off of you negotiating with the builder. The buyer’s agent acts as a third party to the transaction, often like a messenger, “Don’t shoot the messenger, just because he wants a built in pool……for free”.

Builders often factor in a co-operating or buyer’s agent commission in the pricing of their homes. They are not charging you extra because you bring your agent to the table. The use of a buyer’s agent ends up being a free service. It is not commonplace for a buyer’s agents to charge you as the buyer a commission.

Don’t feel that if you don’t use a buyer’s agent that you will also be entitled to receive a discount off the purchase price, any price reductions will need to be negotiated separately.

Loan:
Many builders are associated with or have a marketing agreement with a lender. This is not necessarily a bad thing but using an on-site lender doesn’t give you the ability to shop different lenders for better terms. A Realtor® can guide you through the mortgage process and help you shop for the best terms.

Re-Sale Items:
Let’s face it, although this may be your dream home, you may not live in it forever. A buyer’s agent can help you with items that can affect you reselling your home such as the floor plan, elevation choices, lot location, and upgrades. Most agents would agree that unless your home has an elevator, a home with a master bedroom on the first floor is the most desirable configuration.

Your agent may recommend one lot location over another, or which direction your patio should face. Did you overlook the busy street your new home backs up to….your Realtor® may catch it.

Contract:
Builder real estate contracts are often very different than those commonly used in your state and tend to be slanted in the builders favor. They also do not like to negotiate on the fine print of their real estate contracts. A buyer’s agents are not attorneys but regularly prepare contracts. They can help you in some of the terminology within a contract and may be able to point out language and can or can’t live without.

Walk Thru and Inspections:
Let you buyer’s agent do some of the work for you. Buying a newly built home is very exciting, and you may visit the site daily to see how it is progressing, don’t be afraid to let your buyer’s agent give you an update or email you pictures of the progress, after all they are being paid for their service.

Finally:
Do your homework in selecting a buyer’s agent. Recommendations are worth their weight in gold. And make sure the builder will cooperate (compensate) with a buyer’s agent in advance of your first visit to your builder. Builders are not fond of showing you a property on one day and you showing up with your Realtor® the next to write a contract


Greg Sullivan is the President of www.electronicappraiser.com, a leading provider of home appraisals offering a nationwide personalized instant home appraisal service. For more information, please visit www.electronicappraiser.com.

Question: Why use a Realtor®?

Answer: …..The Multiple Listing Service (MLS)

Access to real estate information: Realtors® have many resources to turn to in assisting you in your home search that public web sites lack. The web has changed the way we all search for information. Many publications are now quoting that up to 80% of home shoppers initiate their search on the web. This is up from 0% about 10 years ago.

Real estate is one of the most commonly search subjects on the net. Every web portal from Google to Yahoo, to Earthlink, to MSN has a real estate tab or sub-site to simplify real estate search. The amount of real estate data on the web will blow your mind. To make things more complicated, every week new real estate sites come online. Realtors® have these public options available along with their local Multiple Listing Service (MLS). MLS as defined by Wikipedia as:

Multiple Listing Service (MLS) (also Multiple Listing System or Multiple Listings Service) is a group of private databases which allows real estate brokers representing sellers under a listing contract to widely share information about properties with real estate brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property. There is no single authoritative "MLS", and no universal data format. The many local and private databases--some of which are controlled by single associations of realtors or groupings of associations (which represent all brokers within a given community or geographical area) or by real estate brokers--are collectively referred to as the MLS because of their reciprocal access agreements. http://en.wikipedia.org/wiki/Multiple_Listing_Service .

Full use of an MLS system is generally only available to its members, Realtors®. MLS information is very time sensitive. Once a new listing is obtained from an broker and placed into their MLS system, it is immediately available to its members. A resourceful Realtor® can find a “hot property”, a price reduction or brand new listing by searching their MLS and immediately calling you to set up an appointment. These can be homes that may not be anywhere else on the net. It can take several days for property to go from an MLS system to Realtor.com where it will be viewed by the rest of the world. Don’t get me wrong Realtor.com can be a great place to start, but it gets its information from the local boards of Realtors® and the MLS.

A Realtor® armed with the knowledge of how to efficiently search the MLS system will be able to narrow your search with ease. How many times have you gone to a web site looking for a home and your results were in the hundreds or even thousands? It’s time consuming going through that many properties. MLS searches get very granular, giving your Realtor® the ability to input your criteria, save the search, and have it email them anytime a property match is found. A search could be as complicated as: Condominiums (in your favorite building) with only east facing exposure, between $300,000 and $339,900, that allow pets, come with owner financing, and include the window treatments. Try doing this search on Realtor.com.

Once you employ the help of a REALTOR®, he or she will have access to the MLS. If you are a seller your home will be immediately exposed to the community of agents who also belong to the same MLS. If a buyer, your agent will have up to date information of available homes that meet your discriminating taste; even if your dream home is a concrete home, only two stories, in your favorite zip code, built between 2000-2004, includes a finished basement, 4 bedrooms, 3 bath rooms, at least 2500 square feet on a ½ acre lot and a new roof. Try this one on Realtor.com…..

About the Author: Greg Sullivan is the President of www.electronicappraiser.com, a leading provider of home appraisals offering a nationwide personalized instant information about house values. For more information, please visit www.electronicappraiser.com.

Are you ready to buy your first home?

There are many great reasons to own a home. For one, the place is yours.

When you own your own home you have a place to raise your children and to be a part of a community. You can even pass your home down to your children and their children, creating security for generations to come.

Owning your own home can even help you reduce your taxes. You can deduct the interest on your mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.

Another good reason to own your own home is that your monthly payments won’t ever go up, that is if you choose a fixed-rate mortgage! A fixed mortgage is one that stays the same for the life of the loan. If the mortgage is 30 years, you’ll pay the same mortgage payment each month for the entire 30 years of the loan.

So what are the risks of owning a home, you might ask? Overall, homeownership is a good investment for most people. If you understand the benefits and risks of homeownership, you can make the best decision about when to buy a home.

The first risk is that your monthly housing expenses can increase if your mortgage is higher than what you are used to paying in rent. On the flip side, rent goes up while your mortgage can stay the same. Another risk is that if an appliance breaks, you will have to pay for its repair or replacement. You are also responsible for the maintenance and upkeep of your home and your property.

If you are somebody who plans to move soon, the downfall of owning is that you have to wait to sell your home to move. Depending on the local real estate market, you might not be able to sell your home quickly. You should also factor in the likely expense of hiring a real estate professional. Fees can be negotiated and vary across regions. They also vary from professional to professional.

The last risk is that property values can depreciate. You can lose value in your home for a number of reasons, such as a recession, the condition of your home not being kept up, or a drop in a neighborhood’s home values. If your home loses value and you have to sell it for less than you owe, you will be required to repay the full mortgage.

Many people don’t even consider buying a home as they believe that you need great credit to become a homeowner. The fact is, you may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.

Another myth about buying a home that often keeps people from looking is that you need to put 20% down. There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving expenses, and repairs.

So are you ready to buy your first home? Certainly the benefits outweigh the risks.
About the Author: Greg Sullivan is the President of www.electronicappraiser.com, a leading provider of home appraisals offering a nationwide personalized instant home appraisal services. For more information, please visit www.electronicappraiser.com.