Your First Mortgage – What First-time Homebuyers in Fort Lauderdale should know
The first question that comes to the minds of most first-time homebuyers in Fort Lauderdale is the current interest rate available with regards to a future mortgage, when the priority should be the best home that fits you and the lifestyle of your family. For this reason, you need someone on your side that can assist you with the best options available before you lose out on a possible golden opportunity.
Why buy a house in Fort Lauderdale when you can rent one?
When renting a property, you essentially pay the mortgage of someone else’s home, and it is money that you will never see again. When you buy a house in Fort Lauderdale, you ultimately make an investment towards the future. First-time homebuyers often do not realize that they can also deduct some of their mortgage loan costs from state taxes and federal income tax. The property taxes payable are also tax deductible, and as if that isn’t incentive enough, the value of your property may also increase over time, putting you in a position to reap the benefits of having your own home.
Buying your first home in Fort Lauderdale
First-time homebuyers who rented properties in the past will know that their payments towards such rent were increased when the lease was renewed. Mortgage loan repayments are fixed, unless you opt for mortgage rates that are adjustable. Every payment made towards your mortgage is in actual fact money for you, as a percentage of the repayment is directed to the principle, meaning the equity of your house is built up over time. It may be true that you mostly pay off the interest when you first start out, but once it is taken into consideration with the appreciation; your equity will greatly increase.
What first-time homebuyers should take into consideration before diving into the market?
If you want to buy your first home in Fort Lauderdale, it is advised that you get pre-approved in advance and if you are a first-time homebuyer you will want work with someone who has these products offered through the State of Florida.
Choose an experienced Fort Lauderdale realtor to assist you with your available options
There are so many options available for those who want to buy their first home that it can often be a daunting experience. With the help of an experienced realtor, it will be possible to find out which home buying programs are available to you and which will best suit your specific circumstances.