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413.536.8386 (fax)
150 Lower Westfield Road
Holyoke, MA 01040


31Aug. 2016

How To Buy a New House

So you are in the market to buy your first home and have no idea where to start. You are not alone! It can be one of the best, most exciting things you do AND the scariest all at the same time! Your friends and family have shared their past experiences with you but this is YOUR home and the pressure is all too real.  Not to worry!! We have compiled some answers to some of the most commonly asked questions.

Why is buying better than renting?  When you buy a home you are making an investment.  When you file your federal and state taxed you can deduct the cost of your mortgage loan interest which will reduce your tax liability.  The interest that you pay on your home will make up most of your monthly payment for a majority of the years you have a mortgage.  When  you rent you are signing away money that will never come back into your account.  You cannot deduct the property taxes you pay as a renter, only as a homeowner.  Also the value of your home can increase over the years which will benefit you when the time comes to sell your home!

How much does my credit score matter when buying a home?  The better your credit score the better the interest rate that you will qualify for.  Taking the time to strengthen your credit before buying a home is beneficial to new home buyers.  Your FICO score, a credit score to determine the likelihood that credit users will pay their bills, can range between 300-800 ad the higher the number the better rate you'll qualify for.

What if I have bad credit and don't have much for a down-payment?  HUD, or the Department of Housing and Urban Development, enforces the Fair Housing Act since 1968.  HUD helps increase home ownership and fights against housing discrimination and is greatly beneficial to those who are serious about finding a home.  If you have ad credit there are federal mortgage programs that look for people with bad credit and try to help them attain a home.  HUD funds housing counseling agencies that can further help you with your options!

Buying a home is a life changing step and is a reasonable and attainable goal.  As a homeowner, your mortgage lender will require you to insure your home.  At Ross Insurance we are ale to handle all of your Massachusetts homeowners insurance needs.  Contact our office today to speak with one of our talented and knowledgeable agents and let them help you navigate the world of homeowners insurance!


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