Buying your first home can seem like a daunting, and often intimidating task. There are so many things to consider that you might never think of. Luckily, there are a number of excellent resources for first-time home buyers in Maine.
Here are five of those resources, which you'll no doubt find very helpful as you navigate the home buying process for the first time.
- The Maine State Housing Authority's First Time Home Program can match first-time home buyers with approved lenders that offer low fixed-rate mortgages to help Mainers buy homes of their own, often with little or no down payment. The program offers home buyers the flexibility to choose mortgages with low points or no points, whichever is best for them. Additionally, all First Home mortgages include protection from unemployment, so long as you're a MaineHousing borrower in good standing. For more information, visit www.mainehousing.org/firsthome
- The Buying a Home section of the U.S. Department of Housing and Urban Development's website contains a wealth of information to guide you through the home buying process. From figuring out your budget to shopping for a loan to learning about home buying programs and more, this site should answer any questions you may have about the home buying process. If not, you can arrange a free consultation with a HUD-sponsored counseling agency in your area. Visit http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home.
- The Maine Association of Mortgage Professionals offers the resources consumers need when it comes time to secure a home loan. This site provides general mortgage information (such as a glossary of terms), the latest interest rates, consumer news and education resources, and much more - all designed to help you understand and navigate the mortgage process. Visit www.mortgagemaine.com/consumers.htm.
- Another key part of the home buying process is locating a buyer's agent who will help you with your search and the buying process. He or she will take on the task of negotiating a purchase price, scheduling an inspection and appraisal, make sure you fill out all the necessary paperwork, and more. You'll have the peace of mind knowing that your Realtor is there to look out for your best interests. It's important to work with an agent that you know and trust - if you don't know where to start, ask family and friends for a recommendation.
- Last, but certainly not least, you can't buy a home if you can't find a home to buy. The number one branded website for property searches is Coldwellbanker.com. You can narrow your search not only by city or town, budget, number of bedrooms/bathrooms, but also the lifestyle choices that are most important to you. You can visit their website now, or if you want to take your search on the road, Coldwell Banker offers easy to use mobile apps, too!
With these five resources, you'll be well-equipped to enter the home buying process for the first time. And if you have any questions along the way, your Realtor will have the answers you need.