Now is a great time to be a first time homebuyer! You can get a check back from Uncle Sam for $8000! Now to April 2010 you can take advantage of this when you buy your home. You have to close by July 2010 if your under contract.  The Georgia Legislature is also pushing through a bill that will give you $1800 for buying an existing foreclosed home. Between the two that $9800 in tax credits this year! If you are an existing home owners and sell your existing home to upgrade, you can get a tax credit of $6500 for this year. This along with your homestead exemption gives you even more tax breaks. Homes are at get prices and there is a great selection of homes in all neighborhoods. HUD, Fannie Mae and Freddie Mac are selling homes at great prices and have some great buyer bonuses. Interest rates are at a historic low which will save you thousands of dollars during the life of your loan.

   Shopping for Your Mortgage

    The first and most important step is getting pre-approved for a mortgage. The mortgage industry has changed so much over the last couple of years. It is nothing like it was a year ago or two years ago. It is still changing and because of this talking to a mortgage company should be your first step in looking for your home. This will identify the price range you are looking for and how much your monthly payments will be. Then you can decide on the type and affordability of home you will search for. I see people get in the car and ride around and find a home and it is out of their price range by $25,000, some as much as $50,000. This is a waste of your time and gas. Shop smart; get pre-approved first! Rtaes are still at an all time low!

Working with a REALTOR®

    REALTORS® for a buyer are a great tool. They cost you the buyer nothing. Most commissions are paid by the Seller. They are figured into the selling price of the listing long before the house goes on the market. A REALTOR® can suggest a reputable mortgage lender, set you up with online listings which will save you time and money, negotiate pricing with sellers (this is an important step with most home being corporate or bank owned; the addendum packages and contracts can be intimidating to most buyers. Also dealing with the asset managing companies who are handling most bank and government homes can be a nightmare.), and making sure your offer gets accepted, and making sure your home gets closed on time and with as little hassle as possible. In a closing the mortgage company represents the mortgage company and the agent on the sign represents the seller. Make sure you get someone representing you in this transaction! REALTORS® can save you thousands and cost you nothing!