First Time Homeowners

Nervous? Anxious? Curious? Yes, we know how you feel and you know what? It’s completely normal! You are about to embark on an exciting journey through the fascinating world of real estate and the Diamond Consulting Group is here to guide you every step of the way. Whether you’ve already picked out your dream home or need some help narrowing down your choices, the Diamond Consulting Group is at your service. We welcome your curiosity, anxiousness, and nervousness in beginning your very first real estate venture. If you’re ready to begin, call us at (866)-724-FUND and ask to speak with one of our many certified real estate consultants. If you’re not ready yet, here’s a list of some common questions asked by many of our first time homebuyers:

• Why should I consider buying when I could continue to rent?
  
  This is the question most clients ask first. A home is an investment. When you rent, you’re writing a monthly check that has no real benefit. But when you own a home, you can deduct the cost of your mortgage loan interest and closing costs from your federal income taxes, and usually from your state taxes. You can also deduct property taxes. In addition, the value of your home should go up over time and you can realize profit after selling your property. Last but not least, you can personalize your home and enjoy something that’s all yours!
• How much do I need to save up to buy?
  
  This depends on a number of factors, including the cost of the house and the type of mortgage you receive. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.
  
  When you make an offer on a home, Diamond will place your earnest money deposit into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money deposit is traditionally 3% of the purchase price but can be negotiated to be as little as just a few hundred dollars.
  
  The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10 - 20% of the purchase price. That's why many first-time homebuyers turn to FHA loans for help. Most FHA loans require only 3% down but it may be even less.
• How do I qualify for a loan?
  
  For starters, use our simple payment calculator to see how much of a payment you can afford. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait a while longer or consider buying less of a home. Our consultants can usually provide you with a list of affordable properties in your area in just a few minutes. We will also help you evaluate your loan potential because we know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that will be right for you. We typically get our clients pre-qualified for a loan within 24 hours. To find out more about your loan options, call us today at 866) 724 – FUND and ask to speak with one of our loan specialists.
  
  Shop for a home:
  - Search the MLS
  - Find a DCG Realtor