Are you Buying a Home in USA?
For many people, owning a home is part of the American dream. Owning a home has many benefits but also many responsibilities. Real estate agents can help you find a home to buy. Ask friends or co-workers if they can recommend a real estate agent, or call a local real estate agency for the name of an agent. Ask for an agent who is familiar with the area where you want to buy a home. There are many ways to search for real estate, such as researching on the Internet, looking at real estate in the newspaper “Classifieds” section, or looking for “For Sale” signs in the neighborhoods you like.
Most people need to get a loan to pay for a home. This is called a mortgage. You can get a mortgage from a local bank or from a mortgage company. A mortgage means you are borrowing money at a specific interest rate for a specific period of time. The interest you pay on your mortgage can be deducted from your federal income tax.You need to buy homeowner’s insurance to help pay for any possible future damage to your home. Insurance usually covers damage due to bad weather, fire, or robbery. You will also need to pay property taxes on the value of your home.
A real estate agent or real estate lawyer can help you find a mortgage and insurance. He or she can help you fill out the forms to buy your home. A real estate agent should not charge you a fee to buy a home, but you may have to pay a fee to a real estate lawyer to help you fill out the forms. You will also have to pay fees to get your mortgage and to file legal forms with the state. These fees are called closing costs. Your real estate agent or mortgage lender must tell you how much these fees will be before you sign the final purchase forms for your home. For help on looking for a real estate agent, finding a loan, and choosing insurance, visit the “Buying a Home” section of www.hud.gov.
“Protect yourself from loan fraud and lenders who charge very high interest rates on mortgages. Some lenders may try to take advantage of you, such as bycharging you more money because you are new to this country. There are laws to protect you from fraud, unnecessary expenses, and discrimination in buying a home. For more information about loan fraud and advice on preventing it, visit the “Buying a Home” section of www.hud.gov.”