When you are in the market to buy a new home you need a critical eye. Sellers will take steps to make their homes look their absolute best, but you need to look beyond what is presented to see both the benefits and drawbacks of the property. Here are three questions to ask yourself each time you view a listing.

1: What are the conditions of the major home systems? Buyers often fall in love with the charm or location of a home, but the condition of the property is just as important. You need to know if you are going to have to invest in things like heating, cooling and electric. Both your buyer representative and the selling agent should be able to answer questions about the age and condition of the systems.

2: Can this home accommodate my needs in five or ten years? Many people purchase a property with the intention of it being a "starter home." Sometimes things don’t work out that way, so it is important to pay attention to factors like room dimension, lot size, number of bed and bathrooms, and if adding on is a possibility. Ask your Realtor about local ordinances governing that type of construction.

3: Will the community support my investment? When you buy a home you are also making a commitment to that town or municipality. Examine the schools, downtown, and other factors to make sure this is an up and coming community or a place that will still be attractive to buyers when it is time for you to sell.

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As you may or not may be aware mortgage rates are still at historical lows. As of today, September 4, 2009, 5.125% with NO POINTS and as little as 3.5% down.

The First Time Home Buyer Tax Credit of up to $8,000.00 is currently slated to expire on 12/1/09. The definition of a First Time Home Buyer is one who has not owned real property in the past 3 years, so if you qualify, there is an additional 8,000 reasons to take advantage of ALL that is out there.

Please feel free to contact me direct with any and all of your mortgage questions.

Happy Labor Day !!!

Kevin D Nicastri
Mortgage Loan Officer
direct (845) 897-8311
Bank of America
11 Merritt Blvd, Suite 102
Fishkill, NY 12524

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