Immigrants may focus on several key issues when they first arrive in your country: home ownership, education, and medical care. Anatomy of the following American life for you.
U.S. Immigration Tips 1: Buying a House in the U.S.
For many people, owning a house is part of the "American Dream." There are many benefits to owning your own house, and many responsibilities come with it.
Most people need a loan to pay for a home; this is called a "home loan." You can borrow a home loan from a local bank or home loan company. A home loan is a sum of money you borrow at a specific interest rate over a period of time.
The interest you pay on your home loan is deductible from your federal income tax.
Tip: Beware of loan companies that charge high mortgage rates. Because you are new to this country, some loan companies may try to charge you higher interest rates. There are legal provisions that protect you from being deceived, being charged unnecessary fees, and being discriminated against when buying a house. If you want to learn more about this, please visit the "Home" module at http://www.hud.gov.
You also need to buy homeowner insurance to help you pay for any future damage to your house. This insurance should cover damage caused by bad weather, fire, or theft. You also need to pay real estate taxes based on the value of the house.
A real estate agent or real estate lawyer can help you find a mortgage and insurance, or help you fill out a home purchase form. The real estate agent who is looking for your house should not charge you. However, you may have to pay a real estate lawyer who will help you fill out the form. There are also charges for obtaining a home loan and filing a legal form with the state government. These costs are called "closing costs." Before you sign the final purchase form for your house, your real estate agent or home loan company must tell you how much these costs are.