10 First Time Home Buyers Tips
Please take a moment and read these Home Buyers Tips carefully!
Buying Your First Home is likely the biggest purchase in Your life. These simple steps and important tips will help You in the buying process and You'll see that the purchase can be less stressful, and much more manageable. You as a First Time Home Buyer should be methodical, decisive and thorough.
- How long will You live in Your next home? If You are planning to live less than 5 years on that location buying a home doesn't make sense, probably You shouldn't purchase a home, You should rent one. If You're planning on remaining in the area for the next few years, consider buying.
- One of the most important rule is location. Before You do anything You must choose an area and neighborhood that You like. Take under consideration what is essential to You (school districts, shopping areas, parks and other factors), that suits Your present and future needs. Focus only on neighborhoods that meet those criteria. Search for homes only in that area.
- You'll have to figure out how much You can afford. The Mortgage Calculator can help You in this. Beside the down payment other expenses may occur. Also note that zero down payment programs are also very common. It is best to visit a lender to find out for sure. Mortgage Loan Companies are listed under Special Offer.
- Get as much information as possible. As a Firts Time Home Buyers be sure to read the Equal Opportunity for All brochure, the Mortgage Borrowers' Rights and the Predatory Lending government papers. Do not spend more than 25 percent of Your gross monthly income on a debt. Financial planners says it is a wise choice.
- You will now much more about Your possibilities if You get a pre-qualification or pre-approval of a Home Mortgage Loan. It gives You buying power, it allows You to make an offer and it shows the owner that You're a serious Home Buyer. You can find lending companies by simply googling them.
- Get Your boots on and go mortgage hunting. Compare interest rates, terms of mortgage and payout penalties. Don't be shy, ask them to explain everything step by step so you can fully understand the terms. Many lenders will jump at the chance to loan you 100% of Your new homes value. Perfect credit isn't a requirement, but it's a good idea to try and strengthen your credit rating before applying for a home mortgage loan. And don't forget about the tax advantages!
- Consult one or more Real Estate Agents. Home Buyesr should try to get the best representation available. Brokers have a key role in Your home purchase so be sure that Your agent understands Your needs and will be able show You the homes that You want to see. Discuss almost everything including the whole process with your Real Estate Agent. Don't let them manipulate You. Don't get emotional, only go for the right purchase.
- Be sure to have enough money for a home inspection and appraisal before you make an offer. Discuss these expenses with Your agent. The condition of Your new home and other expenses as the ongoing cost of owning a home must be known to You. Negotiate with the seller until you both agree to the terms of the sale that suits You both.
- Don't take any offer, that isn't right for You, but also accept the fact that you will need to compromise on some of the new home's features. If you've found a home that meets almost all of Your criteria and budget, be confident and be decisive. Following these steps should help You in your decision.
- Before the settlement - when You sign on the dotted line - be sure to read the papers and fully understand everything in it.
We truly hope that our First Time Home Buyers Tips section helps our visitors.