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Steps For The First Time Homebuyer To Consider

Blog - Tips & Tricks
Thursday, 07 April 2011 17:14

Buying a home can be a difficult process. Making the right decision about a home is something that can have a tremendous impact on a person and their life in the future. If a person does not make the right decision, they can find that the repercussions of their choice will be felt for many years to come. When a person is buying their first home they will find that making the right decision can be even more difficult. A person should take several steps to ensure that they make the best decision possible.

The first step a person should make when they are purchasing a home is how much they can afford. They should write down all of their expenses and see how much of a mortgage they can afford. There are many calculators available on the internet that can help them turn the cost of the house into a monthly note based on the total amount borrowed and the interest rate a person thinks they can get. If a person combines this number with the amount of money they have saved for a down payment they will have a good idea of how much they can afford to spend on a home. A person should also make sure they keep some money in savings for other costs such as closing costs, repairs or remodeling and furniture that they will need after they move into their new home. Once a person knows how much they can spend they need to find a real estate agent who can help them in their search.

The right real estate agent is an important part of the housing search. For the first time home buyer it is better to find an agent who specializes in this market. they will know what to expect and how to help the buyer through the process. Another thing to remember is that the real estate agent is working for the buyer. This is the most expensive purchase many people will make in their lives and they should be comfortable with the person that is helping them making it. A good real estate agent will also help a buyer find a good mortgage broker. It is important to get pre-approved for a mortgage when you are trying to buy a home. But not every mortgage broker is the same. Different brokers will offer a person different types of mortgages. A person should be aware of the different options that they have. There are variable interest rates, fixed interest rates or interest only mortgages. A person can get a 30 year mortgage or a fifteen year mortgage. All of the different options affect not only the monthly note, but the overall price of the mortgage. A person needs to think about the present and the future when they are considering their mortgage choice.

Buying a home is a fun thing to do. The more organized a person is, the easier the process is. A person should make sure they take their time throughout the whole process to make sure they do not make a decision they regret. This is true for the home buying veteran as well as the first time homebuyer.

Last Updated on Thursday, 07 April 2011 17:21

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