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Tips for First-time Home Buyers

Purchasing your first home is a big stepConsult a Real Estate Professional ASAP
that comes with some serious decisions.The most important person in this
When you rent, instead of own, you aretransaction is the Realtor that you use.
just buying the home for your landlord.Be selective on how to choose your
Buying a home today is so easy there isRealtor. Look on the web to find some
no reason to wait, especially since homepossibilities. Do not just use the
prices have come down. But, hurry!first one you come into contact with.
They are beginning to increase due toTalk to a few and meet in person with a
buyers rushing to get into the market atcouple of agents before you look at
the lowest prices. Mortgage rates arehomes. Make sure your agent sold at
also good, so the time is now. Here areleast 50 homes in the last year.
some tips to get you started.Anything less than that means you are
Before You Begin, Ask Yourself . . .working with a new agent or one that
Will you live in the home for at least 3does not have the experience that will
years? If the answer is yes, then buybest serve you. This agent represents
now. You can break even selling after 2you, so the agent you choose needs to
years the way that homes appreciate inknow the area, have a lot of experience
this area, so moving anytime after 2negotiating, and be committed to finding
years is profitable for you.the best home and neighborhood that will
Considering tax advantages, you willmeet your needs.
more than break even; and, you can writeMake a list of "Must Haves" & "Wants"
off real estate taxes and the mortgageIt's very important your Realtor know
interest. Rent payments are generallyyour criteria in order to find homes
the same as your mortgage payment, so itthat meet your needs. You can go to to
really doesn't cost you.view homes that fit your specifications.
No Down Payment!This will give you an idea as to what
Did you know you can buy a home with nois possible in your price range and in
money down? Mortgage companies arethe location you want. Once again,
eager to loan you money if you have goodselect your Realtor right away so if you
credit and your salary justifies thebecome interested in new construction
loan payment. Don't believe it if youyour agent can negotiate for you. You
are told you need a big down payment todo not want to not be represented by a
buy a home . . . that is yesterday'sRealtor when you are purchasing your
thinking.first home. This is very risky because
Get Pre-Qualifiedthis is a complicated purchase and no
This is an easy process. Just call arepresentation puts you at a major
mortgage company and discuss yourdisadvantage.
situation. You can call your presentMake a Decision
bank or a mortgage Broker. Ask friendsOnce you find the best home that meets
or family for a personal referral. Useyour needs, take action. Homebuyers
someone with a good reputation.often hesitate and this could mean you
Interviewing lenders can be done overmiss the best home that meets your
the phone, so interview a couple to findneeds. If you have chosen a good
the right one for you. Besides askingmortgage broker and a good Realtor, you
the current rate, ask about closingshould have the facts to make the right
costs. Once you select your lender,decision.
meet with them personally and get aThe time is right to buy your first
pre-qualification letter that spells outhome, so do not wait. If you have the
what you can invest, interest rate andright team of professionals assisting
closing cost. You will now use thisyou, it is an easy, wise and exciting
letter to shop for a home.process!



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