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Tips for First-time Home Buyers

Purchasing your first home is a big step that
comes with some serious decisions. When youConsult  a  Real  Estate  Professional  ASAP
rent, instead of own, you are just buying the
home for your landlord. Buying a home todayThe most important person in this transaction
is so easy there is no reason to wait,is the Realtor that you use. Be selective on
especially since home prices have come down.how to choose your Realtor. Look on the web
But, hurry! They are beginning to increaseto find some possibilities. Do not just use
due to buyers rushing to get into the marketthe first one you come into contact with.
at the lowest prices. Mortgage rates areTalk to a few and meet in person with a
also good, so the time is now. Here are somecouple of agents before you look at homes.
tips  to  get  you  started.Make sure your agent sold at least 50 homes
in the last year. Anything less than that
Before  You  Begin,  Ask  Yourself  .  .  .means you are working with a new agent or one
that does not have the experience that will
Will you live in the home for at least 3best serve you. This agent represents you,
years? If the answer is yes, then buy now.so the agent you choose needs to know the
You can break even selling after 2 years thearea, have a lot of experience negotiating,
way that homes appreciate in this area, soand be committed to finding the best home and
moving anytime after 2 years is profitableneighborhood  that  will  meet  your  needs.
for you. Considering tax advantages, you
will more than break even; and, you can writeMake  a  list  of  "Must  Haves"  &  "Wants"
off real estate taxes and the mortgage
interest. Rent payments are generally theIt's very important your Realtor know your
same as your mortgage payment, so it reallycriteria in order to find homes that meet
doesn't  cost  you.your needs. You can go to to view homes
that fit your specifications. This will give
No  Down  Payment!you an idea as to what is possible in your
price range and in the location you want.
Did you know you can buy a home with no moneyOnce again, select your Realtor right away so
down? Mortgage companies are eager to loanif you become interested in new construction
you money if you have good credit and youryour agent can negotiate for you. You do not
salary justifies the loan payment. Don'twant to not be represented by a Realtor when
believe it if you are told you need a bigyou are purchasing your first home. This is
down payment to buy a home . . . that isvery risky because this is a complicated
yesterday's  thinking.purchase and no representation puts you at a
major  disadvantage.
Get  Pre-Qualified
Make  a  Decision
This is an easy process. Just call a
mortgage company and discuss your situation.Once you find the best home that meets your
You can call your present bank or a mortgageneeds, take action. Homebuyers often
Broker. Ask friends or family for a personalhesitate and this could mean you miss the
referral. Use someone with a goodbest home that meets your needs. If you have
reputation. Interviewing lenders can be donechosen a good mortgage broker and a good
over the phone, so interview a couple to findRealtor, you should have the facts to make
the right one for you. Besides asking thethe  right  decision.
current rate, ask about closing costs. Once
you select your lender, meet with themThe time is right to buy your first home, so
personally and get a pre-qualification letterdo not wait. If you have the right team of
that spells out what you can invest, interestprofessionals assisting you, it is an easy,
rate and closing cost. You will now use thiswise and exciting process!
letter  to  shop  for  a  home.



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