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