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7 Important Tips for First Time Home Buyers by Samantha Flores
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7 Important Tips for First Time Home Buyers |
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Business
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Check out this short, practical advice for first time home buyers.
Thinking about buying your first home? There are a lot of factors to consider before you make a final decision to invest your money and time. From finding the best place to live and security to mortgage loans and credit checks, it is always wise to do sufficient research and mull over your options carefully. To help you with that, below are seven useful steps to take to determine whether or not you are ready to make the investment.
1. Check your current credit This is a very important first step to take to know if you’re qualified for a loan. With the economy still recovering from the recession, the standards for a house loan is higher. To get a sense of where you are in your credit, you can use a service like AnnualCreditReport.com. You can get a current credit report for free.
2. Shop around Know exactly what you are looking for in from price range to the type home you want for your family. Find your best options in the market. Look for a home that really meets your requirements.
3. Know how much mortgage loan you qualify for Get an idea of how much loan you qualify for. Ask a lender for the actual amount of money they are willing to loan for first time home buyers like you.
4. Calculate the closing costs The upfront costs of closing on your chosen home should not be overlooked. Be sure to find out an estimated amount of money you will pay in closing costs. These would include origination fees, title and settlement charges, taxes and other homeowners association fees (if there is).
5. Obtain a home inspection Find time to make a home inspection prior to purchasing a home. You can do it yourself. But it would be best to get a trained home inspection professional to do it for you.
6. Talk to a trusted real estate agent Consult with a reputable real estate agent and ask about his or her professional opinion about your planned investment in a particular home.
7. Make a final decision Once you have all the factors considered, weighing in all the upsides and downsides, it’s time to make the decision whether to make the plunge or not.
If you have any questions, comments or suggestions, please visit: http://southforkfunding.com/
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