Things to Know When Buying a New Home For the First Time
Posted by: real estate / Category: BuyingThings to know:
1. Check your financial status: can you afford a new home at a recession period? Do you have an emergency fund you can count on for at least six months? Are you sure you have a steady job as well as a stable job? Do you have enough money for the down payment?
2. Get a credible and well informed estate broker that could give you information about the best mortgage lenders. Do a proper research on few of them and establish a relation with at least two of them. This might involve opening account with the two. This would aid you at the time you want to buy your home.
3. Know what you need to do for your banker to give you a letter of pre-qualification. Pre-qualification is finding out from your lender what you require to get a loan to finance your home after disclosing your income pattern and your assets. With this information your mortgage lender will give you an estimate of what the institution can lend you.
4. You can also find out what qualifies you for a low down payment or no payment at all [as in the case of veterans] and adhere to those rules.
Having done this you can then proceed to take these steps to search for a home.
Start by browsing the internet:
There are many sites that you can browse that can give you ideas of what you should be looking for. The price range of what you are looking for as well as the location you may be looking for. Sometimes you stumble on prices of good homes you don’t even expect to find. If you are diligent enough you will be surprised at the wealth of information you can get online.
Be specific about the time frame:
Do not let your estate broker to indulge in an undue search. Give him a time frame to work on and insist on getting result within that time. There is no reason why you should search for a home than a month. So search for an agent that can work within your time frame.
Have a detailed list of what you want before embarking on home search. Most times going with a written list can help you a long way in deciding on time. This is because while you check out new homes you can tick qualities you wanted in that home that correspond with the one you have in the list. Afterward rate each house in percentage to find out if you are getting close to your desired goal for a home. Sometimes you might go with digital camera.
Remember the decision to choose is yours alone to make, so make the wise one you can live with for a long time.
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Lizzy_Alicia_James
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- First Time Home Buyer Grants - Down Payment Assistance From the Government - June 6th, 2009
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Tags: Buying a Home, mortgage, mortgage lender