Tips To Consider For New Home Buyers
If you are ready to purchase a new home there may never be a better time than now. Home prices are at record lows, but a home will still likely be the largest investment you will ever make. No matter how great a deal it seems, you should still proceed with caution and don't rush in to something you are not ready for. A home purchase could affect you for 30 years or more depending on the type of mortgage you choose.
The first question you should ask yourself is how much you can afford before you begin your journey towards home ownership.
There are many factors that go into determining what you can afford to pay for you new home. The main factors are income, debt, down payment, and the term of the loan set by the lender.
Once you determine what you can realistically afford, you'll need to obtain a copy of your credit report and begin the process of finding a lender for a home mortgage. Don't just start filling out applications everywhere you go, rather shop for a while. Armed with a copy of your credit report, begin talking to lenders about mortgage terms, interest rates, etc. until you find a lender that you find a good deal with.
A lot of buyers try to purchase a home on their own without the help of an agent in an effort to save a few dollars. These agents and brokers have acquired years of experience and knowledge about real estate transactions. There is no way of you gaining this experience in the 60 to 90 days period you will be buying a home. You risk making a mistake that could cost you a lot more than the fees you would have paid to the agents brokerage firm.
By no means am I suggesting that you hand them the keys and let them run the transaction any way they see fit. You still need to educate yourself and remain in control of your real estate deal.
Nearly all agents are paid a commission for their work on the real estate transaction. They have a vested interest in helping you purchase your new home. - 23223
The first question you should ask yourself is how much you can afford before you begin your journey towards home ownership.
There are many factors that go into determining what you can afford to pay for you new home. The main factors are income, debt, down payment, and the term of the loan set by the lender.
Once you determine what you can realistically afford, you'll need to obtain a copy of your credit report and begin the process of finding a lender for a home mortgage. Don't just start filling out applications everywhere you go, rather shop for a while. Armed with a copy of your credit report, begin talking to lenders about mortgage terms, interest rates, etc. until you find a lender that you find a good deal with.
A lot of buyers try to purchase a home on their own without the help of an agent in an effort to save a few dollars. These agents and brokers have acquired years of experience and knowledge about real estate transactions. There is no way of you gaining this experience in the 60 to 90 days period you will be buying a home. You risk making a mistake that could cost you a lot more than the fees you would have paid to the agents brokerage firm.
By no means am I suggesting that you hand them the keys and let them run the transaction any way they see fit. You still need to educate yourself and remain in control of your real estate deal.
Nearly all agents are paid a commission for their work on the real estate transaction. They have a vested interest in helping you purchase your new home. - 23223
About the Author:
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that provides Oceanfront House and Ocean House available in the US and Canada.
posted by X - Men @ 4:47 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home