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Article #128: The First Time Buyer

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For years you have been scrimping and emotion, and a much bigger payoff. If you
saving, preparing for that day when you are not sure what you should be looking
could purchase your first house. Now, for in a home, consult extensively with
that day has arrived. However, now that your realtor and friends that own homes.
it is here, it becomes evident that the Start thinking about what you need in a
process of home buying can be a little home. What are your requirements in terms
overwhelming for a first time buyer. So, of rooms, location, amenities and other
what to do? first of all, don't panic and such aspects? Making a list is the
rush out and put a down payment on the easiest way to keep track of the
first house you see. This is going to be necessities.
a big purchase so you will want to plan 4. Get an Inspection. After finding the
your steps very carefully. home that you can see yourself
1. Get your credit sorted out. Having a purchasing, have the home inspected. This
good handle on your finances will only is a huge step that must be observed.
make this process easier. It's great that Most people include a subject on the
you have a down payment set aside, but purchase contract that the home must pass
have you secured financing yet? Having an inspection. Never skip this step!
financing arranged before you start There could one of many things wrong with
looking for a home is one of the best the home you have chosen that the owner
moves you can make. However, having may not even know about. Inspections will
financing arranged before you start survey the plumbing & electrical systems
looking means having the credit to get in the home as well as the roof and the
pre-approved for a mortgage. structure itself. Anything that is amiss
2. Get pre-approved. Being pre-approved can be utilized as a bargaining point in
for a mortgage allows you to shop worry the sale of the home, or if severe
free and it lets you know ahead of time enough; can simply be reason to walk away
what you can afford. Having your mortgage from that particular home.
pre-approved will also be an attractive 5. Close. Assuming that everything has
asset to realtors and home owners as it gone according to plan you should now
shows them that you are a serious merely be concerned with your possession
customer. date. The home passed inspection, your
3. Be Choosy. This will likely be one of offer was accepted, and the deal closed.
the more difficult steps. Buying a home Congratulations! You have bought your
is allot like looking for a rental first home!
property but with much more stress and






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