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Helpful tips for a first time Homebuyer



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By : Sonia Smith    99 or more times read
Buying a home for the first time? If you plan to buy the house of your dreams soon, this article helps you get more information on buying a home for the first time. The tips serve to help you financially prepare before taking on the plunge. Below are helpful tips to help you decide.

  1. Find out comparable home prices in your locality. You can check out online for a general idea of what you are expected to pay and look for MLS listings in your area by browsing through several websites.

  2. Be practical on the kind of home that you can afford. Get an idea of the maximum amount you can spend by using a Real Estate home affordability calculator.

  3. Determine the total housing expenses every month including homeowners insurance and taxes. In some areas, the amount you pay for insurance escrow and taxes could almost double your mortgage payment.

  4. Find out the costs you will have to incur in the costs of closing. Do not neglect the upfront expenses of settling in your home. The costs of closing will include the originations fees, which is charged the mortgage lender, title and settlement fees and other prepaid expenses like the homeowner’s association fees and homeowners insurance.

  5. Have a clear view of your budget and try to fit a housing cost into it. It is highly recommended that you should not spend more than 28 percent of your income on the costs of housing.

  6. Get in touch with a reputable and reliable real estate agent in your locality. Seek advice on the true situation of the real estate market. Find out if home prices will continue to fall, has hit rock bottom or will soon rise.

  7. Although home buying is a wonderful investment in real estate, maintaining it could become taxing and costly. You are most likely to face unexpected expenses like the cost of new appliances, repairs on the roof and plumbing concerns could drain your bank account.

  8. Your credit history and report plays a big role in the entire home buying process. When you buy a home, the lender will sure to review your credit thoroughly. Study your credit report and score first before you approach a mortgage lender.

  9. In purchasing a home, it is necessary that you have enough information on the different kinds of mortgage available. There are various types of mortgage around like the balloon mortgage and fixed-rate mortgage among others.

  10. A checklist in home buying is a wonderful tool to help you in the home buying process. It helps you keep on the right track and determine the features to look for when hunting for a property.

As with any endeavour, it is important to be prepared for the costs before taking the plunge. Additionally, you have to spend both time and effort in the entire process. Be realistic on the amount you can and you cannot afford. Always keep in mind that buying a home is one of the biggest investment in your life and this investment is a wonderful endeavor that you could pass on to your children.
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