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Three Doníts When Taking Out a Home Mortgage



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By : John Cutts    99 or more times read
Are you looking for a house to buy? Are you planning to approach a home mortgage lender to finance your home purchase? Here are three things that you should avoid when taking out a home loan mortgage to buy that dream home of yours.

  1. Donít develop a fatal attraction to a home

    Do not be too transparent and expressive about your feelings when looking at houses presented by realtors. Some realtors use your own expressions of awe to create their own spiels so that you become attached to a certain house after seeing only a few houses.

    Be on guard about choosing a higher-priced home just because you saw some part of the house you have become attracted to even if that part is not essential to family living.

    Always remember that realtors have been trained by their managers and have been sharpened by their experiences, making them experts in persuading you to become attached to a house they have been wanting to sell.

  2. Donít ignore programs for new homebuyers

    There are lots of home ownership programs offered by federal and local agencies exclusively to first-time homeowners. These programs feature grants, low down payments, special low-interest loans, bonuses and first home buyer mortgage options that facilitate home ownership.

    Spend time browsing the site of the Federal Housing Authority and the sites of local housing agencies and look for programs that best fit your qualifications and that offer the most benefits. The FHA home mortgage program for first-time homeowners offers down payments lower than comparable commercial home mortgages.

  3. Donít forget closing costs

    Most new homebuyers consider only the down payment for the home mortgage when sorting out their finances. You should consider closing costs, which can add up to an amount much larger than you thought. These include fees for home inspection, appraisal, home insurance, land survey, land transfer, home warranty and home mortgage insurance.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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