Monday, 2 May 2011
10 Guides For First Time Home Buyers
Step 1: Checking your credit score.
Before getting pre-approved for a mortgage, Home Buyer should check Home Buyers credit report and score.
Step 2: What price home can Home Buyer afford?
First determine what kind of mortgage 1st time Home Buyer can afford. That will help determine what price house Home Buyer can afford.
Step 3: Mortgage pre-approval,
Mortgage pre-approval not only helps Home Buyers understand the financial limit, but can also give an advantage over other Home buyers not pre-approved.
Step 4: Finding a real estate agent.
Find a real estate agent who is familiar with the area where Home Buyer are considering to buy.
Step 5: Finding the perfect House.
Be clear with your real estate agent about what you are looking for in the perfect home.
Step 6: Making an offer on a House.
Keep these tips in mind when making an offer on your next home.
Step 7: Finding the right mortgage.
Understanding the pros and cons of the various types of loans available will help in finding the mortgage that is right for 1st time Home Buyers.
Step 8: Lock your rate and points
Understand what locking House buyers interest rate and points means. Knowing when and for how long to lock is an important part of the loan process.
Step 9: Home inspection and appraisal.
Making an offer contingent on Home Buyers prospective home passing an inspection can save Home Buyer thousands of dollars in repairs later. Home Buyer's lender will almost certainly require an appraisal to get a mortgage.
Step 10: Home closing procedure.
Be prepared at closing. Learn about the final walk-through in the 24 hours before closing as well as the home closing procedure itself.