Current Real Estate Market News and Tips
Essential Tips For First-Time Homebuyers
There are many things first-time homebuyers can do to make the process go smooth. Here are a few tips to get started.
As a first step, first-time home buyers will want to try to save money for a down payment, closings costs, and other expenses connected with buying a home.
While it's true that the more you save the better it will be, you no longer need a certain percentage for a down payment. There are loan options that require only a low down payment and many down payment assistant options available.
Another important tip for first-time homebuyers is to improve your credit score. Some suggestions on doing this are; stay current on your bills, avoid making any major purchases, and don't cancel any credit cards. Having a higher credit score is an advantage when buying a home. However, having said that, it is not mandatory. There are many options for those with less than perfect credit.
Home Buying Process
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The first step is to find the right agent for you.
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Get pre-approved for a loan. A lender can determine what type of loan best suits your needs and how much home you can afford.
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Now it's time to start shopping! This is the fun part!
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Next is to make an offer.
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After the negotiations are settled, the loan process and title work begin.
Expenses to expect
when buying a home
Closing costs are fees that you pay when you close on your house, besides the down payment. These costs can run 3-5 % of the loan amount and may include title insurance, attorney fees, appraisals, taxes and more. Knowing what closing costs to expect can help better prepare you for the homebuying process.
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Should I Buy or Rent?
Buying Has Long Term Advantages
Renting may seem to be less expensive initially, but when you consider the fact that rent always increases, investing in a home has financial advantages. Right now interest rates are very low and buying a home is a smart option.
Expenses to expect
when buying a home
