10 Secrets Every First Time Home Buyer Should Know
First time home buyers always seem to make a lot of the same mistakes. Don’t add your name to the list of those who’ve made the same mistakes; remember these 10 secrets every first time home buyer should know.
1) Location: Make sure to scout your location and be familiar with the lay of the land around your home before you buy.
2) Mortgage Pre-Approval: Pre-approval is essential for any first time home buyer; it will tell you what you can afford and where you should be looking.
3) Financial House: Going right along with that last; you should get your financial house in order before you begin the home buying process.
4) Counselors: There are free and low-cost home counselors available for first time home buyers. Many of these will court your business afterwards. Be careful not to sign anything you don’t understand which could commit you to use of their products or services.
5) No Down-Payment: Low and no down payment mortgages are available for first time home buyers; check with different local lenders to find out about these.
6) Local Resources: There may be even more specific local resources available for new home buyers. Local resources may be for specific community development and enrichment.
7) Compare: You also should remember that you are the customer; even if you are a novice at this style of negotiation you should never sign up with the first vendors you meet; for anything. Find out about local reputation, get competing quotes and you can even shop vendors against one another to get the best price.
8) Quality: There is also a gut-check thing going on related back to your vendors for home buying services. Even if you get a better price from one vendor, price should not be your only consideration.
9) Lifestyle: Is home ownership in fitting with your lifestyle? Do you plan on staying here for a long while? Or is there a good likelihood that you could be called away to some other part of the world? Backpacking across the Himalayas, riding the tram around the Orient, taking elephants bareback across the desert? If any of these sound like possibilities for you maybe lower-commitment options may be better.
10) Expect the Unexpected: When you’re buying a home anything can happen. First time home buyers need to be prepared for anything and everything; financially and otherwise.
Wrap your brain around these 10 facts and if you’re game; get out and get shopping!
You can start with a free resource, "The Essential Guide to Buying Your First Home." This free guide walks you through the home buying process so your first time is not loaded with information from credit scores to down payments and more.
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