Already on ArticleSlash?

Forgot your password? Sign Up

If You Are First-Time Home Buyer, Prepare Yourself!

 


Visitors: 259

The first step is admit your ignorance and get some experienced help. First and foremost, you need to find a reputable real estate agent which you can trust and you feel comfortable with. Remember that you are the buyer and the seller pays all of the commissions for both realtors. To put that another way, it will not cost you one penny to get professional help. You won't save any money either, as the commission is standard whether there are one or two realtors involved.

Do not sign up with the first person you talk to. Think twice about employing your friend who just got his real estate license, or your favorite aunt who sells a house or two a year. Interview several agents and treat the interview as if you were hiring someone to work for you (because you are). Find out how long they have been in the business, what areas they specialize in and get some references, preferably former clients. Then, be sure and call those clients and see what they think of the service they received. Finally, once you settle on someone, listen to them, and trust their advice.

How Do You Plan To Pay For Your New House?

After you hire your real estate advisor, you will need a mortgage broker who can help you find a good deal. Once again, get outside your circle of family and friends and interview people. Unless you are a pro at finance and understand all of the ins and outs of mortgages, do not do your first loan over the internet. It is wise to sit down, face-to-face with a lender, and have every word explained to you.

Have your lender give you precise information on what you can expect to pay on a monthly basis. There will be an abundance of very important papers to read and sign, and it is important to review them in detail with your lender so that you understand every part of the contract. If you are confused or don't understand, insist on an explanation until you do understand. If you are told not to worry about it or that it is just some form that the government requires, don't be afraid to shop around for a different mortgage broker.

Keep to Your Budget While Shopping

Now for the fun part: finding the right home. You have already established what you can pay with your mortgage advisor, so stick to houses in your price range. Know what area you would live to live in, and look at as many houses as you can in that neighborhood. Look at both new and resale homes. A new home usually costs more but it does come with warranties. The feeling of moving into a brand-new house can not be matched. Nearly new homes, however, will usually give you more for your money as they are a little less than brand new homes, yet don't have the repair issues of older homes. Slowly pare down the list of possibilities and revisit the most appealing one until you feel absolutely comfortable with a choice.

Remember to be an active member of the entire process, and trust the expertise of your real estate agent and mortgage advisor. If you have the right group of professionals behind you, the search for a home will be a smooth and rewarding experience.

Have a look at Annapolis Real Estate for your east coast home. If you are looking for a home in Arizona, consider Scottsdale communities for your purchase.

(606)

Article Source:


 
Rate this Article: 
 
First Time Home Buyer Loans Made Easy
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Time is Running Out on the 2009 First Time Home Buyer Credit

by: Rodney McNabb (August 23, 2009) 
(Real Estate/Home Buying)

What Not to Do As a First Time Home Buyer

by: William Buckley (July 13, 2008) 
(Real Estate/Buying)

5 Tips for the First Time Home Buyer

by: Jennifer Wasilewski (February 14, 2008) 
(Real Estate/Buying)

Know How to Avail First Time Home Buyer Credits

by: Subbu Rethinam (October 07, 2009) 
(Business)

First Time Home Buyer - Don't Rush the Process

by: Ryan Tollefsen (January 12, 2009) 
(Real Estate/Buying)

FHA First Time Home Buyer - Apply For FHA Loan

by: Marks Anderson (September 30, 2008) 
(Finance/Home Equity Loans)

The First Time Home Buyer Tax Credit - How it Works

by: Nick Piscitelli (August 17, 2008) 
(Real Estate/Buying)

Buyer's Paradise - Why Now is a Good Time to Buy a New Home

by: Neil Terc (August 11, 2008) 
(Real Estate/Buying)

First Time Home Buyer? Mortgage Programs Designed Just For You!

by: Susan Duey (February 13, 2008) 
(Finance/Mortgage Refinance)

First Time Home Buyer Loans Made Easy

by: Alex C Johnson (June 30, 2008) 
(Finance/Home Equity Loans)