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Top 3 Pieces of Advice to Consider Before Starting Your First Time Home Search

05/14/2010
We all dream of having a home we can call our own. A home is the ultimate reward for years of hard work. But it's more than that. When you purchase your first home, you can do to it whatever you want. Every home improvement you make becomes an investment in your home's future. And best of all, there's no landlord standing in the way of your decorating decisions.

Once you own a home, you'll stop wasting money each month, too. You'll probably make monthly mortgage payments. But once your mortgage is repaid in full, you'll have something to show for all those month of paying - a home!

First time homebuyers are usually the most excited of all homebuyers. They start out full of anticipation and excitement. But before long, the home buying process gets stressful. It doesn't have to be that way though.The more you know about buying a home, the more confident you'll feel. And soon you'll be opening the door to your brand new home.

Here are a few tips designed to make home buying more enjoyable for first-time buyers:

Be financially prepared
You'll need money for a down payment, for taxes and interest, and to cover closing costs. You'll also need error-free credit reports and the highest possible credit score. You will also want to make sure to compare mortgage rates in order to get the best terms. If you don't have all of that, you aren't ready to buy a home. Homeownership is a long-term commitment. Once you agree to certain mortgage terms, you're obligated to honor them until your mortgage is repaid in full. You can't walk away the moment the going gets tough. That's why it's important to how much you can afford now and in the future.

Know what you want
Do you want a single-family house or a condo? Do you want to live in the suburbs or the city? How many rooms do you need? What features are essential and which are not that important? Knowing what you want will help you narrow the housing options so you don't waste time looking at property that doesn't meet all of your needs.

Get help
You can learn a lot about buying a home on your own--and you should. But you can also ask for help. Just be sure the person you ask is trustworthy. Ask friends, co-workers and family for the names of realtors/brokers they've worked with previously and would recommend to others.

Do you Qualify?
There are many government programs out there that can ease the cost of buying a new home. The FHA Home Loan program is one such program. They allow home buyers with less than perfect credit to get a loan. There is also the VA Loan a loan designed specifically for veterans.

Buying a home could be the biggest purchase you make in your life. So slow down, learn as much as you can, and choose wisely!

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