Home Buyer's Guide
Buying a home is a big project but you can easily avoid many of the biggest hurdles simply by using some of the tips in this Home Buyers Guide. Â
Know what you can afford
- Calculate monthly mortgage amount, expenses, upkeep, taxes and all other possible costs
- Down Payment: the larger the amount placed down the more likely you will get approved
- Interest Rates: understand the impact of interest rates on the cost of the home (for instance, a $200,000 home at 5% interest is cheaper than a $150,000 home at 7%).
Finding a Lender
- Deal with reputable lenders and seek professional help from agencies such as the Better Business Bureau to identify members of good standing.Â
- Shop three or more lenders (a REALTORÂ® may be able to assist you in choosing a lender).
- Know your rights when exploring different loan options (consulting a lawyer may be necessary).
- Visit banks and lending institutions in person - because of the subprime mortgage crisis new rules often demand you visit the banks.
- Educate yourself in recent government programs that can assist you.
- Keep an eye on interest rates - the 30 year fixed rate mortgage has been as low as 4.72% in 2010.
- Consult your local REALTORÂ® for additional information.
- Review websites such asÂ http://www.mymoney.gov/Â orÂ http://www.fdic.gov/.
This Home Buyers Guide is very basic and you will need answers to many more questions. Â Get connected with a Realtor today and avoid missing out on the really good deals because you weren't prepared. Â Contacted me today so that we can set-up a home Buyers plan that will help you find the right home.