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First and fore most thing in purchasing a home is to plan before you start and the planning can termed as Pre qualifying.pre qualifying mean to decide how much you can afford or how much house you can afford to buy.becuae these will give u clear picture as to what you really need and how to go about it .these pre qualification will help you to negotiate with lenders and get what you need.Now How much house you can afford usually have two things.
How much can you pay as monthly housing payment, as it includes principal , interest taxes and insurance.etc.how much can you invest in the down payment as some of the lenders do charge down payment. so everything should be kept in mind and plan accordingly.
Now once you are prequalified the second step will pre approval.Pre approval will ensure the lenders that you are genuine and serious buyer and that you will be able to pay off mortgage payment. and some of the lenders will charge a small upfront fee and will pre approve you before actually searching for a loan.
House hunting:
Searching house to live can be a wonderful experience because you are doing it for you own comfort. so before starting searched do some home work check which is the god locality where can you find the best environment. see what are you preferenes.Once you are through with the idea then you will be able to explain more clearly to the agents as to what you need .learn more about the various types of housing available: Single family, townhouse, and condo. and then choose the one you want.
Find a Agent:
Now you done the planning even you have a clear idea of about your dream house ....so the point here Now what? what should be the next step? So now search for some one who can help you in these purchasing process. and that is an agent or a real estate guy.
choose an Agent whom you trust. it is equally important for the Home Buyers to search for the best agents as they search for the house.becuase right agent mean right loan and eventually good deal. make a search of the agent available, thoroughly check their past deals and their reputation and the then choose, its not that u need to have an agent for purchasing a house you can also do it on you own. but agent will help you in offering more options which individually you will not have. Some site even offer the option to search for agent online you can see their past history and their recent deals so that you can choose the right one. while choosing the right agent ask him what ever you have in mid, negotiate with him tell hi what you need. and sign the agreement only when you understand ever details of it.
Select the Right loan :
Now you chosen the right agent and now next step is to choose the right Loan. A loan which will benefit you in interest rate and with low monthly payments.There are different programs specially designed for a first time home buyers. so carefully study the loan .compare the rate for different loan. see how much down payment you need what is the qualifying credit score what the loans offer and is the life span of the loan. Don't just choose what the agent offers you, you are the one responsible for your home so choose the loan which you want. you can also choose the loan online. They will provide you with online quotes and some the lenders even tell you whether you qualify for the particular home loan or not.
Make a check list
Check list is necessary because it will keep a track of what u need to do and will help you monitor all the activity
* Check the credit report
* Planning for your home purchase
* Develop a budget
* Check your financial situation
* search ways to save money on Home Buying
* Learn more about owing a home and different terms related to it.
* attend the home buying seminars.
* House hunting, choose the right house
* Do you home work by determining the value of the house
* Search and choose for the right agent
* search for the right mortgage
* Compare the mortgage rates.
* Do home inspection don't blindly believe the seller that he has done the repairman
