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How to Buy Your First Home


Written By: Craig Middleton
Sunday, April 26, 2020

Set yourself up for success by using these five tips when buying a house:

Repair and Build Your Credit

This is a step that has to be done before you start negotiating rates and looking at houses. If you have a lot of debt to pay off you will need to start paying it off or find some way to repair your credit. You want a good credit score because that will allow you to get better rates on a mortgage.

If you do not own a credit card you will want to get a credit card. You can start out with a nice credit card for beginners that will not cost you anything. All you have to do is pay off the credit card monthly. Use it for purchases that you would normally make such as gas and rent. Instead of using your debit card or cash use your credit card and pay it off on time. nbsp;nbsp;

Down Payment

To buy a house most people need to take out a mortgage, which is a loan specifically meant to buy a house. Most people will not be able to pay 200,000 plus dollars in one payment so they take out a mortgage and pay that off throughout the years.

You are going to need some kind of down payment to get the mortgage that you want. Typically anywhere from a 15 to 20 percent down payment is what banks and lenders are looking for when issuing a mortgage. There are zero percent down mortgages but, as with any loans, there are pros and cons to them.

Find a Realtor

You do not have to have a realtor but a lot of people do not know a lot about home buying so they hire a real estate agent. There are perks of using a real estate agent such as not having to deal with a lot of the paperwork. Real estate agents are great if you are too busy to do all of the nitty gritty work of buying a house. They are also great if you are brand new and not really sure what to do.

Attend Open Houses

Having a realtor allows you to go to open houses that they are putting on. They can also give you places that have good homes that fit your personal preferences. This could include buying a new home versus a used home. Figure out if you want a large home with a yard or a small apartment in a quiet neighborhood.

If you dont have a realtor you will have to do some searching on your own. This could include using search engines to look for open houses.Driving around a neighborhood or town where you want to live is also a good way to find out what houses are for sale.

Sign Paperwork and Lock Down Rates

After you get approved and after you find a house this means a lot of signing paperwork. Look at what each place needs before you go and sign papers. You will need to bring different forms of identification and maybe some past bills for proof of residency and payment.

Having your information ready to go shows that you are on top of everything and this will help speed the process up and help you lock down low rates on mortgage payments. nbsp;

Buying a house is a lot of work and will not happen overnight. Start making some small changes in your life and start saving for your first home. Soon you will make your dream of being a proud homeowner a reality.



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