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Buying a Home

Getting Ready to Buy a Home

Pull your credit report and make sure there aren’t any errors. Check your credit score – better mortgage rates are given to buyers with high credit scores. If you see any items that could be cleaned up call your creditors and work out payment schedules. Sit down with a mortgage professional and get preapproved.

Decide if you will be taking your existing furniture or buying new – remember you may pay more to move something long distance than to simply buy new. Do NOT make any major purchases before you buy a new home. Wait to buy that new car after the home is purchased.

Quick Tips For a Successful House Hunt

Make a list of priorities and let your agent know which items are have-to-haves. Establish a budget according to your mortgage pre-approval – no sense looking at homes that you can’t afford. Also consider taxes, homeowners fees, and insurance when working out your budget. And all adults living in the home, should have a say in the process.

Remember you are not only buying a home, you are buying the neighborhood. So tell your agent about the lifestyle, amenities and location that would be most desirable for you. Your agent should also be able to point you to sites that will show school ratings, crime stats, and possibly houses of worship, if this is important to you.

Limit the number of homes you see in one day. Too many home showings only makes you confused and overwhelmed. After about 8 home showings everything will run together in your mind so you can’t recall the best features of the homes you liked.

Is It Better to Buy or Rent?

Mortgage rates have been at record lows for quite a few years now. So the cost of borrowing money makes home ownership cheaper than renting, in many cases. Rental rates are increasing at a faster pace than home prices so you never can be sure what your rent will be long term. And investors have been buying which says they are sure rents will be increasing. And when you buy, any improvements you make will return a portion to you in years to come. Buying a home is a long term investment that gets paid off over the years. And wouldn’t it be nice to have your home paid off when you retire!

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