SUZETTE PORTER |
“Buying a home is a big deal. Whether it’s your first time or you feel like a seasoned pro, getting what you want at the best price means keeping your eye on the details from beginning to end.
A lot of the process involves personal decisions, starting with what type of home you want, your preferred location and how much money you have to spend.
Owning a home is a part of the American dream. But, it’s not the right choice for everyone, especially people who aren’t able to stay in the same place for at least a few years. People with credit problems may not qualify for loans.
The U.S. Department of Housing and Urban Development has a few basic tips to guide homebuyers through the process. The first tip is to figure out how much you can afford, which depends on your income, credit rating and current monthly expenses. You also have to factor in down payment costs and the interest rate for mortgage loans.
Your real estate agent will likely advise you to pre-qualify for a mortgage before starting any real house hunting. A word of caution, pre-qualifying is not the same as getting pre-approval for a loan, but pre-qualifying will give you an idea of how much house you can afford….
Before signing the final papers, take one more walk through the home and make sure any expected repairs have been made and that everything is as it should be.Read all the papers carefully and understand what they say before signing. Don’t be afraid to ask questions. You might want to hire a real estate attorney to look out for your rights. Make sure you find an attorney who is experienced with residential transactions.”