1. Look for the lowest in mortgage rates. Many variables can impact the interest rate you are given for a loan and it's important to find your best deal. Although it may look like a negligible number now, that interest rate equates to a lot of money out of your pocket.
2. Get your credit report in order. Request a copy from the credit bureau for free and check it thoroughly for errors. Your credit score can give you greater leverage with lending institutions who will consider you less of a risk if you're in good standing with creditors. Polish up your report and put your best financial-face forward.
3. Calculate your expenses. Lenders will also look at what you're paying out each month, so carefully consider what is and isn't necessary. If you're paying on a lot of credit cards or own multiple vehicles, now is the time to cut back and put the squeeze on spending. Figure out what you've got to work with if you live within your means but frugally.
4. Find out what your down payment is going to be. This can be a deal-breaker for many first-time home buyers and the cause of serious disappointment. Don't let it be your downfall, instead, find out before you begin looking. Down payment figures vary according to circumstances and for some it's better to put down a lot if they are able, while others benefit from financing more. Know your situation and what your best options are.
5. Ask about property taxes and insurance. Of course, the better the location of your new home, the higher the taxes and insurance will be and this too can put would-be home owners in a bind. Factor these expenses into your existing budget too, right along with the mortgage and see what you end up with.
6. Test-drive an online mortgage calculator. These handy programs calculate principal and interest payments for fixed rate loans and can really help you plan for the perfect home. Use them to fully understand what is available to you given your present income and how the move will impact your financial future.
7. Accept help and advice. Hire a trustworthy buyer's agent or contact the most reputable Realtor in order to maximize the experience of searching for your home. Listen to the experts and sleep on their advice. Some things you learn may change your intentions and the course you take in getting the home of your dreams. Consult with other helpful professionals available through different government agencies and make sure this will all work out well for you and your family.
Real estate is confusing and dealing with lending institutions is downright intimidating! Prepare yourself well for the entire experience with plenty of research and fact-checking and you should end up living in a fabulous new home without overspending or settling.
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