Do Not Buy A House!! (till You Do These 6 Things First.)

Buying your first home is down right scary for most people

. Your facing the unknown in most cases. Terms you don't know...payments your not sure of...and I wont even mention the contracts to sign. Some studies show that some people are so over come with anxiety that they wont take the first steps to even buying a home.

For most people buying a home is the largest financial purchase they will make. If it is your first time be sure to take advantage of all the program information and home buying programs you can.

Be sure to prepare yourself before buying. Here are six steps to follow before buying:

1) Before you start your house search, think carefully about what it will be like to be a homeowner. For most people, home ownership is an integral part of the American dream and the advantages (tax benefits, sense of home, financial investment) far out weigh any drawbacks.

2) Have an idea about your credit right from the start. Your FICO score will normally be between 400 and 850. the higher the score the better your funding chances are. Get a copy of your credit report and review it. Look for any discrepencies and report them to the agency. In some cases you may want to use a credit repair agency.

3) Understand exactly what your finances are. For most homebuyers the two most feared words are: DOWN PAYMENT. Today, there are so many diffrent types of loans available that this shouldnt be as much a worry as it was, say ten years ago. a good loan officer or mortgage broker should be able to walk you through the process and stear you clear of the programs to avoid.

4) Have your mortgage broker pre-approve you..NOT pre-qualify you. a pre-approval is actually a great out line of what you can spend on the house as well as the intrest rate you will be looking at. The best part is that you have much more leverage when actually shopping. It tells the seller you are already several steps closer to getting them a check from your bank then someone who is "just looking."

5) While meeting with your mortgage broker or banker, have them look into any down payment assistance programs that may be available. They should have an idea of what would be available to you. There are many programs out there run by counties and cities and other governmental agencies. The trick is to know about them, first, and then to see if you qualify for them.

6) Look into first-time home buyer classes. Many lenders and Realtors offer home buyer education classes. They are usually 2 to 4 hours long and will walk you through the process of applying for a loan, working with a Realtor, making an offer, going to escrow (closing), and various other responsibilities associated with owning your own home. And realize that whoever is putting on the class is will also try and sell you on their services, which is fine, but you are under no obligation to use them.

Follow these six steps and ask questions. Make sure you understand EVERYTHING that they explain to you...if you dont understand something ASK ASK ASK! Good luck.

by: Doc Schmyz

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