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Resources - Buying Your First Home

Apr 5, 2008
For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control. When it comes to real estate, most people don't have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.

The first thing you should know is to avoid penalties for pre-payment at all costs. What this means is that if you buy the house and then want to sell it before the balance of your mortgage is due, you must pay a penalty. You will find a wide variety of loans that do not include these types of sanctions. If you find a loan that does include pre payment penalties, you have to turn immediately to the bottom and look for another loan.

You should also be on the lookout for good ARM. If you have a good ARM, your interest rate and monthly payment will adjust at the same time. This will ensure that your interest does not affect your monthly payment. If your interest rate affects your payment, you will notice the unpaid interest reflects the total amount of your loan balance.

You'll also want to get pre approved for your house as well. This lets the seller know that you are serious about buying, and will normally work in your favor to give an edge - which is especially handy if there are several others interested in purchasing the home. Getting pre approved will also save you a lot of time as well. If you can't get approved for a loan, you shouldn't waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price.

Before you purchase a home, you should always be aware of how much you can afford. Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment. If you manage your money smart and know your finances, this shouldn't take you hardly any time at all. On the other hand, if you don't know your finances, this will take you a long time indeed.

If you have already purchased your first home, you should always avoid taking any loan equity housing. These loans can be very tempting when you get into an emergency situation and need for cash, although most personal loans are in addition to more than the value of your home. You should never, under any circumstances, take a loan from the equity of housing, because there are many other ways you can clarify their personal problems without jeopardizing their home.

Keep in mind that the above are only a few basic tips, and there are many other things you need to know before you buy your first home. You should be familiar with private mortgage insurance, special loan programs, fixed-rate and adjustable mortgage rates, and many other things. Buying a home is an easy process once you know a little more about it. If you are familiar with buying a home and learn everything you can about what is at stake, you will find buying a home to be easier than you ever imagined possible.
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