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    A Quick Step Guide For Your First Home

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    Home sales are on the rise as the economy slowly recovers and banks look to unload foreclosed homes making it a prime time to make the move to purchasing your dream house at a great price and rate. This article will serve as a quick guide to what you should consider before making an offer and leave you buying a home that is exactly what you desire and not one you simply settle for. It is a buyers market and you hold all the cards. The key is to play them wisely to benefit the most from your first real estate experience.

    Long before you consider buying you should have been saving money for a down payment. Before you start looking it is a great idea to save even more to account for additional costs, have enough to bypass PMI insurance for those with less than 20 percent down and simply have a lower payment or be able to purchase a slightly more expensive home. These are all the reasons you should cut back during that final stretch before you enter the market as you benefit greatly from any additional money you can save.

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    Never hesitate to ask questions of the realtors, banks or homeowners. One of the biggest issues of the sub prime crisis was people not asking questions or understanding the loans they were placed into. This has led to foreclosures, under water loans and homes that had items removed before closing or an assumption that repairs would be made when they contractually didn’t have to be leaving you with additional costs after closing that you may not have been prepared for. There are no stupid questions when it comes to loans that take half of your life to pay off so write down all you think of and ask away

    Always look beyond your neighborhood at surrounding areas. There are many wonderful communities that have surrounding areas that are less than stellar or even dangerous. This not only affects the value of your home but also your personal life if you can’t go out at night. Maybe you are in a high traffic area with lots of road noise at all hours of the day or roads that are difficult to enter and exit from due to congestion. Are the schools, stores and doctors close by or do you need to drive for miles? These all need to be considered before making an offer on a home.

    Make sure you have sat down with a lender to find out how much you can afford comfortably. Think about what may go wrong in the future, like a job loss, and never plan on taking the maximum loan the banks say you can do.

    Simply think before you act and buying a home will be a relatively easy process. Stay within your budget and account for possible financial issues in the future to ensure payments can be made and ask questions about anything you can imagine pertaining to the sale. This will ensure your dream home is everything you expected and more.

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