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    Homebuyers 101: Early Preparation

    home buying 101

    It can be very fun and exciting to buy your first home, but there are a few things that can make the process really stressful. You do not want to become so frazzled over the experience that you can’t fully enjoy your new place. The following guide will show you how to prepare yourself for this new and exciting journey.

    Get a copy of your credit report, and make sure to check it for any discrepancies. You are allowed to request a free report yearly from three different credit reporting agencies. Make sure that you get all of them since there may be some differing information. If you notice something that is not correct, contact the agency right away to dispute it. You don’t want to have any issues securing financing due to an error on your report.

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    Figure out the amount that you are able to afford to spend. Do not make the mistake that a lot of people do, and buy a home that makes it hard to live comfortably. You should be able to afford monthly house payments, car notes, utilities and everything else without feeling like you are burning a candle on both ends. Sit down and work out a budget, and choose a home that is well within that budget.

    Most people are aware that they need to save money for a down payment, but have you factored in the closing costs. There are a lot of fees involved in the home buying process including attorney’s fees, appraisal fees and those for filling out the mortgage application. It would be a shame to find the house you want and have all of these costs prevent you from purchasing it. Sometimes sellers are willing to help you with closing costs, but you should have enough saved just in case.

    Make a lists of wants and needs, and try to find a home that offers a lot more in the needs area. Everyone would love to find a home that meets all of their criteria, but in a lot of cases this is not possible. You may find a home that is in a great neighborhood and in your price range, but it does not have the finished basement you wanted. Figure out which features you are willing to live without, and you will have a better chance of finding a new home.

    Visit several real estate agents before making your final selection. Not all agents are created equally, and you need to find one that meshes well with you. If you get a vibe from an agent that is not very positive, it is not a wise idea to have them help you look for a home. You should work with one that is courteous, experienced and attentive to your needs. They should be willing to work very hard to find you a great home in your price range.

    Getting everything in order before you go out searching for a new home will reduce a lot of stress. You will be able to focus on the house, and not all of the bad things that can happen during this process.

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