With low interest rates and foreclosure and short-sale properties on the market, many first-time home buyers have made the decision to enter the market. If home ownership is finally within your reach, be sure to keep these five tips in mind before beginning the process.
1. Do Your Homework: Use the Internet or a Realtor to find out about the area you are looking to purchase in. Study the average closing prices of comparable homes. Be clear about what exactly your needs are and differentiate between “must-haves” and “wants.” Your must-haves are your necessities. Your wants are things that would be nice to have but shouldn’t be a deciding factor in selecting a home.
2. Check Your Credit Report: Clean up your credit score before you apply for a mortgage. Check for mistakes, fraud and outstanding items. Not only will your credit score affect your rates, but it can impede you from getting a mortgage at all.
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