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Some tips on Buying a Home that would really help you

You may find the procedure of home buying little bit complicated, however if you do some research and take a steady approach, you would hold the keys of your own house very soon. Following are some tips on buying a home that can help you save a lot of time and money and make the entire home buying procedure simpler.

Nine Tips on Buying a Home

Tip #1: Work out your affordability

Your affordability is dependent on your credit rating, income, recurring monthly expenditures, the rate of interest and down payment. The calculators are there to help you out, though it is advisable you contact a lender to ascertain your affordability. If you require assistances regarding closing costs and your down payment, you can get in touch with a housing counselor. He can also guide you about managing your debt, repayment of your debt and how can you begin saving for your down payment.

Tip #2: Have knowledge about your rights

Have a fair idea about your rights as a borrower, the Fair Housing Act, predatory lending and the Real Estate Settlement Procedures Act (RESPA).

Tip #3: Shop around for a loan

You should do a little bit of homework in order to save money. Get in touch with various lenders, make comparison between expenses and rates of interest and bargain for a superior deal. Think about becoming pre-approved for a home mortgage.

Tip #4: Know about home buying programs

Get an idea about the home buying programs available in your state. FHA (Federal Housing Administration) loan programs provide lesser down payments and are favorable choices for those who are going to buy a home for the first time.

Tip #5: Shop around for a home

If you select a house in any area with the help of a Home Owners Association or HOA, always remember to ask for a copy of the HOA packet. This would help you perform an assessment prior to closing.

Tip #6: Make an offer

Speak with your real estate agent about the procedure. If your offer is refused by the seller, you might have to bargain till the time both of you consent to the terms and conditions of the sale.

Tip #7: Do a home inspection

You should make an offer only after doing a home inspection. This would give you a clear idea about the home’s condition and can save you from purchasing a house, which requires major renovation.

Tip #8: Shop around for homeowners insurance

Lenders ask for homeowners insurance as a necessity. So don’t forget to shop around.

Tip #9: Sign Papers

Ultimately, you are prepared to go for closing or settlement. Always ensure to go through everything ahead of signing.