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10
steps to buying your first home
Morris Digital Works Wire Service
Buying your first home can and should be a fun, exciting experience.
It will probably also be the single largest investment you ever make.
For this reason, it is important to be involved and informed. Use
the series of steps below to make your home buying experience smooth
and enjoyable:
1. Select a realtor. Most realtors belong to the multiple listing
service, which means that one person can show you nearly any home
with a real estate sign in front. Working with one person that fits
your personality and listens to your home needs will assure positive
results.
2. Determine a realistic price range. Your mortgage lender
can determine in a matter of minutes how much of a loan you can pre-qualify
for, depending upon your income and debts. With these numbers in hand,
you can begin looking at homes.
3. View a variety of homes and neighborhoods. Don't be discouraged
if you don't find the right home the first day. Also remember that
love at first sight can apply to homes, too.
4. Select the home for you and make an offer to the seller
on an earnest money contract. Your Realtor will prepare the contract
and review it with you. When both parties have agreed to all terms
in writing, you are ready to begin the loan process.
5. Apply for your mortgage loan, after comparing rates offered
by several banks, mortgage lenders and brokers. The lender should
guide you through each step of the process.
6. Arrange for a home inspection by a Licensed Real Estate
Inspector. Have a licensed pest inspector check the home for termites.
Both should provide written reports upon inspection completion.
7. Consider a home warranty plan. Home warranty companies will,
upon failure of eligible systems and components of your home, provide
for repair or replacement. These plans are effective for one year
from the closing date. They can be part of the contract negotiations
(to be purchased by either the buyer or the seller).
8. Close on or before the date set forth in the earnest money
contract. Your Realtor should be present to provide help if needed.
9. Plan your move well ahead of time. Contact utility companies
in advance, and if you are currently renting, give your landlord at
least 30 days notice before vacating.
10. Enjoy your new home. Home ownership is the American dream.
By planning ahead, getting involved and staying informed, you can
start building on that dream today.
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