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Purchasing a Home
The wedding is now behind you,
and you have scrimped and saved a down-payment for your dream
home. The process for choosing the right home involves researching
your mortgage options, finding out your price range, and of course,
making sure you select a home with good value for the money you
will spend.
Select a Real Estate Agent
Locate a realtor to help
you find the perfect home. Be sure to tell the agent what you
can afford, where you want to buy, and provide a detailed list
of your likes and dislikes, so you won't be wasting precious
time viewing homes that are not right for you.
Shop Around
Finding a home can take
several weeks, or even months so be patient! Once your
agent narrows down the list, see as many homes as you can.
You may find your dream home
very quickly or you could have your heart set on a particular
home, but look at all the pros and cons. Check out the neighborhood,
the amenities, the history of the home, etc. If you are seriously
considering purchasing a specific home, it is very wise to hire
a home inspector. The inspector will investigate the exterior
and interior with a fine-toothed comb, and will submit a report
on their findings. This report will be helpful in making your
decision whether to purchase or not. Take your time this
will likely be the largest investment you ever make!
Financing
Finding a mortgage loan
that fits your needs is incredibly important. You should educate
yourselves somewhat about the different types of mortgages available.
There are fixed rates and flexible rates, with various terms.
Visit as many financial institutions as possible to compare
what each has offer and don't be afraid to negotiate!
Also, many lenders charge application
fees for their administration costs so inquire about any
additional fees upfront.
Other Expenses
Closing costs are the
fees generated once the property changes hands, for example,
title search and insurance, deed recording, property taxes, appraisal,
broker fee, legal counsel fee.
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