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Tips For First Time Buyers Seeking To Purchase A New Home

By Hubert Miles

The time has come and you are now ready to buy a new home. The purchase of a new home will by all likelihood be the largest investment you will make in your lifetime. So why rush in to a decision that will affect you financially for 30 or more years. Even if you sell your home within 5 to 10 years, the type of mortgage you obtain will have a large affect on the equity in the home.

Before you start your search for a new home, you should ask yourself (and be honest) how much you can afford to put toward the purchase of your new home.

There are many factors that go into determining what you can afford to pay for you new home. The main factors are income, debt, down payment, and the term of the loan set by the lender.

As you prepare to start the home purchase process, the worse thing you can do is run around filling out applications everywhere you go. A better alternative is to obtain a credit report with your credit score from an online provider. Then take your credit report handy, begin speaking to banks and mortgage brokers about your options and what terms they can offer you.

A lot of buyers try to purchase a home on their own without the help of an agent in an effort to save a few dollars. These agents and brokers have acquired years of experience and knowledge about real estate transactions. There is no way of you gaining this experience in the 60 to 90 days period you will be buying a home. You risk making a mistake that could cost you a lot more than the fees you would have paid to the agents brokerage firm.

By no means am I suggesting that you hand them the keys and let them run the transaction any way they see fit. You still need to educate yourself and remain in control of your real estate deal.

Remember that these professionals earn their money when you close the deal. It is their job to help you get through the details and into the home you want to purchase.

Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that provides Oceanfront House and Ocean Houses available in the US and Canada.

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Article Citation
MLA Style Citation:
Miles, Hubert "Tips For First Time Buyers Seeking To Purchase A New Home." Tips For First Time Buyers Seeking To Purchase A New Home. 26 Jul. 2009. uberarticles.com. 15 Feb 2016 <http://uberarticles.com/finance/mortgages/guide-to-new-home-purchases/>.

APA Style Citation:
Miles, H (2009, July 26). Tips For First Time Buyers Seeking To Purchase A New Home. Retrieved February 15, 2016, from http://uberarticles.com/finance/mortgages/guide-to-new-home-purchases/

Chicago Style Citation:
Miles, Hubert "Tips For First Time Buyers Seeking To Purchase A New Home" uberarticles.com. http://uberarticles.com/finance/mortgages/guide-to-new-home-purchases/


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