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Essential Mortgage Advice For First Time Buyers
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding
the keys to your own home.
Figure Out How Much You Can Afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and interest
rate. It is best to visit a lender to find out for sure.
Need help with your downpayment and/or closing costs?
Know Your Rights
Fair Housing: Equal Opportunity for All - (PDF download)
Shop For A Loan
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to
get a better deal. Get pre-approved for a loan.
Looking for the best mortgage: shop, compare, negotiate - (PDF download)
Learn About Homebuying Programs
FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) –
which is part of HUD – insures the loan, so your lender can offer you a better deal.
Low down payments
Shop For A Home
Choose a real estate agent
Make An Offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to
negotiate until you both agree to the terms of the sale.
Get A Home Inspection
Always make your offer contingent on a home inspection. An inspection will tell you about the condition of the home
and can help you avoid buying a home that needs major repairs.
Unless you're buying a newly built home there will be a few minor repairs that the Inspector will find. The good news is,
the Inspector will print out a list for you at the end of the inspection. You can take this to your local home
improvement store and use it as a "honey do" list.
For Your Protection,
Get A Home Inspection
Shop For Homeowners Insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
12 Ways To Lower Your
Homeowner's Insurance Costs.
Sign The Papers!
You're finally ready to go to "settlement" or "closing." Be sure to read everything
before you sign.
Settlement Costs and Helpful Information - (PDF download)
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