Owning a home is a
good thing but buying one is not easy. It requires a lot of work and you’ll
have to make one of the biggest decisions in your life, to make your dream
house come true.
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| credits to http://resources.newhomesource.com |
1. Be sure to have
yourself a buyer-broker who solely works for you. Your broker can communicate
with the real estate agents of the seller.
2. Don’t buy a house
right away. Do a thorough canvassing of house prices before you invest in one.
You might save yourself from spending too much for a house.
3. Have a licensed home
inspector to survey the house you want to buy before you agree to the terms of
the seller.
If you are shopping
for home mortgage:
4. Do your homework by
researching in the current interest rates of housing properties. Read the
newspaper, check the web or call the lenders.
5. You can save
thousands of dollars by getting the shortest-term mortgage that you can afford
so check for the interest rates.
6. Don’t focus on one
lending company, compare multiple lenders and get the Annual Percentage Rate
that will summarize the points, broker fees and other credit charges for a
whole year.
7. Determine whether
the interest rate is fixed or adjustable. Adjustable rate mortgage loans can
raise your payments by hundreds of dollars in just a month. You don’t want to
pay more than what you get.
8. If your loan has an
adjustable rate, ask how much it would change.
9. Ask how much down payment
is required as some lenders require as much as 20 percent of the properties
purchase price. Lenders may also require that you have your own private mortgage
insurance if you fail to pay or get behind the payment.
10. Lastly, ask if you can pay the loan ahead of
time and if there are any consequences for doing so.
Porama Srijinda, MBA.
REALTOR®, CIPS
Broker Associate at Keller Williams Realty.
Authorized HUD Agent. Short Sale and Equator Experiences,
Ca. DRE. Lic# 01838443
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