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Buying Home Primer
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This home buyers guide will give you the advantage you need to find the right home at the right time!
First, the biggest mistake buying a new home is negotiating mortgage terms that will help save you thousands in interest payments.
Whether it's your first time buying a home or not, you should understand the the whole mortgage process.
This often the most over looked and least understood are a buying home process.
Unless you are paying cash - the greatest area to save thousands of dollars is in your mortgage terms. Too many people - when buying home - focus only on the purchase price.
Don't make this mistake!
The real price of your new home includes all those interest payments! After 30 years of paying off your mortgage the REAL price of your home is over $750,000 on a $150,000 mortgage.
Numerous mortgage lenders will assist you in the buying home process of acquiring a pre-qualified and pre-approved home buying application.
Of course, your mortgage qualifications will be required by your agent to strengthen your deal in finding and buying a home.
Here are some other things to consider when buying a home.
7 Key Buying Home Tips
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Time
Don’t expect to find a great home tomorrow if you’ve only begun your search today. Buying a home is like working on a school project. It needs ample time. If you think you’ve gathered enough information and resources within your time table, so be it. -
Money
You should know exactly how much money you have and how much you can afford to spend on a home. Before buying a home, consider your financial status. Check your credit situation by getting hold of your most recent credit report at the credit center. -
The Right Agent
If you believe in the comfort and rewards of buying a home, you will need to trust the agent who will do the work for you. In finding a reliable agent you will need to look at many sources of information to determine “who represents what”. It is always best to compare experiences, backgrounds and referrals of reputable people. -
Needs vs. Wants
Why confuse yourself between needs and wants when you can have both? Upon gathering information in buying a home, take into consideration the different types of houses available and decide what you want from what is offered. -
Word Confusion
Needless to say, when you buy a home you should familiarize yourself with the terms and words used during the dealing and negotiating with your agent and contractor. Also, try to keep a list of the questions you have that need further clarification. -
Cue Cards
You don’t want to forget even a single detail about the home you’ve selected, right? Why not keep little cue cards where the ‘plus & minus’ on each home or property you’ve seen is listed and recorded. -
Points and Plus
Learn how to bargain and get the best possible deal -
Safety and Security
Be sure to get homeowner’s insurance. It may seem like a lifetime expense, but it will get you continued savings in the long run.
Final Check
Do a final inspection or walk-through of the house before settlement and before the contract is processed.
Consider the above points as helpful factors when you to decide to buy a home. Plan ahead and avoid the common mistakes that most home buyers make.
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Copyright © 2005-2006 Joe Pitino, Sales Representative Remax First Realty LTD Brokerage, Pickering, Ontario Canada & Integrative Performance, LLC