| So you are on the market to buy a house for the | | | | Number Two: Be Aware of First Time Home Buyer |
| first time. Wow! That's exciting! And terrifying, and | | | | Programs |
| daunting, and confusing, and overwhelming! There's | | | | In every part of the country there are different |
| so much to consider when buying your first home. | | | | programs that are designed to make it easier for |
| Stuff you never thought of before. It seemed like all | | | | First Time Home Buyers to get into a house. Some |
| you had to do was go find the perfect little house | | | | of these programs are national and are the same in |
| out of the millions listed, ask somebody for a loan, | | | | every state, and some are some are completely |
| and then move in! Who knew that you actually had | | | | different. Make sure that you ask your mortgage |
| to plan this thing out?! It's ok, don't stress. I have put | | | | professional to educate you about any grants or |
| together this little list of 3 simple things to do | | | | other programs that you are eligible for because |
| BEFORE you start looking. It's not rocket science but | | | | youíre a first time home buyer. This is not |
| it WILL HELP. So here we go! | | | | the same as getting pre-approved for a loan amount. |
| Number One: Find Out How Much You're Worth! | | | | Some of these grants and programs give you down |
| It seems like a "Duh" but you would be amazed at | | | | payment assistance, some of them allow you to add |
| how many people start their home searching process | | | | money onto the loan for remodeling (called an FHA |
| without having any idea how much money the bank | | | | 203k streamlined loan), some of them will GIVE you |
| is going to lend them. Then, after much searching, | | | | up to $14,000 to buy a bank foreclosure! You |
| they find the perfect home only to be informed by | | | | certainly don't want to miss out on these programs |
| the mortgage company that they only qualify for half | | | | because you didn't know about them. |
| the amount they need. That is not a good feeling | | | | Number Three: Do Not Buy at the Top of Your Price |
| and can be very demoralizing. So here's what you do. | | | | Range! |
| Before you ever look at a single home, walk into the | | | | It's very tempting to take that number that the bank |
| bank that you normally do business with and ask to | | | | says you can borrow and go buy a home priced at |
| speak with their mortgage representative. Tell them | | | | exactly that much. Don't Do It!! Here's why; Even |
| you are looking to buy your first house and you | | | | though with a maximum loan amount you will be able |
| need to know how much money you are going to be | | | | to make the monthly mortgage payments you |
| able to borrow. They will ask you a series of | | | | wonít be able to budget in more money for |
| questions and within hours you will be pre-approved | | | | incidentals. There's a lot more that goes into owning |
| for a certain amount. IF you don't like that amount | | | | a home than just your mortgage. Utilities, insurance, |
| you can get a second opinion from another bank or | | | | repairs, and maintenance. There is no landlord any |
| mortgage broker. But be careful. If you go to too | | | | more so you are responsible for ALL of it now. Make |
| many people and get too many opinions it can | | | | sure that you have enough monthly income to cover |
| actually lower your credit score and make banks not | | | | it all. Buy something that is just a little bit under |
| want to loan to you. Before getting a second opinion | | | | (maybe 10 percent) your maximum approved loan |
| you should contact a local Real Estate Professional | | | | amount. You will thank yourself later! |
| and ask their advice on the matter. Once you have | | | | If you have any questions contact your local Real |
| done all of this you may now start your home search | | | | Estate Professional and they will help guide you |
| with the knowledge of how much money you can | | | | through all of this. That is what we do! |
| actually spend on a home. | | | | |