How To Buy Your First Home

By Carter Phoenix

There comes a time in most people's lives to abandon the rental scene and to take the plunge and buy a home of their own. It's a very exciting yet anxiety-laden time and it will oftentimes seem confusing because there are so many things to consider. But if you make a point of learning as much as you can before starting the home-buying process, preparing yourself with the information that you need will make the process as straightforward as possible. So make the effort to learn more. That needs to be your first step. Truth be told, if you're a first time home buyer, it can be very confusing to figure out which aspect of it to tackle first.

Normally, people will buy a house solely on the basis that they have fallen in love with the way it looks, its layout and the neighborhood that it's in. That can be one of the worst ways to pick a house. Sure, appearance and location are important, but there are a bunch of things to take into consideration before you make your final choice. Here are a few tips to help you get started:

The first step in determining what house to buy is to know how much you can borrow, since that will dictate the price range in which you can buy. These days and due to the current state of the economy, few people can actually buy a home without having to borrow. Since this is highly unlikely, you need to think about getting a mortgage. Since you haven't done it before, it sounds a little daunting, but if you choose the right lender and get your finances in order, it should be no problem at all.

Getting a mortgage these days is not impossible but you need to have patience and understand there will be a lot of hoops to jump through to make it happen. The amount that your mortgage lender will be willing to lend you depends upon your current income, the debts that you have, as well as your savings, how long you have been at the same job and your credit history. Getting pre-approved for a specific loan amount will make your buying experience so much easier. Doing things this way will ensure that you will find homes within your price range and avoid spending too much.

The next step is to start the process of searching for a suitable home. Real estate agents are invaluable professionals to have on your side for the single largest purchase of your life. Take your time and interview a few different agents to find one with whom you will be comfortable. You can also use the internet to search for homes without even leaving the comfort of your own home. All of these will provide you with enough options when it comes to finding the right house within your price range.

Once you have found a home that meets your needs in terms of price, size, location and style, it's time to make an offer. Your real estate professional can do this for you, however if you're buying a house directly from the owner then this would allow you to make an informal offer to your seller.

So you and your seller have reached an agreement, now it's time to get things on paper, which means getting an official deed of sale. This would state just how much you'll have to pay to buy the house, all the things included in the sale (such as furnishings, outbuildings etc.) and the date when you can move in.

With all that over and done with, all that's really left to do is move in. Buying your first home is daunting -- there's no doubt about that. But you needn't be scared because as long as you know and understand, everything that comes with buying a home, everything will be just fine. Happy house hunting!

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