Buying Tips

Whether you have spent years saving and preparing to buy a home, or you still aren't sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless.

Here are some tips to help you with the process of becoming a homeowner:

Review your Credit Report and address any problems you may have.

You can go to AnnualCreditReport.com to get a copy of your credit report from the three main credit bureaus.

Pre-Qualify for a Loan
Being pre-qualified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.

Shop for Mortgage Rates and Terms
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

Buyer Agency - Use a REALTOR as Your Personal Representative.
A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home.

Consider Features that Help or Hurt Resale Value
Your Realtor can point out features that hurt, as well as those that help, resale value. For example, in some areas, a swimming pool can detract from a home's value and can make the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value.

Rate the Houses You Tour
After touring each home, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the house that's the best for you.