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What would you recommend as the best first step in home buying? |
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Before you start looking at homes for sale, be sure you do some
"homework." Here are some of the questions for which you'll need
answers:
- Check out interest rates
What
are current local mortgage interest rates for 15-year and 30-year fixed
rate mortgages, and for 1- 3- and 5-year adjustable rate mortgages?
- Shop for the best loan
Which
type of loan is best for you? Will you be in the house several years
and benefit most from a long-term fixed rate, or do you want a lower,
short-term rate because you plan to move soon or expect your income to
increase rapidly over the next few years?
- Determine how much house you can afford
How much of a mortgage can you qualify for? The loan amount plus your down payment tells you how much house you can afford.
- Investigate neighborhood prices
What neighborhoods feature homes in your price range?
- Separate needs from wants
What
are your priorities for your next home? How important are public
transportation, community facilities, on-street parking, lot size,
privacy? How many bedrooms and baths will you need? Will you need a
space for a home office? How important are quality neighborhood
schools?
Chances are you can answer a couple of these questions on
your own, but you may need some assistance with the others. If you do,
please call or e-mail us. We can make sure you have the preliminary
house-hunting information you need.
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