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How to make
your home-ownership dream come true...
Buying a home
is one of the most important decisions a person can make, but it
can be a complex process. Coldwell Banker Quality Realtors
offers the following tips for first-time homebuyers with a
checklist of the 10 essential steps to help make the process
smooth and successful.
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Ask Your
Lender About Available Mortgage Programs: An experienced mortgage company
should be able to work with you one-on-one to determine
exactly which mortgage programs will meet your individual
needs and what you can qualify for based on your personal
information.
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Research
the Terms of the Mortgage:
Different mortgage lenders have varying price
structures that can affect the amount that you pay
for your home. An annual percentage rate (APR)
includes the actual interest rate on the loan, as
well as certain fees and costs associated with the
loan.
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Because a
customer may be paying “points” and other closing costs, the APR
disclosed may appear to be higher than the actual interest rate
quoted for the loan. Not all lenders calculate APR identically;
however, it does give customers a relatively fair method of
comparing price on their potential loans.
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Get a
Pre-Qualified Loan Commitment:
Even before the house hunting begins, homebuyers need
to determine how much they can afford. Mortgage companies or
other lending institutions provide pre-qualified loan
commitments. Sellers often don't take an offer seriously
unless the prospective first-time buyer has some assurance
of creditworthiness from a mortgage company. Please visit
www.coldwellbankermortgage.com for more
information about getting a pre-approval with Coldwell
Banker Mortgage.
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Do
Your "Home-work":
Search our site to check for
listings,
neighborhood
information and
current
mortgage information. The right amount of research
will help you to better understand the marketplace and homes
available in your price range when you’re ready to work with a real estate professional.
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Make a Checklist:
To help make the home buying process a little easier,
homebuyers should create a checklist of the important
features they want in a home. Location and the number of
bedrooms and bathrooms are usually important. Other
important questions to answer: What will the commute to work
be like? Are there shopping centers, parks and schools
located near the home?
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Find a Buyer's Broker:
A
buyer's broker or agent represents the buyer’s interests and
helps identify homes that are for sale and in the right
price range. The broker also can help with such tasks as
writing contracts, negotiating the asking price, and closing
the purchase. Any of the
agents at Coldwell Banker Quality Realtors
can
serve as your Buyer’s agent and can show you any property
listed with any agency in our area.
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Make an Offer:
Once you find the right house, make an offer. Make sure that
your offer is contingent on two items: 1) You're able to
obtain adequate financing (if you haven't done so already),
and 2) you can pull out if the property doesn't pass the
home inspection, and the owner can't come to terms about how
to fix the problem.
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Hire A Home Inspector:
Making an offer contingent on an inspection by a
registered home inspector can save thousands of dollars by
avoiding unseen problems. Inspectors will check the house
for any structural damage. In the contract with the seller,
it should state any necessary repairs that must be made
before closing on the house. Prior to closing, walk through
the house and check that such repairs have been completed.
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Buy
Homeowners Insurance:
Lenders require homeowners insurance to protect the
new homebuyer's interests as well as their own. There are
many providers so shop around for the best rates.
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The Closing:
This is where the seller and buyer sign settlement-closing
papers to transfer the ownership of the home and all
transactions are finalized. Congratulations, you achieved
the American dream and you are now a homeowner!
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