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Before you start,
there are many laws that protect you from scams, unnecessary
expenses, and discrimination in the process of homebuying.
Know your rights!
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You can save yourself a lot of wheel-spinning if you take a minute
to figure out how much mortgage you can afford. |
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Make your wish list. Focus on the features you want in a home: 2
bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're
looking for will help you focus your search. And it will help your
real estate broker, too.
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You'll want to start searching for a broker as soon as you decide
to buy a home. Talk to several and find someone you think you'll
be comfortable working closely with. Many of your friends and relatives
have probably bought and sold their homes through brokers. |
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Many different kinds of mortgages are available to you. Read about
them, and make sure you understand the pros and cons of each. Your
real estate broker can help you. HUD offers some special homebuying
programs. Also, many local governments offer special homebuying
programs to help low-income homebuyers. |
Now you really begin house-hunting. Your real estate broker will
be able to find listings for you, based on your wishlist. But don't
stop there! You can do your own looking, and then ask your broker
to show you the house. Start with the Internet. |
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If you want to build a new home, there are other things you need
to know before you begin. Learn about construction standards and
about buying land, so you know your rights. |
Manufactured homes can be a great alternative for first-time homebuyers.
Again, it's good to know how the laws protect you. |
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You may want to consider buying a "fixer-upper." If
so, there are federal programs that can help you finance your repairs. |
When you make an offer on a home, it's a good idea
to make your offer contingent on a home inspection, conducted
by an independent authorized inspector. You will have to pay
for this inspection yourself, but it could keep you from buying
a house that will cost you far more in repairs, down the road.
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Your lender will require you to get an appraisal
of the house you want to buy, to make sure it's worth the money
that you're
borrowing. You may select your own appraiser, or you may ask
your real estate broker to help you take care of that.
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Lenders require that you have homeowners insurance, to protect both
your interests and theirs. Like everything else, be sure to shop
around for insurance that fits your needs. |
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Finally, you've gone through the whole process, and you're ready
to go to "settlement" or "closing." We know
you'll be excited, but be sure to read everything you sign! And
before you go, read this important information about your rights.
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Looks like you're ready to move. There's a lot to consider as you
plan your move. The good news is that there's lots of help. Check
this out. |
