First Time Home Buying...What you should know.

With the deadline for the First Time Home Buyer Tax Credit looming so near, many people are unsure whether they should hurry and go ahead and purchase, or if they should wait and see if the deadline will be extended, or new incentives produced. But for those deciding not to take the chance to miss out on this rare opportunity here is some advice on that first time home purchase:

1. Do your best to be an informed buyer, collect all the information you can. Do not hesitate to ask your REALTOR® questions.

2. Familiarize yourself with the mortgage process. Talk to you lender about all the steps, and what is to be expected during the process so that you will not have any surprises later on.

3. Be a pre-approved Home Shopper. This gives you an edge when putting in offers. Talk to your lender and REALTOR® about this.

4. Be highly aware of your credit situation. Take care of any credit issues as soon as you possibly can. This will help you as you are going over your budget.

5. Find a REALTOR® that you trust and can be open with about your needs & wants in a home. (But also be realistic about your needs/wants vs. your price range)

6. When you find a home have your REALTOR® do a PTA(price trend analysis) or CMA(comparative market analysis) so that you have the knowledge to make the best offer possible or are able to negotiate the home price down to where it needs to be.

7. Once your offer is accepted you will need to familiarize yourself with the closing process and what is expected from your side of things.

8. Start making moving plans, so that you aren't feeling rushed last minute.

9. Find your closing attorney.

10. Do the final walk-through.

11. Secure your loan approval.

12. Final Closing and Settlement.

13. You are now a homeowner, enjoy your new home! Sphere: Related Content