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Purchasing a home is one of the most important decisions and one of the largest purchases you will likely ever make. The benefits of owning your own home are endless. Not only are there tax advantages for owning your own home, but studies show the net worth of homeowners is almost three times that of non-homeowners.
Before you find your dream home, there is quite a bit of work that needs to take place before hand. Grab yourself a book and start reading! “Home Buying for Dummies” is a great book to own or read, because it is easy to follow and breaks down all of the real estate terminology and lingo. Having a basic understanding will allow you to speak intelligently to mortgage companies and realtors. As you learn more you will know what questions to ask.
After you build a foundation for your real estate knowledge, and before you speak to any mortgage lenders, request a copy of your credit report from all three bureaus. Taking a look at your TransUnion, Experian, and Equifax credit reports will help you to identify any discrepancies, and your credit score will give you an idea as to what kind of rate you will qualify for.
The next step is to shop around for a mortgage. Bankrate.com provides great information on current rates and information on different lenders. Once you have all of those pieces in place, it is now time to go look for a house. In addition to seeking out a realtor, look into any first time homebuyer programs offered by your city, county or state. The government makes available millions of dollars for first time homebuyers.
Owning your own home is one of the greatest feelings in the world, and is something that everyone can do. The most important thing to keep in mind is to do your research!