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Tips for Homebuyers
Useful homebuying tips for people buying a home
Advice for homebuyers:
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- Figure out how much you can afford
- What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. It is best to visit a lender to find out for sure.
- Know your rights
- Shop for a loan
- Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
- Learn about homebuying programs
- FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
- Shop for a home
- If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.
- Make an offer
- Discuss the process with your real estate attorney. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
- Get a home inspection
- Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
- Shop for homeowners insurance
- Lenders require that you have homeowners insurance. Be sure to shop around.
- Sign papers
- You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
Source: http://www.hud.gov/buying
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