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First Time Home Buyer's Guide
Whether you have spent years saving and preparing to buy a home, or you still aren't sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless. You can find the answers – and peace of mind – by working with RE/MAX, the industry leader in experience and service.
Here are some tips to help you in finding your new home!
Pre-qualify for a loan
Pre-qualifying for a loan determines how much home you can afford. It sets the parameters for your search and allows you to expedite your purchase process when you find your desired home, especially when there are multiple buyers interested in the same home.
Shop for mortgage rates and terms
Research and shop around for the best rate on a mortgage. In today’s market a difference of even half a percentage point can significantly impact the total amount you pay over the life of the loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.
Look for certain home features that impact long-term value
In some areas, a swimming pool actually detracts from a home's value and makes the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your REALTOR® can point out features that hurt, as well as those that help, resale value.
Rate the homes you tour
After touring each home, write down what you liked and didn't like. And it’s a great idea to take digital photos during your tour as well. Develop a rating system which will help you narrow the field down to the house that's the best for you.
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