When you are ready to buy a house, make a list of all the features that you would like to have in your new home. Consider things like a garage, basement, the number of bedrooms and bathrooms, central air conditioning, ranch style or a home with two or three stories. Do you want large bedrooms with walk in closets? Is the size of the kitchen important to you? Do you want a separate utility room or pantry? Would you like to have a large yard? Your list can be quite long, but realize that it is not likely that you will find all of the features you want in one house, although, if you find one with most of your wants, you may be able to make some minor changes so that it will suit you. When you start viewing houses for sale, bring the list with you and note which features each home has and what changes you could make so the house will meet your needs and desires. For instance, if you need four bedrooms but the house has only three, does it have a den that could be converted to a bedroom?
After you have a good idea about the type of house you would like to purchase, contact a real estate agent in the area that you are considering for your home purchase, and share your ideas with him or her. A professional real estate agent will know about the houses that are available in the area and can set up appointments for viewing the properties. He or she will be familiar with the homes for sale and the features of each one and can save you a lot of time in your search for the right house.
When you are ready to make a decision and give an offer for a house, you will probably need to get a real estate loan to finance your purchase. Your real estate agent can give you advice about the best lending agencies to consider for this major step. If you have a bank account or an account at a credit union, ask a real estate loan officer about their rates and terms for home loans. Inquire about fixed rates and adjustable rates to determine which mortgage type would be best for you. The rate would be lower for a 15-year loan, but your payments would be higher. A 30-year loan may be more affordable, but you will pay more interest over the life of the loan. Compare the rates and terms of several different lending institutions before selecting the one that offers the arrangements that will be the most satisfactory for your situation.
If you are a first time home buyer, you may qualify for an 8,000 tax credit, and if this will not be your first home purchase, you may still be eligible for a 6,500 tax credit. Ask your lender or real estate agent for the details regarding tax credits – or you can find more information about them on the Internet.
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