<p> mortgage lender will review, so qualify for one of the many Tired of Paying Rent? request a copy of your credit report programs and grants available to Having thoughts of from one of the major credit first time buyers. reporting agencies (Equifax 800- buying a home? 685-1111, Experian 888-397-3742, 4. Get pre-approved for a home TransUnion 800-888-4213). You loan. Ask your financial officer to can also ask your Realtor® to pre-approve you for a mortgage. If you’ve never looked into home connect you with their financial This service is usually free and it ownership, it can seem like a involved and officer, who can easily pull your lets you know how much house you confusing process. But, with help, buying a credit report and review it with you. can afford before you start your home can be pleasant and rewarding. Review it carefully and if you find home search. Ask for a monthly discrepancies, work with the credit mortgage amount for your pre- Here are some tips you can use to better agencies to resolve them. Try to do approval – this is usually easier to prepare for purchasing your first home: this three months before you apply understand when looking at your for a home loan. Once you have finances. Also be aware that the 1. Think carefully about your buying started addressing any financial mortgage quotes are usually limited goals. For most people, weaknesses, do not make any other to principle and interest. You may homeownership is an integral part of significant purchases until after you also be required to escrow your the American Dream, and the have closed escrow on your home. taxes and insurance, which will advantages (tax benefit, sense of increase the monthly amount. community, financial investment) CAUTION: Many people start their far outweigh any drawbacks. Talk searches for mortgage brokers on to a financial planner, mortgage the internet. While they may broker, or Realtor® to understand advertise low rates, they may in the the financial benefits you can long run not be worth the savings. achieve with having a home. Ask for an estimate of ALL expenses associated with the loan 3. Save for your down payment and and whether they will attend your closing costs. The down payment is closing with you to review your loan seemingly one of the biggest papers. barriers, but many mortgage lenders now offer low down payment loans. 5. Investigate where you want to live. Three to five percent down The more you know about your likes payments are commonly available, and dislikes, the easier the home and there are some loans that require search will end up being. Think no down payment. Ask your about which areas you spend most Realtor® about closing costs and of your time, where your friends, 2. Check your credit. Your credit other expenses, such as inspections. family, job, church and favorite history is one of the first things a As a first time homebuyer, you may restaurants are. If you have a family or are planning one, check into the school districts or options for private schools. Your Realtor® can provide you with area demographics and school reports to help you in your search. </p><p>6. Learn as much as you can. Many mortgage lenders, non-profit organizations, and real estate companies offer home buyer education classes to prepare you for owning a home. Classes normally walk you through the basics of home buying and how to manage the responsibilities of homeownership. </p><p>7. Use a Realtor® Did you know that as a buyer, it may cost you nothing to use a Realtor in purchasing your home? The sellers pay the commission on the home sale. Buying or selling a home is a complicated and time consuming Diane Beppler, Realtor process. Your Realtor® can help 484-431-8693 you objectively evaluate homes and put together a strong and fair offer. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that can be successfully executed. </p><p>IF YOU HAVE QUESTIONS, CALL ME Keller Williams Real Estate Diane Beppler Brandywine Valley Office 484-431-8693 610-399-5100</p>