01. Prequalify
for a loan
Being prequalified for a loan determines how much house you
can afford. It also allows you to move more swiftly when
you find the right house, especially when you aren't the
only interested buyer.
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02. Shop for
mortgage rates and terms
A difference of even half a percentage point can make a huge
difference in how much you pay over the life of a 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.
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03. Using a
buyer agent
A buyer agent is legally responsible for representing the buyer's
interest in a real estate transaction. Generally, the buyer
agent is compensated by the seller at the time you purchase
a new home. There are some limitations to using a buyer agent,
however. Before you decide, have a Realtor explain the advantages
and disadvantages of using a buyer agent.
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04. Features
that help or hurt resale 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.
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04. Rate the
houses you tour
After touring each home, write down what you liked and didn't
like. 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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