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How To Buy A Home

A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

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What can you afford?

As you prepare to look for homes, make sure that you know how much you can comfortably afford.  You want to know how your credit and the type of mortgage you choose can affect your monthly payments and overall cost of the loan. You may qualify for a higher amount than you actually want to pay. It’s important to not only check with a mortgage agent to get pre-approved, but to know what the payments will be at that amount. Remember to factor in homeowner’s insurance, property taxes, utility bills, moving costs & maintenance.  LEARN MORE

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Check your credit

Pull your credit report and double check that the information is accurate and up-to-date. If there are any discrepancies, work with the credit reporting agency to have those cleared up before you inquire about a loan. LEARN MORE

 

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Get pre-approved

After determining what you can afford and reviewing your credit you will want to contact your local bank or mortgage company to get pre-approved for your loan before you start looking for a house. Among the items you should have: Good credit, stable employment history, a positive debt-to-income ratio and document of your assets.

 

Choose a recommended real estate agent BEFORE you start:

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  1. Ensure you are working with a leading, customer oriented local Real Estate Agent.
  2. With your agent, make a list of what features you are looking for in a home.
  3. Your Agent will find properties available in your desired location.
  4. Your Agent will preview available homes to weed out those that are overpriced, or undesirable in some other way.
  5. Your Real Estate Agent will present the homes that best suit your wants & needs.
  6. Your Agent will help determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  7. Your Real Estate Agent will negotiate the best deal for you.

LEARN MORE about what NRRB’s real estate agent members can do for you!