| Thought you learned all you needed to know from | | | | each lender charges to close the loan will vary. You |
| "Property Virgins" on HGTV? Here are a few things to | | | | should get at least 2 or 3 quotes. Ask each lender for |
| consider as you begin to look for you first home. | | | | a "good faith estimate" which will give you a break |
| 1) How much you get off the list price does not equal | | | | down in costs so you can compare how much money |
| how good of a deal you get. In order to see what | | | | you will have to bring to closing. |
| really is a fair deal have your real estate agent pull up | | | | 3) Bring your parents if they are going to have input. I |
| recent sales from the neighborhood. Make sure to look | | | | see it happen all the time. A young couple will spend |
| at only sales from the last few months for homes that | | | | months going through homes and when they find the |
| are similar in size and condition. | | | | perfect home they bring mom and dad through...and |
| 2) Hire the right real estate agent. Ask family and | | | | they tear it apart. If they haven't seen anything else in |
| friends for references. You may be able to find an | | | | your price range it will be hard for them to know how |
| agent online, but that doesn't mean they will know they | | | | other homes in the price range compare. Of course |
| area/price range that you are interested in. You want | | | | your $100,000 house has a few cosmetic issues |
| someone who is actively working in the field every | | | | compared to their $250,000 house. |
| day so you can get the best deal possible. For | | | | 5) Have a home inspection. This is a must for any |
| example, if you are interested in purchasing a | | | | buyer. Make sure you hire a professional, not just your |
| foreclosure, make sure to ask how many foreclosures | | | | dad's cousin's friend who used to build houses. If you |
| your agent has sold in the last year. You don't want to | | | | find a major problem, you will be glad to have spent a |
| be the test subject. | | | | few hundred dollars up front versus having thousands |
| 2) Shop interest rates. It can be very confusing as you | | | | of dollars of cost down the road. There are no |
| begin your search for a home loan. Remember that | | | | licensing laws for home inspectors in some states, so |
| rates change every day and the rates different | | | | make sure to ask if your inspector is FHA certified and |
| lenders charge may vary as well. In addition, the costs | | | | what other qualifications they have. |