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MORTGAGE TUTORIALFinding a HomeThere are many ways to begin your search for a home. You can view listings on the Internet, in the newspaper, or simply walk neighborhoods you like and look for "For Sale" signs, which often provide flyers about the house. As discussed above, you may also consider using a real estate agent to help you in the home buying process. Your real estate agent can show you the homes that meet your needs and help weed out the ones that don't. He or she will arrange for you to see homes that match your requirements, so your time is well spent. Remember to record your impressions about the homes you visit. A key benefit of working with a real estate agent is that they have access to large volumes of information about houses, which you may not. A real estate agent can inform you about homes that are new on the market or those with price changes. He or she will identify all the potential sellers in your market by working with the entire real estate community. When visiting individual homes, keep several factors in mind, including: Evaluating the Home's Exterior
Considering the Home's Interior
Construction from Basement to Attic
If the lists above seem daunting to you, don't worry. Even after a careful review, when everything "feels right," you should take the extra step to make certain everything "works right." When you're seriously considering buying a particular house, you should hire a professional building inspector to make sure the house is in sound condition. In fact, lenders may require you to obtain a home inspection. This is a very important part of the homebuying process and you should not rely on the factors listed above as your only method of determining the condition of the home you intend to purchase. You can use the inspector's report to make informed decisions. In addition, you should decide which flaws you can live with and which you'd prefer to have repaired. Having an understanding of the repairs needed can help you determine how much to pay for the house or can help you estimate how much in addition to the purchase price you may need to spend to make repairs. In certain circumstances, you may also be able to finance some repairs in your mortgage. Home Inspections provides more information about the home inspection process later on in this section. |
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| Jump to: | |||
| 1. | Home Buying Process - How It Works |
7. | Signing a Purchase Agreement |
| 2. | What to Consider in Choosing a Home |
8. | Home Inspection |
| 3. | Working with a Real Estate Agent |
9. | Final Walk Through |
| 4. | Getting Pre-Approved and Pre-Qualified |
10. | Getting an Appraisal |
| 5. | Finding a Home | 11. | The Closing |
| 6. | Making an Offer | 12. | Moving In |