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    Steps In Buying A New Home

    Dreaming of buying a new home is easy; buying one can sometimes become confusing and difficult. It doesn't have to be the case. You can always lessen the burden of the whole home-buying process with this step-by-step guide.

    1. Ask yourself, "How much can you afford?"

    Before searching and calling an agent or finding one on the internet, ask yourself this question. You will know the answer by knowing your income, monthly expenses, credit score, interest rate, down payment, and closing cost. Find your true credit score using online calculator.

    To help you manage your debt and save for your down payment, consult a housing counselor.

    2. Know your rights

    As a homebuyer, you are basically a consumer; and there are things you should know to ensure your safety as you buy a new home. Know the Borrower's Rights, Real Estate Settlement Procedures Act (RESPA), and go to the Federal Housing Administration under Housing and Urban Development for further details. Knowing your rights is the thing you can do before buying a home.

    3. Look for avenues to save.

    Talk to different lenders, compare the cost and rate, and negotiate for a better deal. In short: Shop, Compare, and Negotiate. These are the things you can do in order to increase your chances of securing the best home deal.

    You can also ask for FHA loan. This can lower your interest rate, down payment, and the total cost of the home you want to buy.

    4. Learn about your state's homebuying programs.

    Different states and local governments sponsor different homebuying programs to answer your particular need. This widens your options since they offer different programs from the HUD's.

    5. Shop for a home

    Choose your real estate agent. Know what you want for a home and use it as a basis for your home search. Know the features you want for a home (type of home, size, land area, number of rooms, type of neighborhood, etc.)

    6. Make a offer

    Once you have found the home that is right for you, discuss with your real estate agent the process you have to take. Also discuss the payment options and negotiate what is perfect for you. This is very important since it may take you a long time to pay for your home completely. Discuss also with the seller this issue. Take note that you should have an idea of what your offer would be before you enter this stage.

    If you cannot negotiate for the terms you are comfortable with, find another home for sale. It is better to repeat the search process than to suffer in the long run. If you and the seller have agreed with the terms, get a home inspector.

    The home inspector will tell you the condition of the home you want to buy and will protect your from buying home that needs major repairs.

    7. Get a homeowner insurance

    Just like a car insurance, a homeowner insurance is a requirement when you buy a home. Make sure that you shop around, compare, and get the best deal and policy that is perfect for your home.

    8. Close the deal.

    When you are through with all these, you can settle your deal and sign all the necessary papers. Be sure to read everything written on your deed to avoid future problems.

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