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How to Buy a House: A Beginner’s Guide

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How Much House Can You Afford?

There are a lot of terms that realtors and lenders and other people in the industry use that you might not understand. The process can be exciting and puzzling. How do you even pick a house, realtor, or lender to work with? Here are just the basics to help you ease into the process.

How much house you can afford will vary depending on your spending habits. However, the standard is to allow
about 30% of their monthly income towards paying for a house. If you make $4000 a month, for example, you can probably afford a mortgage that requires about $1200 a month.

 How Do I Find a Loan?

One of the biggest downsides of the burst housing bubble is that some lenders are hesitant about lending. At HomeSure Lending, we endeavor to work with the individual to find a home loan that works for his budget, credit score, and needs.

 How Do I Pick a Home?

This is the fun part of house buying: actually finding the house you want to buy. Working with a local realtor is usually the best way to find the available homes in a certain town or area of a city. Before you meet with a realtor, however, spend some time thinking about what features you want your home to have.

How many bedrooms does it need to have? How many bedrooms do you want it to have? Do you want a large yard for children or pets. Or a small yard that is easy to maintain? Do you prefer an open floor plan, or one that has set functions for each room? Make a list of the features it absolutely must have and the features that you merely want it to have.  You may even be so thorough as to even list the features you absolutely do not want it to have.

 How Do I Make an Offer?

Once you’ve secured your home loan, your realtor will walk you through the offer making process. In general, this offer is a bid for the home, often below the asking price. Once the buyer accepts the offer, there are still a few things you have to do: make a down payment, negotiate the particulars of the price (especially if the home needs a little work before it is ready), have the home inspected, and then you can close the deal.

Buying a house for the first time can be daunting. Here’s hoping you have a better feel for what the next stage of your life holds as a new home buyer.

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