Buying a House
John Woo
Professor
English 1A
29 September 2013 Buying a House Buying and owning a home is a part of the American dream. For many people, it's the biggest financial transaction they'll ever make. That's why doing it right the first time is so important. Sometimes, buying a house can feel like a dizzying set of rules and regulations. Luckily, armed with the right knowledge and know-how, you can start realizing your homeowner dreams. The first time buyer should know how to get his financials in order, how to start looking for houses, and finalizing the deal. The first important thing for the first time buyer is to get his financials in order. A very important thing is to strengthen your credit. Get pre-approved to get the actual amount you can pay. Apply to several lenders within a two week period so that the inquiries do not damage your credit report. The credit score ranges from 300 to 850. Higher rate can help you to get the better interest rate. This is extremely important. The difference between a 4.5% interest mortgage and a 5% interest mortgage can mean tens of thousands of dollars over the life of the loan. Also, if you qualify, check out first-time buyers' programs. These often have much lower down payment requirements. For example, I paid only 5% of down payment but my friend paid 20% because he did not use any programs. The first important step is to strengthen your credit. Second, looking for a home. If you credit score is good, you have a money for down payment and you got pre-approved to your lender, it is time to start looking a house. A pert of you success in this process is to find a good real estate agent to represent you in the search and negotiation process. When you do find your realtor, go into exhaustive detail when describing what you want in a home — number of bathrooms and bedrooms, attached garage, land and anything else that may be
Professor
English 1A
29 September 2013 Buying a House Buying and owning a home is a part of the American dream. For many people, it's the biggest financial transaction they'll ever make. That's why doing it right the first time is so important. Sometimes, buying a house can feel like a dizzying set of rules and regulations. Luckily, armed with the right knowledge and know-how, you can start realizing your homeowner dreams. The first time buyer should know how to get his financials in order, how to start looking for houses, and finalizing the deal. The first important thing for the first time buyer is to get his financials in order. A very important thing is to strengthen your credit. Get pre-approved to get the actual amount you can pay. Apply to several lenders within a two week period so that the inquiries do not damage your credit report. The credit score ranges from 300 to 850. Higher rate can help you to get the better interest rate. This is extremely important. The difference between a 4.5% interest mortgage and a 5% interest mortgage can mean tens of thousands of dollars over the life of the loan. Also, if you qualify, check out first-time buyers' programs. These often have much lower down payment requirements. For example, I paid only 5% of down payment but my friend paid 20% because he did not use any programs. The first important step is to strengthen your credit. Second, looking for a home. If you credit score is good, you have a money for down payment and you got pre-approved to your lender, it is time to start looking a house. A pert of you success in this process is to find a good real estate agent to represent you in the search and negotiation process. When you do find your realtor, go into exhaustive detail when describing what you want in a home — number of bathrooms and bedrooms, attached garage, land and anything else that may be