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Strategies for First Time Homeowners

Are you ready to leave your apartment behind and join the ranks of homeowners across the country? It’s an exciting step and one that can also be very daunting. Instinct is to spend hours online dreaming about potential properties. The reality is that it takes a lot more than dreaming to actually get the keys to your first home. The advantages of homeownership include tax deductions, wealth accumulation and a sense of roots. Follow these strategies from the professional real estate agents and mortgage bankers to ensure your venture into home ownership is a positive one. There’s no better time than today to get started.

The first step in the process is to make an appointment with a mortgage broker. The mortgage broker will prepare a prequalification statement based on your current and historical earnings history, credit rating, assets and liabilities.  Be honest and forthcoming with all documents and application questions. The prequalification statement will provide a maximum mortgage amount for which you would qualify.

Connect with a reputable real estate agent that has experience working with first time buyers and present the prequalification statement. Negotiating the sale of a home is a huge undertaking and should be left to the professionals. Many homeowners will not negotiate directly with prospective buyers. Discuss with the real estate agents the types of homes and general location you’re interested in. The agent will research available homes on the market that meet your criteria and arrange for showings. After an offer is submitted, the agent will negotiate the price on your behalf and upon acceptance will make arrangements for closing on the property.

Prior to taking occupancy of your new home, make arrangements for utilities to be placed in your name and supply your post office with a new mailing address. Take advantage of the awesome deals offered Groupon coupons and select one of the many phone plans offered by Straight Talk. Set a date with the movers and prepare to move into your first home. Congratulations to you!