If you’re planning the purchase of your first home, you’re probably experiencing two conflicting emotions – excitement and apprehension. The positive energy from your excitement is an asset in your home search, but the negative energy from your fear of the unknown is a liability you can leave behind once you’re armed with some basic information.
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Paramount to buying your first home is understanding how much you can afford. You can start with any number of online financial calculators, and once you’ve established a budgetary picture, take the all-important next step – loan pre-qualification.
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Pre-qualification may sound intimidating, but it’s a great way to find your “comfort zone” and build your purchasing confidence. When a lender interviews you and reviews your financial documentation, you’ll know right now how much home you can afford.
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With that magic number, you can easily weed out homes above your budget, which will save you loads of time (and disappointment) during your home search. Then once you’ve found a home you love, you can rest assured that your offer will be taken very seriously, because your financing has already been conditionally backed by your lender.
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Visit a local real estate brokerage to get an overview of the purchase process and to discuss your concerns and your dreams with an agent who can help you take those first steps toward ownership.
Bennington VT, First Time Buyers, Buying, Market Outlook, Investment
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