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Buying Real Estate

By
Real Estate Agent with Real Pro NW.com

Buying Real Estate

First lets talk about buying real estate.  Is this a good time to be buying a home.  Lets see, interest rate are still very low, inventory is very high, and prices are softening.  What else is important?  Many things like need, motivation, timing, and most importantly financial qualification.  Unlike buying a small ticket item on your credit card, you have to be financially qualified to buy a home, and the rules have changed dramatically in the last year.  What a lender told you a year ago may not be true in today's market.  So step one is always to sit down with your favorite lender and find out exactly how much you can invest in a home.  If you have credit problems, you can't hide from them.  Let your lender show you what steps tp take to clean up your credit and raise that all important FICO score.  Sometimes some very small changes will make a big difference.  You won't know until you try!  There are several recommended mortgage brokers listed under "Links" that would be happy to help you.

The next step is to question your need and motivation.  Buying a home is the largest financial transaction you will make in your life and you don't make that decision because you are bored with Sunday television.  Just beginning the process of home buying requires a big commitment of your time and energy.  You must separate what you need from what you want in the framework of what you can afford, and believe me, this is not easy.  Next is the issue of timing.  In this market, the entire buying process should take about 90-100 days from start to move in.  How does that fit with you plans, including possibly selling a house before you can buy. 

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