Now is a great time, there are so many programs and opportunities for first time homebuyers. If you buy a home before April 30, 2010 you are allowed an $8000 tax credit on your tax return. That's not a deducation but a refund.
There are still many homes on the market in great price ranges perfect for first time home buyers. But before you begin your search make sure you have all your ducks in a row.
GO OVER YOUR FINANCES
Before you have a lender show you things on your finance report you never knew were there, you need to to have a solid idea of how things look. Make sure you get a copy of your credit report which is free once a year from each of the three credit report companies, Experian, Equifax, and Transunion.
Once you have a good idea of what lenders will see make sure there are no inconsistencies on the report. If so, clear those up before going before a lender. This is also a good time to make sure you have some liquid assets available to you. You don't necessarily need a lot of cash but the more you have readily available the more lenders like what they see. You will also need some for out of pocket expenses like earnest money and inspection costs.
SHOP FOR A LENDER YOU LIKE
There is nothing more frustrating then being stuck with a lender that won't explain anything, leaves you feel frustrated or just leaves you on your own altogether. You will want a lender that is there for you throughout the process. The best way to do this is with a mortgage broker. They tend to cost more in fees but also tend to find the better rate, loan and program to fit your situation. It usually pays to have a good broker on your side looking at all angles for you. But if you choose to go with a bank, make sure you are getting a good deal on closing costs and a good rate.
KNOW WHAT YOU WANT IN A HOME
For the first time, it can be so emotional and exciting that many times you fall in love with the first house you see. This can also be a negative reaction when the first house you see may not be what you thought your budget could afford. Either way, don't get caught up in either emotion but remember there are a lot of houses out there and sellers are wanting to sell. You can always negotiate on the price. Make a list for things you really want in a home and don't settle for something you know you really don't want. If you feel a feature or design will bother you or you will have regrets at all, its best to keep looking. Always take 24 hours if you are uncertain. This buyers market can usually stand that wait.
USE A BUYERS AGENT
I know this is our job, but I can't stress this enough. It cost a buyer NOTHING to use the experience and knowledge of a buyers agent. We work for you not the seller so all your interests are our interests and your needs come first. We can handle all the paperwork, legal jargon and transaction from lenders to closing.
Thanks for allowing us to help you in your process. Our agents are dedicated to the Clarksville real estatemarket and can help put you in a home soon!
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