The Able Handyman

First of all discuss with your family members and you might write down the reasons for you to buy a home. Keep all reasons in your mind.

Money

You should first work out how much you can afford to spend for your home. It is determined by your income and your current monthly income. In order to calculate this you can use:

• Online Calculators

• Lenders to whom you can consult and find out for sure.

Home Buying Programs

There are many loan programs available. Since you are a first time home buyer learn about all the programs so that you can choose a suitable one. The program may differ from one state to other. There may also be programs sponsored by your state or local government or other organizations. A few notable programs may be:

• Homeownership for public housing residents.

• Indian Home Loan Guarantee Program

Shop for a loan

You should save money by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate for getting a better deal. Try to consider and get pre-approved for a loan. There are many websites from which you can get this information. Make sure to check out any first time home buyer programs available in your area.

Make an offer

You can consult a real estate agent since you are first time home buyer. Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.

Get a home inspection

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

You should not be deceived since you are first time home buyer.

Homeowners Insurance

This is very important. Shop for homeowners insurance. Lenders require that you have homeowners insurance. Be sure to shop around in order that you might find the best rate.

Get Your Finances in Order

Study the loan programs available by lining up your financing. By doing your homework, you will know exactly how much you can pay and what it will cost you.

• Order a Free Credit Report
• Find a Lender
• Determine a Down Payment
• Consider FHA Loans
• Get a Pre-approval Letter

Learn How to Avoid Home Buying Mistakes

As a first time home buyer you should not do any mistakes. The best way to avoid making a mistake is to learn from the mistakes others have made. Buying a home in a desirable location is your best defense. Start your search online and find first time home buyer tips and avoid blunders.

Avoiding Mortgage Loan Fraud

Mortgage loan fraud can come in a number of different forms, and many times is committed unknowingly by the borrower because perhaps the loan officer said “it’s ok to do that”.

What is Mortgage Loan Fraud?

Mortgage loan fraud can be any number of things and is general the result of failure to disclose some important bit of information such as:

1. Falsifying employment income
2. Claiming that the home will be owner occupied when it isn’t
3. Inflated purchase prices

How to Avoid Mortgage Loan Fraud

Avoiding mortgage loan fraud is a relatively simple process. Simply be honest. Disclose everything the application asks you for in a truthful manner and you’ll avoid repercussions down the road. Even the seemingly tiniest lie can be considered fraud, and so being careful to disclose only what you know to be the truth is the best way to go. The penalties for mortgage loan fraud can range for 1 to 10 years in jail plus fines of up to a million dollars. Is it worth the risk?