Being a homeowner is the great American dream. However, due to the subprime crisis and increase in foreclosure, being a home owner became a nightmare for some borrowers. In their desire to buy their own home, a lot of buyers jumped into home ownership without even preparing for the long-term commitment. Some even over extended their borrowing capacity to buy their dream home. In the long run, these types of borrowers were the ones vulnerable to foreclosure.
If you are considering to buy a home, CNN's Money 101 has some great tips about the things a home buyer should know.
Here are the top 10 things to know when buying a home:
- Don't buy if you can't stay put
- Start by shoring up your credit
- Aim for a home you can really afford
- Don't worry if you can't put down the usual 20 percent
- Buy in a district with good schools
- Get professional help
- Choose carefully between points and rate
- Before house hunting, get pre-approved
- Do your homework before bidding
- Hire a home inspector
You can read more about these in detail here.
I encourage you to read this and other resources before you decide to buy a house. You can contact me and my team to know more about the buying process. We can also orient you about the current market price of homes in Northern Virginia, to help you budget and save for your new home. We're not only here to sell you a home, we're also here to share our expertise to help you get started on the right track towards successful home ownership.
See you soon,
Sherry
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