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Wednesday, February 18, 2009

What You Should Know Before Buying A Home

By Maria Goletski

When you want to buy a home, it's a good idea to do a little preparation. If you want to get through the buying process in the most cost effective manner, a little study goes a long way. In this article, we'll take a look at a couple of tips you can use when buying a house.

When you see a house that has an amazing price, always be suspicious. It might be a great deal, but it might also be something else. Always do your due diligence when buying and make sure you know what the condition of the home is and what the personal selling situation of the seller is.

If you're buying a house, you will probably need a mortgage. It's easy to only look at interest rates, but it's not the right way to decide on a mortgage. Never make a decision for a certain mortgage offer just because interest rates are low. Make sure you take the time to go through the fine print. If you don't understand something, ask the lender to explain it in plain English. If he's unable to do that, don't sign. A mortgage is a big obligation and if you mess up now, you can wind up in financial trouble down the road.

If you're not sure about mortgage paperwork, hire a lawyer. A lawyer is trained to find problems, so find a balance between being reasonable and listening to the lawyer. Many times, legal advice can be had at lower prices by looking at community programs in your area. A lawyer isn't cheap, so if you can use one of these programs, by all means do so.

Be sure to inspect your house and your mortgage carefully. It's a big decision, emotionally and financially, so it's worth it to put in the time to prepare. If you can, solicit the experience and knowledge of experts such as lawyers and buyers agents. It may cost you some money, but it's almost always worth it.

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