Mortgages Fairbanks AK
Re/Max Associates Of Fairbanks
529 Fifth Ave #200
Prudential Southeast Alaska Real Est
8465 Old Dairy Road #101
Prudential Jack White/Vista Real Estate
3801 Centerpoint Drive
Alaska Premier Realty Inc.
35425 Julia Lane
Re/Max Of Sitka
210 Lake StSte A
Five Star Realty
170 E Corral ST
Bryant Thorp Dynamic Properties Real Estate
3111 C St #100
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Alaska Premier Realty
265-A Wilson Lane
Data Provided by:
RE/MAX of Eagle River
16600 Centerfield Drive
Eagle River, AK
Re/Max Of The Peninsula
10672 Kenai Spur HwySte 109
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What to Know to Successfully Buy Your First Home
| Homework essential to successfully buying your first home|
Sun 11/22/09 01:44:02 pm
READ BEFORE YOU BUY
Are you considering taking the plunge and buying your first home? If so, you’re not alone. Across the country, owning a home still represents the American dream for many and the opportunity to buy your first home couldn’t be better.
Declining home prices, increasing numbers of foreclosed properties and unique government stimulus programs are luring potential homeowners into the market. But, purchasing a new home is more challenging then it was just a year or two ago. Relaxed lending standards over the past decade led to one of the greatest housing market booms in the nation's history, and have now contributed to one of the greatest housing market crashes. Lenders who were previously able to easily lend to most homebuyers have now severely tightened their lending standards, making it more difficult for potential buyers to obtain financing.
If you are still ready to make the jump from renter to homebuyer, here are some tips from FindLaw.com, the world’s leading online source for legal information on how to prepare to purchase your first home.
Carefully inspect your credit report
Lenders check your credit report to see if you have the means, the capacity and the track record to pay the mortgage on the home you would like to purchase. The better your credit score, the more likely you will obtain a favorable interest rate and terms on a mortgage.
To learn what your credit score currently is and if there are any mistakes on your credit report, contact the three major consumer credit reporter companies – Equifax, Experian, and TransUnion. The Fair Credit Reporting Act mandates that each of the consumer credit reporting companies must provide you with a free copy of your credit report at your request once every 12 months. If you find mistakes on a credit report, notify the credit reporting company in writing of the mistake. The reporting companies must, by law, investigate the disputed items unless they find that the dispute is frivolous. Credit scores are based on a range of 300 to 850 and a score of 700 or more suggests good credit management, according to Experian.
Become familiar with mortgage terms and conditions
A mortgage is a legal agreement between the lender and the buyer of a home in which the property is collateral for the loan. A lien on the property being purchased secures the promise to repay the loan. Never sign any legal documents, including a mortgage, if you do not clearly understand the terms and conditions of the agreement. If you feel pressured to sign a document, walk away and seek the assistance of an attorney or trusted real estate professional.
Shop around for your loan
Contact at least three financial institutions to obtain information on mortgage rates, terms and conditions for a first-time homebuyer. When you believe you have enough money for a...
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