Need Help! Read all about it in Homebuying 101!If you are ready to purchase your first home, I have compiled a few things that you should know before making that big purchase. Owning your own home is great but there are lots of things you will need to consider. Here is your guide to home ownership!1. Can you commit!If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. Make sure that you are ready to settle down. If you are married or single, you can purchase a home. You just need to make sure that you are ready financially and mentally.2. Pay off your debt!Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. Be sure to obtain copies of your credit report. Make sure the facts are correct, and fix any problems you discover. This could be the difference between you owning and renting.3. Find a house within your price range!The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better if you use a mortgage calculator. You can find them online. If you input the information, it will tell you exactly how much house you can afford for your salary.4. Qualifying for a loan!There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 5 percent of the purchase price.5. Search wisely!Be sure that you find a great area that has everything you need nearby. If you are a parent, make sure you find an area with great schools. It would be wise to go online and do research about the area you are looking into. As a parent, this is a very important component in searching for the perfect home.6. Seek the help of a professional!Even though the Internet gives buyers unprecedented access to home listings, most new buyer, you can also use a professional agent. Start to ask friends and family for great leads on someone you would be able to trust to help you out. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.7. Choosing a mortgage!When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.8. Get pre-approved!Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.To get professional advice and more information on purchasing a home call Vision Investment Corporation at 877-799-0820! Feel Free to visit the website at www.visioninvestmentcorp.comAnnetta Powell
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