Important Details Every First Time Home Buyer Should Know About

The dilemma of whether to rent or buy is probably driving you around in circles. Whichever option you choose, there will always be advantages and disadvantages. If you are feeling apprehensive of buying a house because the market value might go low, remember that the market is constantly changing, home values can plummet or rise.

The first thing to do is to get your finances sorted. Get a copy of your credit report. You are entitled to a free annual credit report or within 90 days of being denied employment according to the Fair Credit Reporting Act. A credit report confirms your identity, address, job and debt history and social security number. To get your credit report, you can visit the website of major credit reporting agencies such as TransUnion, Experian and Equifax. If you have a low credit rating, pay off your debt and consult consumer credit counseling services to improve your credit rating.

After sorting your finances the next thing you need to do is to look for a bank, credit union or mortgage broker that can help with loans. Check out the programs offered by banks and credit unions and look for the program that you like the most. After selecting which bank, mortgage broker or credit union, Key Biscayne Property Management says that to have the upper hand when you go house hunting, ask to be pre-qualified instead of being pre-approved.

The last thing to do is to go house hunting and look for a home that has what you need and most of what you want. Write down what the qualities that you are looking for in a house and remember to stick within your budget.

Source: www.orlandosentinel.com