; A Guide to Buying Real Estate
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A Guide to Buying Real Estate

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Purchasing a home will be the biggest single purchase most people will make in their lifetime. While owning a home is part of the American dream, it is not something to jump into without doing your research. This guide will assist the potential buyer in weighing the pros and cons of purchasing a home, and provide information and tips on how to make this important decision.

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									Real Estate Purchase Table of Contents
I. How to use this guide .................................................................................................. 2
II.     Do I need a real estate agent? .................................................................................. 2
III.    How do I find a reputable real estate company/agent? ............................................ 2
IV. General FAQ ............................................................................................................ 3
    Why should I buy instead of rent? .................................................................................. 3
    Will bad credit hurt my chances of buying a home? ...................................................... 3
    Are there special homeownership grants or programs for single parents? ..................... 4
    How do I know if I can get a loan? ................................................................................. 4
    How do I find a lender? .................................................................................................. 5
    What will the lender look at when I apply for a mortgage?............................................ 5
    What does it mean to get pre-approved?......................................................................... 5
    What is the minimum down payment I can make on a home? ....................................... 6
    Should I pay discount points? ......................................................................................... 6
    Should I lock in my rate? ................................................................................................ 6
    What will my mortgage payments include?.................................................................... 7
    In addition to the mortgage payment, what other costs do I need to consider? .............. 7
    How much can I afford? ................................................................................................. 7
    How much time should I spend viewing houses? ........................................................... 7
    How do I go about finding open houses?........................................................................ 8
    When I find a home I want, how much should I offer? .................................................. 8
    What if my offer is rejected? .......................................................................................... 8
    What are bidding wars? .................................................................................................. 8
    How does seller financing work? .................................................................................... 9
    What is a house “closing”? ............................................................................................. 9
    What will happen at closing? .......................................................................................... 9
    How long should it take between the time of contract and the date of closing? ........... 10
V.      Buyers Checklist .................................................................................................... 10
VI. Steps to buying a home .......................................................................................... 11
    Step 1: Decide which community or neighborhood you are interested in. ................... 11
    Step 2: Begin looking at houses. ................................................................................... 11
    Step 3: Assemble your team of professionals ............................................................... 12
    Step 4: Figure out how you will pay for the house ....................................................... 13
    Step 5: Offering to buy the house you want. ............................................................... 13
    Step 6: Dealing with the home’s physical condition .................................................... 14
    Step 7: Closing the deal ................................................................................................ 15
    Step 8: After closing considerations
								
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