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20983700 - couple looking at house on digital tablet's screenBuying a new home is an exciting time in the life of a newly married couple or for anyone who is purchasing a home for the first time. While it is exciting, it also can be frightening if you do not know how to start. There are several things to take into consideration before beginning the search for your first home.

  • How long will you live there? If you plan to move within a couple years, then buying a home might not be right for you, at least not right now. You’ll likely have to pay closing costs on a mortgage, and those might not be worth it if you sell too soon. It is best to wait until you are more stable and know you are going to remain in an area for a significant amount of time before buying a home.
  • How does your credit look? Unless you have won the lottery or come into some other chunk of cash, you probably will have to finance your home purchase. To do that, you’ll need to build up your credit history. Look at your credit report before house hunting. If there is any incorrect or unfavorable information that needs to be cleared off your report, now is the time to do it.
  • What kind of payments can you afford? Don’t bite off more than you can chew. Most mortgages are financed for 15 to 30 years, and that’s a long time to have a high monthly payment that you cannot really afford. Try using one of the many online mortgage calculators to find out what kind of loan you can afford. It pays to use a little diligence now and avoid the consequences of not being able to pay a mortgage that is too high, such as foreclosure.

The best way to be sure you can afford a particular home is to get pre-approved for a home mortgage loan. This will save you the heartache of finding that perfect house and learning it’s out of your price range. Equipped with a pre-approval letter from a lender, you should be able to work with a real estate agent to find a home sweet home.

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