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How To Buy Your First Home

212964_4859Whether you are moving out on your own or you are simply tired of renting, if the topic of buying your first home has crossed your mind, you may have questions about how the process actually works.  Buying your first home can be an exciting but frightening experience, so it is important to understand as much about the process as possible.

Although it can be tempting to immediately begin window shopping for your first home, it is important to first establish a realistic budget. Along with your monthly payment, keep in mind that as a homeowner you will also be responsible for other expenses, including homeowner’s insurance and property taxes. As a general rule of thumb, your total monthly housing expenses should not exceed 28% of your total monthly income.

In order to obtain approval for a mortgage loan, you will typically need to demonstrate that you have good credit and steady employment that will allow you to make your mortgage loan payments. Even if you have had some problems with your credit in the past, there may still be other options available to you, however. For instance, you might consider purchasing a home from an investor. There can be many advantages associated with this type of purchase. One of those benefits could be the opportunity to take advantage of owner financing. In addition, you may also be able to close on the home faster than when using a traditional mortgage loan, while also reducing the closing costs to purchase a home.

You may be one of the frustrated home buyers who fed up with waiting, documents over documents, turn down last minutes by the banks for unclear reasons? Because we own the homes so it depend on your circumstances, we might even consider owner financing. Visit www.homepadproperties.com and join our VIP Buyer List or call (321) 251-5999 for more details how we can fulfill your needs.

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