Begin to organize the process once buying a home is successful. The following recommendations will help to achieve this:

• Review the status of your finances and ask yourself: How much can I afford? What other expenses are to be taken care of? Can I buy with my savings or do I need a loan? Do I have permanent sources of income? What is the status of my credit history? Do I know the procedures for buying a home? Above all be sensible and do not lie, if necessary, seek specialist advice.

• By assuming a mortgage: take into account such factors as the amount of monthly payments to be made, the period in which you have to pay it, the interest rate you will pay and whether the interest rate is fixed or variable (ARM), the costs at the closing of the transaction and whether to make a down payment. In all states there are government and private programs aimed at consumers of credit and so you should locate the best among these programs and compare the options open to you and avoid those lenders objectionable that promise miracles and certainly want to take advantage of your good faith, the difficulties you may have to speak or understand the language or your lack of knowledge of the jargon and legal details. Buy a house whose mortgage it is relatively easy to pay, it’s good to think about buying your dream home, but if the payments exceed your financial capacity, the debt will not let you sleep (a).

• See the services of a real estate agent who has a license: They know the market and may seek to prevent you from being cheated or from making a bad investment. This is highly recommended especially if you are buying a home for the first time. You can also attend courses and lectures targeting buyers who are usually taught for free in many cities.

• Know your rights as a home buyer. A variety of laws that protect you as a home buyer, such as the Law on Procedures for Settlement of Real Estate (RESPA), can be very helpful. Learn about your rights so you can ask the seller detailed information about the property.

• Define the type of home you are looking for: Ask yourself: 1) What should be the size of my house? Make sure that the number of rooms and other spaces are appropriate for your family. 2) What should I consider regarding the location? Find out if your neighborhood is safe, if there is public transport and shops nearby, or if it is a comfortable distance to travel to your workplace or if it has a good school nearby for your children.

Tags: Buying Home, Finance, Home Ownership, Mortgage, Real Estate