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Finding Out About Financing

When you start shopping for a car, you might be more concerned with additional features and specialty paint jobs than you are about the monthly bill. Unfortunately, the wrong financing can cost you dearly. Compound interest never sleeps, which means that you might be paying much more than you should if you work with the wrong lender. I want to help you to make great financial decisions, which is why I created this website. However, if you can remember a few tricks and keep those payments to a minimum, you can drive away with the car of your dreams without breaking the bank.

Finding Out About Financing

3 Things For First Time Buyers To Do Before Starting A Home Search

by Colleen Porter

Buying your first home is very exciting, but it can also be a stressful process. The more prepared you are, the more likely that purchasing your first home goes smoothly. If you're a first time home buyer, use the following tips.

Understand Your Credit Situation

In most cases, first time buyers have to take out a home mortgage in order to purchase a home. Your credit score will play a big part in whether or not you qualify for a loan, as well as what interest rate you will be charged on the loan. Several months before you plan to start the home buying process, it is worth your time to order your credit reports from the main credit reporting bureaus and learn what your credit score is. The higher your credit score, the more likely you are to be approved and get a favorable interest rate, so make sure you boost your credit score as much as possible before attempting to get a mortgage.

Get Pre-Approved for a Mortgage

You may have a good idea of what you can afford to pay each month for a mortgage, but there is no point in even looking at homes until you are pre-approved for a mortgage. When you are pre-approved, you will know exactly how much a mortgage lender is willing to lend you, as well as what mortgage rate you qualify for. Once you have this information, you can start focusing on certain neighborhoods or towns that have homes in your price range. Give yourself ample time to get pre-approved for a mortgage-- you will need to submit a lot of documentation, such as paycheck stubs, tax returns, and bank statements in order to give a lender a clear picture of your current financial situation.

Know What You Want and What You Need

Few first time buyers can find or afford their absolute dream house, so it is important to know what features and amenities you must have, and what things you would like to have. Making a clear list will help you focus when it comes time to work with a real estate agent to find houses. Some things, such as having enough bedrooms to fit your family size or being in a particular school district may be must haves that you are not willing to compromise on. Other things, such as having a fireplace, or a lot of a certain size may be wishes but wouldn't necessarily disqualify a home if it does not meet the requirement.