May 1, 2013

10 tips for first-time home buyers


By Marcie Geffner - HSH.com

First-timers are crucial to healthy housing markets because they enable existing home owners to sell their current home and purchase another one. That means if you're thinking about buying a home, you're important -- someone who owns a home can't sell it without you.

With that in mind, here are 10 tips to help you achieve your goal of homeownership.

No. 1: Get prequalified. Sellers typically won't accept your offer unless it's all cash or you have a lender's letter saying you can get the financing you need to close the deal. Consequently, being prequalified for a loan is crucial, says Matt Phipps, a Realtor at Phipps Real Estate in Warwick, R.I.

Read more: http://www.foxbusiness.com/personal-finance/2013/04/11/10-tips-for-first-time-homebuyers/