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How to Buy a House. If you find trusted advisors and investigate your choice thoroughly, you’ll
be thrilled with the first house you buy. You will need Your credit report A mortgage
company A bank A trusted real estate agent A home inspector Home insurance and an attorney.
Step 1. Acquire your credit record and clean up anything you can, paying off loans if possible.
Step 2. Get pre-qualified by a mortgage company through an application process with a loan
officer. Good candidates may be approved for a home price three times their yearly income.
Don't look for a house if you have not been in a job for at least two years and established
a credit record Step 3. Find a realtor you trust who knows the area you have chosen to
look for a house. Step 4. Get a disclosure or list of problems from the seller of the
home you have chosen. Consult your realtor’s list of comparable values in the area to determine
what your offer will be. Step 5. Make an offer stipulating a satisfactory inspection of the
home and an appraised value equal to or more than the purchase price. Have an inspection
done, and expect the owner to fix any problems, or negotiates a new price. Step 6. Search
for insurance coverage once all purchase agreement contingencies have been removed. Before closing,
review the final closing papers with your real estate agent and attorney. Lenders can
vary on origination fees and other loan costs so shop around for the best way to lower your
monthly payment. Step 7. Close the deal at a title company chosen by the seller to finish
the paperwork. Then pay the down payment, along with closing costs. Did you know As
of 2009, a tax credit of up to $8,000 is available for qualified first-time home buyers purchasing
a principal residence before year’s end.