Saturday, August 4, 2007

The Path to Homeownership

When asked what their top ten greatest achievements are, many people say owning their own home is number one. Homeownership represents the American dream to many. It signifies a leave of success, a level of financial security, and independence.

For those starting out, however, the path to homeownership can seem like a long journey. The Sale price of their desired home combined with interest rates, taxes, and homeowner’s insurance can make it seem like a dream that may never be achieved. The key to making home ownership a reality is to deal with the numbers at hand.




Start with analyzing your finances. This will help you determine how much home you can afford or how much you need to save for the home. Examine your income and all your monthly expenses. Check out your credit score and make initial inquiries into obtaining a mortgage. However: be careful too many repeated requests for your credit score and duplicate loan requests can negatively impact your appeal to creditors over time, so try not to have too many inquiries.

Property Search.                                                                                                                                         
Next, find out if there are or any state or federal government aid programs that could help you achieve your goal. Many states have first-time home-buyer programs that can help you understand the home buying process and develop a game plan for managing your finances.
Finally, put a plan into action. Start improving your credit by consolidating some of your debts and making consistent payments credit cards and other debts. Control your spending habits so that you will have more money saved for a down payment and expenses such as closing costs, taxes, and moving. Do your research on what mortgage programs are available at the same time. Educate yourself about mortgage rates and all the different terms. Always remember, that shopping for a loan is a lot like shopping for a new car. The more you know about the products and the different competitors, the better able you are to negotiate a favorable deal for yourself.



URL: http://www.atlantafinestrealtor.com/

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