(NAPSA)—Thekeyto finding your dream homelies in preparation. Before you call an agent or take out a sizable loan, there are a numberof things to consider. Here are a few tips to prepare you for the home buying process from MSN HomeAdvisor, a Web site which offers expert advice and services about the home, including improving,finding, selling, financing, refinancing and moving into homes. The first step is evaluating your budget. *Calculating whether to rent or buy You may be better off renting if you expect to move or get trans- ferred within two years. *Credit data Check your credit and correct any credit problems you may have before the lender gets your credit report. *Figure out if you can afford to carry a monthly mortgage and still pay yourbills. A mortgage should take no more than one third of your net income. *Find out if you can get pre-approved Getting pre-approved gives you an estimate of how much you can borrow and puts you in a better position to buy. Once you have secured your budget and are pre-approved for a loan it is time to begin house hunting. *Take a list of questions to ask whenyousee the house Get all the information you need to compare and contrast later. A beautiful Victorian may be a favorite until you revisit your notes and discover it needs new plumbing andwiring. *Whenyou find a home that interests you, research the neighborhood Use HomeAdvisor to learn more about the area. Go on your own at different times of the day, and talk to neighbors and local businesses to get a feel for what it’s liketo live there. If the neighborhood fulfills your needs, it is time to prepare When researching the neighborhood, go on your ownatdifferent times of the day. youroffer. *Find out about current market conditions The more demand thereis for housing, the more you can expect to pay. Research prices of comparable homes sold in the area recently. *Current value of the home Use HomeAdvisor to get an estimate. Check Interest rates Interest rates tend to fluctuate. If interest rates are low, you may ask your lender to lock-in, or commit to that rate, that day. Choose a loan You may think you want a 30year, fixed-rate mortgage, but an adjustable-rate mortgage may be more appropriate for your circumstances. Use HomeAdvisor to see if you qualify for special financing arrangements, such as lower down-payment requirements. *Estimate your closing costs Lenders are required to give good-faith estimates of closing costs within three days of a loan application. *Schedule a final walkthrough Make certain the seller has completed any repairs specified in the purchase contract and hassatisfied any other contingencies involving the home’s condition. For more information on all aspects of home buying go to www.msnhomeadvisor.com.
