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Ten Tips for Buying A Home If You’re Clueless

Posted By Jim On 09/28/2006 @ 2:26 pm In Personal Finance,The Home | 9 Comments

The Money 101 lessons are pretty good, especially if you have no idea to start, and lesson 8 involves buying a home – quite possibly the biggest financial decision you’ll ever make (besides having kids, getting married, and retiring… so… it’s pretty important). They outline ten “tips” that you probably should know. Now, before you start reading these tips and scream about how obvious these tips are, remember that you don’t know what you don’t know and lots of people have absolutely no idea. In fact, before I started researching the process, I didn’t know that you could get a loan for more than 80% (oh, you can!).

Here are the tips:

1. Don’t buy if you can’t stay put.

2. Start by shoring up your credit.

3. Aim for a home you can really afford.

4. Don’t worry if you can’t put down the usual 20 percent.

5. Buy in a district with good schools.

6. Get professional help.

7. Choose carefully between points and rate.

8. Before house hunting, get pre-approved.

9. Do your homework before bidding.

10. Hire a home inspector.

via CNN Money [3].


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