Searching for a new house can be an exciting process of open houses and new possibilities. The quality of local schools, neighborhood safety, the number of children in the area, and traffic patterns are just a few of the issues to be considered in shopping for the right home. We will guide you to the right source for facts and useful information. Before making any major decisions, here are a few tips to consider in valuing the purchase of your next home.

Start by creating a prioritized list of features you want in your next home. Your list can be modified at any time and will probably change according to characteristics you find in the homes you are touring.

Location is a huge part of any move. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you perfer the peace and quite of a rural community. We will find the neighborhood where you fell comfortable by sharing market trends, neighborhood statistics and community links.

As soon as you have made the decision that you want to buy a house, one of your first steps should be to make certain that you have a clear picture of you financial situation.

Spend some time reviewing your buget. The best time to review your budget is before you move. Keep your spending patterns in check and sharpen your money saving skills.

If possible pay off any or all small debits. The less debt you have the easier the process will be. At the same time do not incur any new debt.

Run a credit report to make sure there are no descrepancies or problems in your credit history.

Do an analysis of how a house purchase will affect your budget. Be sure to factor in all cost associated with the home purchase, including mortgage payments, insurance and taxes, repairs and maintenance.

Begin to gather documention that you will need for the mortgage company such as: last 3 years Income Tax Returns, current copies of pay stubs, records of any past derogatory credit history that has been paid off, and records of any supplement income you may have.

Set money aside for the option fee, earnest money, down payment, and necessary closing cost? that you will be responsible for. All these cost can add up quickly so over estimate the amount you think you need, even if they quote you less. You will feel at ease when you have more than enough to cover all the necessary cost and left over money to buy new furniture.

A mortgage is a loan secured by a lien on your home. The amount of your mortgage is typically the purchase price of the home minus your down payment.

With all your financial informaiton available get prequalified and preapporved from a Mortgage Lender. This will significantly strengthen your offer when you find a home and make the home buying process much faster. Most qualifications can be done over the phone.

There are lots of sources for mortgage funds so be sure to make comparisons. Be sure to compare equal terms, downpayments and loan types. View all your financing options. Make sure your lender is the right one for you.

Consider points when comparing. You total mortgage cost will be determined by three factors: the interest rate, the term and amount of points. View the discussion on points to get a better understanding of how they affect your total.

Get as much information as possible about the mortgage. Securing a mortgage is not all that complicated, but if you approach it blind, mistakes can be very expensive.

Consider a 15 or 20 year term. Unless you make the comparison you may never know if a 15 or 20 year term could have been affordable. Even if you do decided to mortgage your home with a 30 year loan try your best to pay the mortgage at the shorter term payment.

Depending on the type of financing you choose, several home inspections may be conducted. The first should be your own basic inspection; the second should be a professional whole-house inspection by a reputable person. Other typical home inspections may include a termite and water system inspection. Should you select a government loan (FHA or VA), the third inspection should come at appraisal.

It is critical to have an extensive home inspection. It is well worth it to pay the inspection fee and possibly avoid repairing items that a good home inspector would have found.

It is benifical to you if you are present during the home inspection. You will better understand the areas of the home the inspector finds are in need of repair. When the report comes in you will better understand the written report and be condi

Inspections are designed to disclose defects in the property that could materially affect its safety, livability or resale value.

Don't wait until you've made an offer to begin the search for a home inspector. There will be a time limit in the contract by which the inspection must be completed (typically between 7 and 14 days) and we will be happy to provide you with a list of qualified inspectors.

At least five days before closing you will be doing a final walk through of the property. During this time you should make sure the property is in the condition you have required in your offer, and that any required repairs have been performed.

Unless you pay cash for your home, your lender may require proof of a homeowner's insurance policy, secured before closing. This policy protects your investment as well as the lender's. Here's a general overview of what homeowner's policies protect against and some ways to save money.

Don't consider only price. Look for a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so talk to a number of insurers to get a feeling for the service they give. Ask what they would do to lower your costs.

Some companies that sell homeowner's, auto and liability coverage will take a percentage off your premium if you buy two or more policies from them.

You want your policy to cover any major purchases or additions to your home, but you don't want to spend money for coverage you don't need.