mation. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your You might have seen or read a report lately that young Americans are the fastest growing group of homeowners. As a matter of fact 26% of adults under the age of 25 own their home. Because there is a 7.4 month supply of homes on the market right now, buyers now more than ever have bargaining and leveraging power. But how do we make sure that the young adults of America are not pre-maturely going into this without any education? Well in hopes of adverting that, I have put together a summary of tips & hints for the future young homeowners of America.

The first thing you should do is know your credit inside and out. Your credit is your apparatus when it comes to buying a house and not knowing your credit record and score will only leave you more vulnerable. You are entitled to a free credit report each year (annualcreditreport.com). I am writing this article in the first week of 2007 so right now we should all have access to that free report. Once you have that information go to (myfico.com) and use your credit report to get your credit score. Typically a number above 620 is considered in good shape. If your credit score is below 620 or too close for comfort, then look for ways to increase that number.

Next you’ll want to find your lender. Use banks, credit unions, and mortgage brokers to find the best deal. Compare types of loans, terms, fees, and make sure you understand this information. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your l

adults of America are not pre-maturely going into this without any education? Well in hopes of adverting that, I have put together a summary of tips & hints for the future young homeowners of America.

The first thing you should do is know your credit inside and out. Your credit is your apparatus when it comes to buying a house and not knowing your credit record and score will only leave you more vulnerable. You are entitled to a free credit report each year (annualcreditreport.com). I am writing this article in the first week of 2007 so right now we should all have access to that free report. Once you have that information go to (myfico.com) and use your credit report to get your credit score. Typically a number above 620 is considered in good shape. If your credit score is below 620 or too close for comfort, then look for ways to increase that number.

Next you’ll want to find your lender. Use banks, credit unions, and mortgage brokers to find the best deal. Compare types of loans, terms, fees, and make sure you understand this information. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your

r credit record and score will only leave you more vulnerable. You are entitled to a free credit report each year (annualcreditreport.com). I am writing this article in the first week of 2007 so right now we should all have access to that free report. Once you have that information go to (myfico.com) and use your credit report to get your credit score. Typically a number above 620 is considered in good shape. If your credit score is below 620 or too close for comfort, then look for ways to increase that number.

Next you’ll want to find your lender. Use banks, credit unions, and mortgage brokers to find the best deal. Compare types of loans, terms, fees, and make sure you understand this information. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your

. Typically a number above 620 is considered in good shape. If your credit score is below 620 or too close for comfort, then look for ways to increase that number.

Next you’ll want to find your lender. Use banks, credit unions, and mortgage brokers to find the best deal. Compare types of loans, terms, fees, and make sure you understand this information. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your

mation. Determine how much of a down payment you’ll be able to afford. Typically you want a 20% down payment. If you are not able to come up with the 20% then you get mortgage insurance or take on a second loan to cover the down payment. These types of loans are called piggyback loans and usually carry a higher interest rate. Once you’ve chosen your lender and your down payment is secured, next get pre-approved (not pre-qualified) for your loan. Being pre-approved for a certain amount will tell the sellers of a home to take your offer very serious.

It is at this point that you will want to contract a good, dependable, reliable sales agent or lawyer. Keep in mind that the sales agent’s commission is paid by the seller and having a flexible sales agent might prove beneficial if the sellers ask for a cut in the commission. Use websites like www.realtor.com to browse for homes that fit your budget or location requirements. Once you find the home you want to buy get an inspection done even if the seller says they already had one done. The inspection will secure the reliability of the electrical, heating, ventilation, A/C systems, and more.

Before everything is considered successful or complete you should shop around for your title and homeowner’s insurance. I cannot stress enough how important it is to shop around because this could save you hundreds of dollars. Finally, open a savings account and begin to put money into it. Consider this your repairs and maintenance account.

In conclusion, it should be noted that while buying your first home can be a stressful, overwhelming experience you can still prepare yourself now and be thankful later.