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LIFESTYLES
A step-by-step guide to buying your first home By the Bakersfield Association of REALTORS
» WHY RENT WHEN YOU CAN BUY! Now is a great time to purchase a home. Take advantage of the lower interest rates and all the special opportunities for first-time buyers. If you’re not familiar with what it takes to purchase a home, here is a simple checklist to help you make that decision. 1. KNOW YOUR FINANCES: Are there any bills you could eliminate or payoff that would give you extra money to put aside and save for a down payment? Down payments can run 0 percent for certain types of mortgages or 5 percent to 20 percent depending on the loan. The more
money you put down for a down payment, the less added fees to the mortgage, which equates to a lower monthly mortgage payment. 2. CHECK YOUR CREDIT SCORE: Know what your number is. Lenders use this information to decide if they will approve your loan and what interest rate they will offer you. Late payment or other harmful items can lower your odds of getting a loan. So, check that score! And by the way, start a wish list of what you want and need in a home. OK, get out your list. Finances – check. Credit score – check. Now we move on to the pre-approval process. » See more on homebuying on PAGE 16.
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