First Time House Buyer Tips
First time house buyer tips is a popular search phrase online. Real estate experts suggest nearly 80-percent of home buyers begin their search via the Internet. While this source can be extremely helpful, it is important for buyers to determine the validity of the provider.
Many people offering first time house buyer tips are not real estate professionals. Instead, they are internet marketers attempting to capitalize on this highly popular keyword. Buyers who obtain erroneous information can end up losing thousands of dollars when purchasing their first home.
One of the most credible resources for locating first time home buyer tips is the U.S. Department of Housing and Urban Development. HUD provides a wealth of information, along with resources for housing counseling agencies, assistance programs, homeownership vouchers, and incentives for purchasing HUD homes.
Local realtors are another good source for obtaining home buying tips. With the abundance of foreclosure and bank owned properties on the market, many realtors are now offering seminars to first time house buyers.
House buying seminars usually last two to four hours and provide attendees with tips and resources pertinent to the market. Some seminars focus on the benefits of buying foreclosure homes. Others focus on the intricacies of engaging in short sale transactions, while others target buyers interested in purchasing homes in newly established communities.
Mortgage brokers can provide information and resources to buyers ready to purchase their first home. Buyers should seek out brokers certified through the National Association of Mortgage Brokers. NAMB provides numerous resources and vital information to buyers and sellers. Using a certified broker can help buyers avoid entering into real estate transactions by unscrupulous mortgage brokers.
Mortgage fraud is perhaps one of the biggest problems within the United States. First time home buyers are a prime target for realtors and mortgage brokers engaging in illegal activity. These individuals prey on unsuspecting buyers who have limited knowledge about buying or selling real estate.
If a realtor or mortgage broker encourages you to lie on your mortgage note application or offers kickbacks at closing they are engaging in mortgage fraud. This activity is highly illegal and can result in up to 30 years imprisonment. Buyers who engage in fraudulent activity will be held accountable for their actions.
Buying a house is one of the biggest financial decisions you will ever make. In order to have a pleasant experience it is crucial to work with ethical and honest real estate professionals who have your best interest at heart.
If the deal sounds too good to be true or if realtors or brokers ask you to engage in unethical behavior, it is best to walk away and report their behavior to proper authorities.
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