As a first time home buyer, you probably need all the advice you can get. That’s why I’ve collected what I feel are the top 15 pieces of advice for first time buyers. These tips will help make your home buying process a smooth one!

1. Get a copy of your credit report.
Obtain a copy of your credit report from all three credit agencies — Equifax, Experian and TransUnion. Review them closely for errors / inaccuracies.

2. Correct your credit report.
If you find a discrepancy on any of your credit reports, correct it as quickly as possible. All three credit agencies have instruction on their websites for correcting mistakes. Their web addresses are their company names with “.com” at the end.

3. Make a wish list.
This list should include all of the things you want from a home. Size, location, features, etc. Prioritize the items as either “must have” or “nice to have.” This will save you time later on and help you remember what’s important to you.

4. Research local real estate agents.

Start by asking friends, family or coworkers if they can refer a local agent they were happy with. If that doesn’t pan out, move on to search engines and the websites of well-known companies.

5. Hire an agent.

Even with all of the home buying websites available these days, it’s wise to hire a real estate agent. Consider the amount you’ll pay for a home, and the agent’s fees will seem insignificant by comparison. And the peace of mind is priceless.

6. Get pre-approved for a home loan.
This will help you in several ways: (1) It will identify credit problems early on in the home buying process. (2) It will reveal how much you can realistically afford. (3) It will show sellers you’re serious about buying and capable of doing so.

7. Set up Google Alerts.
How would you like to have your own robotic research assistant, scouring the Internet for you 24/7 in search of relevant real estate news? That’s what you get with Google Alerts. Set up alerts for key phrases (ex: “Dallas real estate news”), and Google will notify you when it finds new content on the Internet matching your phrase. Visit Google.com/alerts.

8. Learn your mortgages.
You can’t choose the right mortgage unless you know the pros and cons of each type of mortgage. Learn everything you can about fixed-rate mortgages, adjustable rate mortgages, balloon loans, and government-backed mortgages like FHA and VA. When reading about these mortgage types, pay particular attention to any passage that starts with “This mortgagte might be a good option for you if…”

9. Read up on RESPA.
RESPA stands for the Real Estate Settlement Procedures Act. RESPA gives you rights to certain mortgage information at certain times during the home buying process. You should learn all about RESPA, and you can do so by visiting www.HUD.gov.

10. Get a home inspection.
A home inspection will usually cost you between $300 and $600. This is a small price to pay for peace of mind. A home inspector will check the status of your future home’s foundation, roof, heating / cooling system and more. You can also accompany the home inspector to learn about these parts of the home.

11. Ask plenty of questions.
Ask questions of your agent, the sellers, your mortgage lender … everybody. Don’t ever think you’re annoying somebody by asking too many questions. Get all your questions answered, every step of the way!

12. Take plenty of notes.
When house hunting, bring a notepad along. Also bring a digital camera if you have access to one. Take notes about each house (labeled by address) to help you recall the details later on. This is especially important if you’re looking at a lot of houses.

13. Bring a friend along.
The buddy system is great for house hunting. By bringing a friend along on house visits, you’ll have an objective third part to point out the pros and cons of each property.

14. Find out about schools.
You should know about the quality of local schools regardless of whether or not you have school-age children. If you do have children, you’ll surely want them in good schools. If you don’t have children, the quality of schools is still important because it affects your resale value.

15. Visit HomeBuyingInstitute.com
You can learn more about any of the home buying tips on the list (plus a lot more) by visiting HomeBuyingInstitute.com. It’s the Internet’s largest library of home buying tips and advice, and best of all it’s free!

* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author’s note, and also leave the hyperlinks active.

Learn more!
This home buying tip was brought to you by HomeBuyingInstitute.com, the Internet’s largest library of home buying advice. Increase your home buying intelligence by visiting: http://www.homebuyinginstitute.com!

Tags: buying a home, home buying, home loan, Mortgage, real estatebuying a home, home buying, home loan, Mortgage, real estate

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Seems like a dream, but many of today’s retirees who have embraced technology and new forms of second home ownership are living the dream.

By combining condo hotel and technology, many people are finding they can spend more time in the places they love, with less expense and more luxury.

Condo hotels are hotels that have been converted or built for individual ownership of the hotel rooms and suites as traditional condominium. A condo hotel unit offers the owner hassle free rental income when the owner is not in residence and personal luxury of maid service, valet, etc when in residence.

As technology evolves many of us are finding that the office is anywhere with WiFi and blackberry cellular service. So why not office in luxurious surroundings? On a beach or in a luxury hotel?

Will retirement be simply a free-range office space that is looks like a series of condo hotel suites? Many demographers beleive the baby boomer generation will redefine retirement as a second career of one’s choosing and not an endless round of golf or a rocker on a lonely front porch. That retirement will look like a wall-less and wireless career of new ideas and invention.

if these predictions are correct, the future is indeed bright for the condo hotel industry.

Bob Waun , Founder & CEO

bwaun@vacation-finance.com

Bob is CEO of Vacation Finance, America’s First Second-Home Lender. As a VP at Paramount Bank, and while at Wells Fargo, Bob innovated lending for Condo Hotel projects. He holds a Master’s degree in finance/economics and BBA in finance from Walsh College and a MI Real Estate Broker’s License. He has personally lent over $750+ million in residential loans, and over seen operations lending $1+billion. He has been a professional guest speaker and taught numerous courses/seminars on real estate finance.

He managed controlled business relationships for a national real estate brokerage in MI and OH, held top sales honors for Wells Fargo in 7 states. Bob has a 17 year track record of cutting-edge innovation in the mortgage finance.

Since 2002, Bob has worked with condo hotel developers and lenders to improve the market for condo hotel financing.

Tags: 2nd home loans, boomer, condo, condo hotel, fractional, Mortgage, real estate, realtor, retire, second home2nd home loans, boomer, condo, condo hotel, fractional, Mortgage, real estate, realtor, retire, second home

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One of the keys to maintaining the middle class in America is homeownership. In fact, the government takes an active role in promoting one hears or reads about, the government usually does this in a passive wownership through incentives.

The government is famous for influencing the behavior of all of us. Despite the draconian conspiracy theoriesay. Specifically, it uses financial incentives or penalties to nudge us into certain actions. In the case of homeownership, the government offers a ton of information and incentives to try to get us to invest in our dream home or at least start the process of getting there by buying a first house. In fact, there are a number of government websites that provide all the information you could want.

The U.S. Department of Housing and Urban Development is one of the key agencies dealing with homeownership. The department, better known as HUD, maintains a website listing the various programs it has, benefits and requirements of the same, and HUD homes that have been foreclosed on and are now for sale. You can visit the site by simply doing a search for HUD.

In the case of HUD, it is important to understand the agency does not actually write mortgage loans. Instead, it guarantees loans if you meet certain parameters. Essentially, this is like having a really rich uncle cosign your loan, something banks love. In fact, down payments on HUD loans can very low given the fact the government is backing them.

If you have served in the armed forces of your country, you are almost always designated a veteran. While salaries in the armed forces are not particularly high, the benefits can definitely make up for it. In addition to college loans and such, veterans receive mortgage loan breaks through the U.S. Department of Veterans Affairs. Known as the VA, you can get major help with loans on first homes and even use programs to get into VA foreclosed properties. Just search for “VA” to see their website.

Whether you pursue a HUD or VA loan, you should make sure to check out the programs available. You may find out that there is down payment assistance or low terms that are available to you, a situation that will save you a ton of money.

Sergio Haros is with Great Western Mortgage - San Diego home loans provided by San Diego Mortgage Brokers. Great Western Mortgage is a San Diego Mortgage Company providing San Diego mortgages, San Diego home equity loan and other solutions.

Tags: foreclosures, government, Home loans, homeownership, hud, Mortgage, real estate, va, veteransforeclosures, government, Home loans, homeownership, hud, Mortgage, real estate, va, veterans

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