by Michelle Neal

This is an exciting time in real estate, especially if you are a buyer. With low interest rates and a plentiful inventory of homes, it is a great time for people to buy real estate.  For those buyers who are new to the process, here are a couple of quick pointers.

Get a copy of your detailed credit report early in the process.  It is important to know your credit score, as it plays an integral part in determining your interest rate.  Also, you want to make sure you are not faced with obstacles later in the buying process.  It is best to be proactive in identifying credit items to pay off or correct.  Most lenders are able to partner with buyers and help them get credit issues corrected.  They can also help to establish a realistic time-frame after which you will be able to purchase.

Researching real estate websites is a great way to tap into valuable resources.  As you might expect, some websites are better than others.  Real estate websites (such as this one) often will be able to provide access into the Multiple Listing Service so you can become familiar with the inventory of homes in various areas.  Many of these websites also allow the user to organize and save their selections to their own "notebook" or "favorites".  Some of the more advanced websites will also provide GPS mapping functions and links to public records (County Auditor sites).   In addition, most real estate websites have links to school district information.  Getting familiar with the school systems in the areas in which you are interested is a very important part of buying a home.

Lastly, it is important for you, as a future homebuyer, to track your expenses to really gauge what you are able to "comfortably" afford.  Determining how much money you have coming in and tracking your expenses each month will help to identify what monthly mortgage amount you can realistically afford.   It will also help you to analyze where you may be able to cut back in order to save up for your down payment.