Pittsfield, MA -- (SBWIRE) -- 06/04/2013 -- Real-estate-yogi.com is here to share its wisdom about how to buy your first home with bad credit, which includes:

- Ascertain Financial and Mental Readiness
- Obtain Mortgage Pre-Approval
- Hire an Experienced Realtor
- Get a Home Inspection

Be Ready

A key component of how to go about buying your first home is being positive that every aspect of life is solid, not just finances. Owning a home is different from renting. Things that one took for granted may now become extra expenses. Upon taking ownership, one becomes responsible for any repairs that come along, and don’t forget house insurance. This is not meant to deter a person from buying a home; it’s just to remind one to consider everything prior to doing so.

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Mortgage Loan Pre-Approval

A prospective homeowner must go shopping for a loan before she can begin looking for a house. This step to how to prepare to buy your first home is vitally important. The whole home-buying process cannot go forward if one does not receive pre-approval for a mortgage. Pre-approval lets one know exactly how much house she can afford. Talk to several lenders to find the best interest rates and terms.

Finding the Right Realtor

It’s a wise idea to hire a realtor, especially if one’s credit score is low. This significant step in how to buy your first home with bad credit must be addressed not just with the lender, but also with the real estate agent. Expect the loan’s interest rate to be high. Poor credit does not mean one cannot buy a home; however, it may be more difficult. The right realtor can find an excellent home for his client, regardless of the client’s credit score, so interview several before hiring one.

Obtain a Home Inspection

Getting a home inspection is a critical part of how to buy your first home, and the bank does not pay for it – the prospective homeowner does. It’s worth the expense to know if there are any structural issues, termites in the wood, or roof problems. One wants to be aware of any foundation issues, also, because having this knowledge prior to buying a house can save thousands of dollars in repair costs later.

About Real-Estate-Yogi.com
www.real-estate-yogi.com is a highly respected, no-cost website located in Pittsfield, Massachusetts whose goal is to connect those who have home-buying questions with experts in the field who can supply the answers. For a free initial conference, dial 1-800-987-1397, 24 hours a day, every day.