The home buying experience is a very rewarding timeline of events that lead to the “American Dream.” I can assure you that many valuable lessons will be learned about you as a person and a better understanding of personal finance will be achieved along the way.
As a homebuyer, you have rights. Understanding your rights at the start of the home buying experience is the first step towards preparation.
Here are some helpful links from the U.S. Department of Housing and Urban Development that are in place to protect YOU, the homebuyer:
Borrowers’ Rights - http://www.hud.gov/offices/hsg/ramh/res/resborwr.cfm
Real Estate Settlement Procedures Act (RESPA) - http://www.hud.gov/offices/hsg/rmra/res/respa_hm.cfm
HUD’s Settlement Cost Booklet - http://www.hud.gov/offices/hsg/rmra/res/settlementaug17english.pdf
Another important step is to find out if home buying is the right choice for you. Use the valuable link below to compare your current renting scenario versus how much you would like to borrow to buy a home.
Buying vs. renting - http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH
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