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4 tips for your first real estate transaction

On Behalf of | Dec 31, 2021 | real estate law

Connecticut is a great state to purchase a home. If you are a new family looking to buy your first home, there are a few things you need to get in order.

This article provides a brief overview of the home buying process in Connecticut. Continue reading to learn more about making your first real estate transaction.

1. Get your free credit report

It is easy to get a free credit report. According to the Federal Trade Commission, the three major credit reporting agencies can send you a free copy of your report every year. Make sure you use the authorized website.

2. Get pre-approved for a mortgage

Try to get pre-approved for a mortgage before you make an offer on the house. Get a quote from multiple banks or lenders to ensure you get the best price. Mortgage shopping also helps you create a budget. Keep in mind that there will be many unforeseen costs. Choosing a mortgage you can barely afford is not a good idea.

3. Hire a broker

A licensed buyer’s agent will help you choose the right house for you, especially if you do not have experience. Make sure they have a certification before you commit to an agent. Also, like a mortgage, you want to find a broker that works for your situation, so do not accept terms you find problematic.

4. Pay for an inspection

Before you buy a home, always hire a licensed inspector. Sometimes the seller will pay for repairs or lower their price a house has severe defects.

Real estate transactions require months of planning. If you want help negotiating for a home, consider speaking with an attorney specializing in real estate.