If you’re starting to look around for your first home you should start thinking about buying some Dallas real estate. There is a lot of great Dallas real estate on the market right now because Dallas is a rapidly growing city that is changing all the time. Many family homes on the edge of the city are available right now for very low prices so if you have been wanting to find a nice family home at an affordable price then Dallas is the place to look.

Do you have a Dallas real estate agent yet? If you don’t already have a Dallas real estate agent you should find a Dallas real estate agent. A Dallas real estate agent that specializes in family homes can help you find a home that is the right size and the right price and is in a good neighborhood with lots of other families and that is in a good school district. The best way to find your first home is to go through a Dallas real estate agent since a Dallas real estate agent will be a lot more familiar with the home buying process than you are and can help you get through the home buying process.

When you are ready to start looking at houses the first thing that your Dallas real estate agent will tell you to do is get a copy of your credit report. You need to get a copy of your credit report so that you know all the things that are on your credit report. A mortgage company or home loan lender is going to base their decision about giving you a home loan to buy some Dallas real estate on whether or not you have good credit so it’s worth taking the time to get a copy of your credit report and clean up your credit report and make sure that your credit is as good as it can be before you apply for a home loan.

Another thing that you need to do before you apply for a home loan is figure out what type of home loan you want to get. You can apply for an adjustable rate home loan or a fixed rate home loan. An adjustable rate home loan will have a lower monthly payment in the beginning but after a fixed introductory period, usually a year, the rate will go up to whatever the current interest rate is and your monthly payment might double or even triple so an adjustable rate mortgage can be risky.

A fixed rate home loan usually costs more in the long run but you will have a fixed monthly payment so that you will always know what your monthly mortgage will be. Many families that are buying their first home will apply for an adjustable rate mortgage first and keep that mortgage for a year then refinance that mortgage and get a fixed rate home loan just before the introductory period ends. If you don’t have a lot of money and are worried about the initial monthly mortgage payments then you should start with an adjustable rate mortgage when you buy Dallas real estate.

So you are thinking about buying a home? Typically, people who are planning to buy a home, and especially first time home buyers, start by looking through newspapers ads and real estate magazines before calling a real estate company and talking to a real estate agent. And that’s where the problems tend to begin. As a homebuyer you must understand that real estate agents represent sellers (they have a legal duty to represent sellers) and not buyers (.) The only exception to this rule is in the case of “buyer broker representation” which I STRONGLY advise against using because it’s basically a scam designed to squeeze money out of both ends of a real estate deal, money from buyers and money from sellers. You see, the term “caveat Emptor” means “buyer beware”. That means the duty to protect your legal and financial interests in a real estate deal falls squarely on YOUR shoulders. If you make wrong decisions, sign stupid contracts and do less than an intelligent deal-it is your fault. In my mind, the term “buyer beware” is a fancy way of saying “cheating is okay”.

It all boils down to knowledge. Real estate agents are trained in real estate principles, practices, some real estate law and some (and I mean some) financing. How much training have you had? How much do you know about real estate law? How much do you know about real estate financing? What are your financial options? Are the loans being sold to you in your best short, medium and long-range interest? These are key questions you need answered. So here’s a few tips on getting your bearings in the right direction before you do anything.

Number 1-Get the home financing together first! This is the singular most important element of a real estate deal. Why? Because after the whirlwind of emotion of your new home passes (and it will) you will have a “mortgage monkey” strapped to your back for 15 or 30 years. You want the best interest rate you can get but you also want the best loan program to meet your personal needs. There are a ton of home loans on the market; 15 and 30-year conventional loans, adjustable rate mortgages (ARMS), Government loans like FHA, VA loans and there are gimmick loans like negative amortization loans, nothing down loans, etc. The point is that lenders are in the business of selling loans- that’s right they are selling you a loan and you are paying for it in the form of closing costs and interest rates. Nobody can get this information together for you except you (.) You are the one that will live with the loan and that is why you need to get your financing together first! My report gives you the steps you need to take to seek out the right loan for YOU.

Number 2-Get an attorney specialized in real estate transactions (.) People tend to see a lawyer AFTER they have a legal problem. Be smarter than that-see an attorney first and get representation, buying a home is a big business deal right? I cannot emphasize enough the importance of having a lawyer to review your legal documents before you sign anything (.) Not to hype the report but it has some tips on this issue.

Number 3-Avoid real estate agents until you are strategically ready to talk to them. Remember; agents are trying to sell you a property-and they are not your agent-they are salespeople on a commission and they have a legal duty to not only represent the seller but to get the highest possible price on behalf of the seller. People get hurt everyday in real estate deals and don’t even know they are bleeding. Why? Lack of information.

My E-Report: 101 Tips For Homebuyers, Sellers And Money Borrowers will help you with more information regarding this article- go to smart Books website, fill out the form requesting a copy and we’ll send it to your email address within 24 hours-absolutely free this week! Another Ezine Article Exclusive! Keep reading, theres’ more to come! Until next time…

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James W. Hart, IV
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