LOS ANGELES, March 14, 2013 /PRNewswire-iReach/ -- We're a couple months into the New Year, which means that the real estate experts at Realtypin.com have had some time to examine the housing trends. So, if you're planning on buying a home during the traditionally-busy spring home buying season, what will make things easier for you?1. Buy with the intention of sticking aroundA home is more than just a place to live; it's also an investment. Home values are slowly starting to go back up, but you're really not going to see much from your investment if you buy now and go to sell in the next year or so. If you really want to make a smart purchase, plan to stay in your home for at least a few years. That way, the housing market will get some time to build momentum. And, in the meantime, you'll be able to build some equity!
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2. Don't pay points if you don't have to
Interest rates are so low right now that there's not much of a reason to pay money in points. After all, points will only lower your mortgage rate a little bit – but you'll have to spend thousands of dollars to do it. With interest rates hovering near record-low levels, you're much better off putting that money towards your down payment.
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3. Make as big of a down payment as you can
Speaking of your down payment, yours needs to be as big as possible. Yes, you can still qualify for a mortgage without putting 20% down. However, in most cases, your lender will make you pay private mortgage insurance – which will end up costing you more money in the end. Plus, with lenders being so cautious about who they give mortgages to these days, the more you can put down (and, thus, the less money you'll have to ask for), the better off you'll be!
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4. Be prepared to fight
Even if things go smoothly with your lender, you could still be in for a fight – with other buyers! Because there are so few homes on the market right now, buyers have turned the real estate market into an all-out bidding war. So, go into your search with your "game face" on, and be ready to act quickly once you find a home you like. Even more importantly, though, don't allow yourself to get caught up in the moment. Set a budget beforehand, and stick to it. That way, you won't inadvertently bid too high amongst all of the competition!
James Paffrath RealtyPin.com, 1-(866) 960-8649, firstname.lastname@example.org
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