Essay on Buying a House

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Buying a House What is the American Dream? Better living standards, better education, own a house, own a better car… You can add anything to this list you could think of. Based on my experience so far, having your own house is the most significant one. No matter if you are male or female, young or old, rich or poor, what culture or country you are from, everyone has a dream about it; in other words, every one of us wants to own a place that we can live in and store personal properties. To buy a house is a lot easier in America than any other countries. In the United States if you have a decent job that can pay your monthly mortgage payments and a good credit score, 620 or above, you can buy your own house. However, the process is long and extremely painful. The first step to buying your house is reviewing your financial situation, such as how much debt you have versus how much assets you have. After the review, try to pay off some of your debt, and put some money aside for the rainy days. Then contact your bank or finance agent to evaluate how much exactly you can afford and borrow; therefore, you will know what your range is and avoid making an expensive mistake that will put you in trouble in the future. Be aware there are a lot of mortgages and many factors determine interest on the mortgage. Also, the amount of the down payment makes big impact on the type of mortgage you will get. Always keep in mind, the larger the down payment is, the easier it is to get a mortgage; however, 100 % value of the property mortgages are available with private mortgage insurance, which protects the lender from possible losses. The second step is to find a good real estate agent who assists buyers by finding the best house and helps them purchase property for the best possible price under the best terms. Getting a realtor is not always necessary, but, if you are a first time buyer, it is highly recommended to have one. Also do not forget the realtors get paid by the seller, but they work for the buyer. When you find a house that suits you best, start doing your search about the house. You should learn about the latest sales in the neighborhood, the tax value, and the next ten or fifteen years development plan for the area the house is in. If you are satisfied with the search results, your realtor writes an offer letter to the seller. The offer should be a good deal to both the seller and the buyer. Sometimes this process takes a long time, but usually
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