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A few steps necessary for buying residential real estate

Purchasing a house is a big step, particularly for those who are unfamiliar with the process. The residential real estate market in New York can be especially complicated to navigate for first-time buyers and even for more experienced home purchasers. A few tips may help would-be buyers to take the right steps during this multifaceted process.

Looking at one's work history and credit history is critical for determining if the current time is an okay time to buy a home. For instance, being steadily employed for the past two years is critical for getting a home loan. In addition, carrying large credit card balances may be a deterrent to a home lender.

Another step is to determine, with the help of a lender, how much one can afford and then save money for the necessary home down payment as well as closing costs. Down payments are usually a minimum of 5 percent of the home price. Placing savings in an account that offers more interest than savings accounts do may help an aspiring homebuyer to get to the necessary down payment amount sooner.

As purchasing residential real estate features many inherent risks, having an attorney to help with the process from beginning to end is paramount. An attorney in New York can help with obtaining and reviewing title searches as well as completing the large amount of paperwork required to ensure that the title to the home is clean. In even the most complex of deals, the attorney can make sure that one's rights are protected long term.

Source: findlaw.com, "Checklist to Help You Decide if You're Ready to Buy A Home", Accessed on June 15, 2017

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