Buyers of homes start their home exploration long before they even realize it. Whether you are a first time home buyer, looking for a vacation home or an investment property, the idea of owning a home has long been on your mind. So by this time you must have weighted the advantages of  owning a home (American dream,Tax advantages,  Investment in the future).  Home buying is a complex process and should be done with the guidance of a Realtor. Here are some great ideas and informative links to make you feel more confident in the home buying process and,  never forget,  knowledge is power.

1-Research- Before you call a Real Estate Agent, you need to do some research. In today’s market,  your dollar will buy plenty of home, but you still  have to have a reality check and know what is going on in the market place today. Sellers today have more reason than ever to be open to negotiations. Here are some links for savvy home buyers to look at before they contact a Realtor.

• Realtor.com- Nations biggest real estate web site. Best site to check out properties for sale in your town. You can see what  homes are priced at and get a good idea of  how much inventory of homes are on the market today.
• RealEstate.com- Another useful multi purpose website that has the tools you need to search for  homes for sale, your home value and excellent real estate related articles.
• Rentals.com-Expansive database of  rental homes,apartments,vacation rentals and many other rental opportunities.

2-Be Ready For Issues- Regardless of how much homework  you do or how great your Realtor is,  you will undoubtedly run into an issue or two. Preparing your mind and being aware that issues will come about is a smart way to approach the home buying process. Some of the issues you might run into are

• Sellers can be Illogical and Difficult
• Home Inspection could Expose Defects
• Lender might Reject your Loan
• Not Connecting well with your Realtor
• Title Company could reveal Cloud on Title
• Issues with your Moving Company
• Understanding the Full Cost of Buying a home

3-Know the lingo-Real Estate Terms 101

• Abstract of Title- Documents recording the ownership of property throughout time.
• Amortization- A payment plan that enables you to reduce your debt gradually through monthly payments. The payments may be principal and interest, or interest-only. Means to “Kill” in Latin.
• Annual Percentage Rate (APR)- A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders, by federal law, follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans. APR is a higher rate than the simple interest of the mortgage.
• Appraisal- A document from a professional that gives an estimate of a property’s fair market value based on the sales of comparable homes in the area and the features of a property; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
• As-is Condition- The purchase or sale of a property in its existing condition without repairs.
• Assessed Value- The value that a public official has placed on any asset (used to determine taxes).
• Assets- Any item with measurable value.
• Assumption Clause- A provision in the terms of a loan that allows the buyer to take legal responsibility for the mortgage from the seller.
• Back to Back Escrow- Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
• Bridge Loan- A short-term loan paid back relatively fast. Normally used until a long-term loan can be processed.
• Cash Reserves- A cash amount sometimes required of the buyer to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.
• Certificate of Title- A document provided by a qualified source, such as a title company, that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims
• Earnest Money Deposit- Not to be confused with a down payment. Just says to the seller “Yes, I am serious enough about buying your house that I’m willing to put my money where my mouth is.”