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This article with explore the landmines you can avoid when you are in the market to buy a new home. Here are just a few tips and strategies to help you prepare for success along with the appropriate mortgage information:

Find out your credit rating and score. You may be able to get a better mortgage interest rate and more favorable loan terms by transferring some of your balances on credit cards, car loans, etc. A mortgage professional help you correct errors on your credit report and score and determine which balances to restructure or pay off in order to improve your credit score.

Know what you can spend, now and in the future

Some of the areas to consider (Especially for First Time Home Buyers):

- Finance your home based on your monthly payment comfort level

- Evaluate the impact of home ownership on you annual taxes, considering mortgage interest deductability

- Transfer some other debt you may have to free up more monthly cash flow that enables you to improve your home buying budget

Don't get caught in the pre-approval | pre-qualification trap. It is always better to get loan commitment from a mortage company before you even start looking for homes or condos in Northern Virginia. Many mortgage brokers and lenders will give you a pre-approval or pre-qualification, but these are often meaningless. What you really need is a bona fide commitment from a mortgage lender that you are in fact approved for financing. Many have been ruined because buyers, sellers and Realtors have counted on pre-approval letters that proved meaningless.

Start Paying attention to the local and regional economic factors paying particular attention to local housing inventories, local unemployment rates, speculation and other factors that can have an impact on the Northern Virginia Real Estate market.

Robert Earl - The Earl of Real Estate is a Real Estate Entrepreneur & Real Estate Coach based in the Northern Virginia Robert has compiled a list of The 77 Most Affordable Condos & Homes for Sale in Northern Virginia as a free service to Northern Virginia Buyers & Sellers.