Buying a home: Four easy steps

A new year means a fresh start. And what better way to start anew in 2006 than by purchasing a new home?

Whether you're a first-time home buyer looking to eliminate monthly rent payments, or a seasoned home owner wanting a change, you have much to gain by investing in a new home purchase.

Of course, such a large-scale investment warrants caution, and many times, causes confusion. Be sure to talk to you Realtor to ease your concerns. He or she can explain the ins and out of home-buying and also provide you with options that best suit your needs.

In addition, take the following tips, suggested by Inman News, into account for a successful and gratifying home-buying experience:

# Seek mortgage pre-approval. If you get pre-approved for a mortgage before you start working with a real estate agent, he or she will know that you're a serious buyer and committed to the process. In addition, you'll be armed with knowledge such as your maximum mortgage payment and the price range you prefer. Look for real estate brokerages that offer in-house mortgage services, which provide you with a one-stop shop for your home-buying needs.

# Take your time. Sure, once you decide to buy a home, you'll be anxious to move in and start a new phase of your life. However, you want to be careful not to rush the process so you choose the home that's right for you. Make use of online listings, which offer you a constantly updated look at all the homes that fit your specifications. In addition, remember that buying a home entails more than just the house. You'll want to take the time to research the neighborhood and nearby amenities like schools, shopping areas and parks -- all which will also affect your house's eventual resale value.

# Select an agent. Just as you are a unique home buyer with your own specific needs, no two real estate agents are alike. Take the time to talk to several Realtors about your home-buying needs so you can choose one who will provide you with the most options. Start by talking to friends and family about agents they've used in the past and work on a referral basis. And look for agents who make use of today's most advanced real estate tools, such as virtual tours, online listings that appear in real-time and e-mail updates.

# Talk to the seller. If possible, have a conversation with the seller about why he or she is putting the home on the market. Hopefully, the seller will be honest, and give you insight -- positive or negative -- into the home and the neighborhood.

Buying a home may be one of the most important decisions you make, but it can also be one of the most satisfying. Simply ally yourself with a real estate professional who can offer advice and get the facts before making a fresh start in a new home.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.