Tips For Buying A Home

Tips For Buying A Home

Most first time home buyers or even the experienced ones don’t know what to do or how to start when searching for homes. Here are a few tips that can help get the process moving.
1.Aim for a home you can really afford.
-One rule of thumb is that you can buy a house the runs about two and a half times your annual salary. Also, there are many calculators available online to get a better handle on how your income, debts and expenses affect what you can afford.  

2.Start by shoring up your credit.
-Since it is very common to get a mortgage to buy a house, it is important to make sure your credit history is as clean as possible. Before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. If you can’t put down the usual 20 percent, you may still qualify for a loan.
-There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

4.Buy in a district with good schools.

-This advice applies even if you don’t have school-age children. The reason is because when it comes time to sell, you’ll learn that strong school districts are a top priority for many home buys, which helps boosts property value.

-Even though the internet gives buyers unlimited access to home listings, most new home buyers and many experienced ones are better off using a professional agent. Look for an exclusive buyer agent who will have your interests at heart and can help you with strategies during the bidding process.

6. Choose carefully between points and rate.
-When picking a mortgage, more than likely you will have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. This works best if you stay in the house for a long time. For example, if you stay three to five years or more it would be better to take the points, the lower interest rate will save you more in the long run.

7. Before house hunting, get pre-approved.
-Getting pre-approved will save yourself the grief of looking at homes you can’t afford and put you in a better position to make a serious offer when you do find the right house.

8. Hire a home inspector.
-Hiring a home inspector is important because his or her job is to point our potential problems that could require costly repairs down the road.

Kelsey Rorabeck Headshot
Phone: 715-529-1410
Dated: November 19th 2013
Views: 719
About Kelsey: Kelsey was a student athlete for 4 years at Augsburg College and received the Joyce Plaff (scholar a...

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