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.
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. 5. GET
-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
-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.
Author:Kelsey Rorabeck 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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Whether you are buying or selling your home, the 'Rorabeck Real Estate Group' with Keller Williams Realty Integrity WI/MN will make sure your experience is a pleasant one. We pride ourselves on our close to 30 years of experience and our superior customer service within St. Paul, MN, Hudson, WI and the surrounding Western WI areas. Contact us for your home buying & selling needs. "Who do ya know wants to buy a home?"