Buying a home is one of the largest investments many make in their lifetime.
The Lawhead Team would like to share 9 tips to buying a home. If you are interested in purchasing a home, please remember to call The Lawhead Team, “Because Two Lawheads Are Better Than One.”
Put a plan together – Estimate how much of a home you can afford, if any. Putting a financial plan together will help you plan to make sure you can truly afford a home
Save for a down payment – Conventional loans require 20% of the home’s value down while you can apply for a Federal Housing Administration loan where the minimum is 3% down.
Do your research – Be a smart buyer and research pricing, neighborhoods and more when buyingyour home.
Check your credit – You can obtain a free credit report from AnnualCreditReport.com. If there are any errors on your report you must correct them before you start your mortgage process.
Obtain pre-approval for your mortgage – This will help you determine what price range you can be in when buyinga home.
Hire The Lawhead Team as your realtor – Finding a quality realtor is incredibly important and The Lawhead Team has plenty of experience in the market.
Get an appraisal of the home – An appraisal determines the market value of the property and will be used by your lender to determine the amount of your loan.
Perform a home inspection – It is important not to get emotionally attached to a home before you have an inspection performed. Until a home inspector performs a detailed inspection on the home, it is impossible to know if the home has major structural damage which will end up costing a pretty penny down the road. Don’t blow off this step; a home inspection is incredibly important when home buying.
Make an offer – Your Realtor will help you with this process when buyingbut the offer should include the price you are willing to pay for the home along with financing terms and contingencies.