TIPS TO BUYING A HOME
EXCITING & OVERWHELMING, here is a list of tips to help make your home buying experience more enjoyable.
Understand what type of home you want to buy
Purchasing a home is a major decision that shouldn’t be taken lightly. If you’re not clear on exactly what you want out of homeownership, you could end up regretting your choice. Make a list of what you want before you start looking.
Get pre-approval on a mortgage
This gives you a firmer handle on how much you can afford, and it’s helpful when you make an offer on a house because it shows sellers you’re financially qualified.
TIP: Hold off on making any major credit card or car purchases while you're waiting to apply for a mortgage. Monthly payments you're obligated to pay will be counted against you, and reduce the amount of the mortgage loan you'll be offered. Even if you've been pre-approved for a mortgage, that approval is subject to last-minute evaluation of your financial situation, and a spending spree for appliances, furniture and other goodies intended for your new home may wreck your chances for buying it.
Home Inspection
A home inspection provides an overall picture of the property’s condition and any mechanical or structural issues it might have. This will help you determine how to proceed with the closing process: If major problems are found, you might want to ask the seller for repairs, or you might even decide to back out of the deal (provided there’s an inspection contingency in the contract).
How to get started: LPR Property Group will recommend a home inspector, but do your own homework before choosing one. Depending on your contract, you’ll generally need to complete the inspection within 10 days of an accepted offer or 3 days of signing a purchase & sale agreement.
Appraisal
Your lender may require you to get an appraisal of the house you want to buy. The lender provides the appraiser but the cost is part of the cost of your loan.
Homeowner's Insurance
Lenders require that you have homeowners insurance, to protect both your interests and theirs. Like everything else, be sure to shop around for insurance that fits your needs.