Buying a Home
Top 10 things you need to know when buying a home.
- Don’t buy if you cannot commit to remaining in your home for at least 3 to 5 years.
- Shore up your credit. Get a copy of your credit report and make sure your credit history is as clean as possible.
- Aim for a home you can afford. The rule of thumb is that you can buy a home that is about 2 ½ times your annual salary.
- If you cannot put down 20%, you may still qualify for a loan. FHA and some new conventional programs will qualify you with as little as 3 ½% down.
- Buy in a district with good schools. Why? Resale value.
- Choose carefully between points and rate. Points save you when you plan to live in the home for five years or less. A lower rate will save you more in the long run.
- Before house hunting, get pre-approved for a mortgage. This will put you in a better position to make a serious offer when you find the right property.
- Do your homework before making an offer. Look for similar homes that have sold and closed within the last three months.
- Get professional help. Hire us. Most buyers are better off using a professional for searching for properties, preparing paperwork and assisting in the bidding process.
- Hire a home inspector. An inspection is as much an education on your new home, as it is an inspection for potential problems.