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Monday, January 19, 2009
When it comes to buying a home this can prove to be a very stressful period in our lives. It does not matter whether you live in Memphis, Los Angeles or Las Vegas buying a house is going to be the biggest expenditure that we will undertake. In this article we offer several tips to help you when you are thinking of buying a Memphis home and so help to reduce the stress levels.
Tip 1 - Never think about buying a home if you are not intending to live it for several years. The costs of both buying and selling a property can be very high. So if you decide to sell your home quickly then you may find yourself out of pocket afterwards.
Tip 2 - In all likelihood you will require a mortgage in order to purchase the Memphis home of your dreams you need to make sure that your credit history is looking healthy. It wouldn't harm you to a few months before you begin looking for a home to get copies of your credit reports. These you can obtain free from the main credit reporting agencies such as Experian. Look to make sure that everything is in order on them and if not get any problems you find solved.
Tip 3 - If you can arrange to go for the mortgage that allows you to go for the additional point's option. This allows you to pay some of the interest off on the loan when it comes to the sale closing and your interest rate will be lower. Ideally people who instead to stay in a house for more than 5 years should be using this method as they will save quite a considerable sum over the long term of the loan.
Tip 4 - If you can arrange to get your mortgage pre-approved prior to you really starting to search for your dream home. This will save you a lot of grief as you will be able to clearly define what properties you can afford and what you can't. Also you will find yourself in a stronger position when it comes to making an offer on the house that is right for you.
Tip 5 - Always do your homework before you actually put in an offer on a property. So what you need to do before hand is look what price similar Memphis homes are currently on the market for and what others have sold for. If for example you see homes are selling for around 5% less than the market price then you should come in with an opening offer of around 8 to 10% below the price that is being asked for by the seller.
Tip 1 - Never think about buying a home if you are not intending to live it for several years. The costs of both buying and selling a property can be very high. So if you decide to sell your home quickly then you may find yourself out of pocket afterwards.
Tip 2 - In all likelihood you will require a mortgage in order to purchase the Memphis home of your dreams you need to make sure that your credit history is looking healthy. It wouldn't harm you to a few months before you begin looking for a home to get copies of your credit reports. These you can obtain free from the main credit reporting agencies such as Experian. Look to make sure that everything is in order on them and if not get any problems you find solved.
Tip 3 - If you can arrange to go for the mortgage that allows you to go for the additional point's option. This allows you to pay some of the interest off on the loan when it comes to the sale closing and your interest rate will be lower. Ideally people who instead to stay in a house for more than 5 years should be using this method as they will save quite a considerable sum over the long term of the loan.
Tip 4 - If you can arrange to get your mortgage pre-approved prior to you really starting to search for your dream home. This will save you a lot of grief as you will be able to clearly define what properties you can afford and what you can't. Also you will find yourself in a stronger position when it comes to making an offer on the house that is right for you.
Tip 5 - Always do your homework before you actually put in an offer on a property. So what you need to do before hand is look what price similar Memphis homes are currently on the market for and what others have sold for. If for example you see homes are selling for around 5% less than the market price then you should come in with an opening offer of around 8 to 10% below the price that is being asked for by the seller.
posted by Credit Counseling at
4:16 PM
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