Tips on buying Memphis Home
For many of us buying a home can be a very stressful time in our lives. Certainly it does not matter whether you live in Memphis, Los Angeles or Las Vegas buying a home is the biggest expenditure one will face. In this article we offer a few tips to help you when you are considering buying say a Memphis home and which can reduce the stress you feel.
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 - Get yourself a pre-approved mortgage before you actually begin the search for your dream home. As well as you being able to see just how much you really can afford to spend on a property. You will also find yourself in a much stronger position when it comes to making that all important offer on the house of your dreams.
Tip 5 - You should before you put in any kind of offer on a Memphis home you are interested in buying do your homework first. Look closely at what the current market prices for houses similar to the one you are thinking of buying and what ones have recently sold for. If for example you find that properties are selling at about 5% below the asking price then your initial offer to the seller should be around 8 to 10% the price they are asking.
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 - Get yourself a pre-approved mortgage before you actually begin the search for your dream home. As well as you being able to see just how much you really can afford to spend on a property. You will also find yourself in a much stronger position when it comes to making that all important offer on the house of your dreams.
Tip 5 - You should before you put in any kind of offer on a Memphis home you are interested in buying do your homework first. Look closely at what the current market prices for houses similar to the one you are thinking of buying and what ones have recently sold for. If for example you find that properties are selling at about 5% below the asking price then your initial offer to the seller should be around 8 to 10% the price they are asking.
posted by Credit Counseling at
12:19 PM
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