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 - If you are not intending to live in a property for a number of years then you shouldn't be thinking about buying one. The costs relating to buying and selling a property are quite substantial, and you may find if you sell too quickly that you don't actually make anything from it.
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 go with the additional points mortgage as this allows you to pay off some of the interest when the sale closes. Such mortgages offer a much lower rate of interest on them. This kind of mortgage is best suited to those people who intend to stay in their new home for more than 5 years. What they will find over the long term they have saved themselves quite a bit.
Tip 4 - It is better to arrange to get your mortgage pre-approved before you begin searching for your dream home. Not only will you be able to see just how much you really can afford to spend on the property. But it will place you in a much stronger position when it comes to you making an offer on the house that you feel is right for you.
Tip 5 - It is crucial before you make any opening offers on a property that you do your homework first. Spend a little time looking what similar Memphis homes are currently being offered at and what those recently sold have gone for. If you see for example that houses are selling at about 5% below the market prices then begin with an opening offer that is around 8 to 10% below the price being asked for by the seller.
Tip 1 - If you are not intending to live in a property for a number of years then you shouldn't be thinking about buying one. The costs relating to buying and selling a property are quite substantial, and you may find if you sell too quickly that you don't actually make anything from it.
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 go with the additional points mortgage as this allows you to pay off some of the interest when the sale closes. Such mortgages offer a much lower rate of interest on them. This kind of mortgage is best suited to those people who intend to stay in their new home for more than 5 years. What they will find over the long term they have saved themselves quite a bit.
Tip 4 - It is better to arrange to get your mortgage pre-approved before you begin searching for your dream home. Not only will you be able to see just how much you really can afford to spend on the property. But it will place you in a much stronger position when it comes to you making an offer on the house that you feel is right for you.
Tip 5 - It is crucial before you make any opening offers on a property that you do your homework first. Spend a little time looking what similar Memphis homes are currently being offered at and what those recently sold have gone for. If you see for example that houses are selling at about 5% below the market prices then begin with an opening offer that is around 8 to 10% below the price being asked for by the seller.
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