10 Important Steps to Purchasing a Home
What do you need to do to buy the home of your dreams? These ten all-important steps break down the home purchasing process, making it easy for you to make wise decisions.
- Research Your Options
Check out various neighborhoods to determine which ones are a good option for you.
- Set a Price Limit
Analyze your budget carefully to see how much you can really afford to spend on your new home.
- Improve Your Credit Score
A minimum credit score of 580 is a must to get a mortgage loan. However, you’ll need a score of at least 720 to get a mortgage loan with a good interest rate.
- Get Pre-Approved for a Mortgage
Mortgage pre-approval helps you know how much you can spend on your new home. It also speeds up the home purchase process and makes your purchase offer stand out from others.
- Find a Real Estate Agent to Work With
A good real estate agent can save you time, hassle and money by helping you find the home that best suits your needs and budget. What’s more, the agent is paid by the seller, not you.
- Go House-hunting
Check out a number of potential homes before making a decision. At the same time, don’t schedule too many home showings in a single day. You want to be fresh and alert each time you visit a potential home.
- Make an Offer
Work with your real estate agent to make a simple, appealing offer to the seller. Such an offer should include a fair price and as few preconditions as possible. It’s not a bad idea to also include a personal letter explaining why you want to buy the home and offering the current owners some perks and amenities such as a flexible move-in date, a lease-back option or compensation for cleaning costs.
- Have the Home Inspected
A home inspection is a must if you want to avoid getting a bad deal. Be present during the inspection and make sure the inspector checks every single part of the house.
- Close the Deal
Once everything has been completed, it’s time to close the deal. Be aware of closing costs in advance and come prepared with everything you need to sign the paperwork and take ownership of your new home.
- Move In
Congratulations! You are now the proud owner of the home of your dreams. It’s time to pack up, move in and get set up.
MIG’s mortgage company in Cookeville offers all the assistance you need to obtain a mortgage loan, have the home inspected and more. Get in touch with a Cookeville loan officer to learn more about our mortgage options or start the process of applying for a mortgage loan.