Buying Memphis Home
When you are buying a home this can be a very stressful period in your lives. It does not matter where you live whether it is in Memphis, Los Angeles or Las Vegas buying a home is the biggest amount of money you will spend at any one time. In this article we offer a few tips which could help you reduce your stress levels when buying a Memphis home for example.
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 order for you to purchase your dream Memphis home you are going to have to get yourself a mortgage. If you want to get what you want at a good rate it is important that your credit history looks good. Therefore a few months before you begin looking for a property get copies of your credit history reports, which you can obtain for free from the credit reporting agencies (Experian for example). Now go through them and if you see any problems or errors with yours get them sorted out.
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 - 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 - 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 order for you to purchase your dream Memphis home you are going to have to get yourself a mortgage. If you want to get what you want at a good rate it is important that your credit history looks good. Therefore a few months before you begin looking for a property get copies of your credit history reports, which you can obtain for free from the credit reporting agencies (Experian for example). Now go through them and if you see any problems or errors with yours get them sorted out.
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 - 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 - 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.
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7:30 PM
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