Real Estate Buyers Resources
Write down the reasons why you want a new house. Determine how long you're
going to live there and if buying it makes financial sense. You also need
to determine if you can afford the house. Your mortgage payment should not
exceed 1/3 of your net monthly income. Meet with a realtor and talk about why you
want to buy a house and your plans for the future. They will determine your
wants and needs and help you get pre-qualified for a mortgage loan.
Home buyers who are seeking a mortgage find out early-on that their credit score
plays an important part in the home buying process and in determining the
interest rate that a lender offers. A credit score is a number that lenders
use to estimate risk. Experience has shown them that borrowers with higher credit
scores are less likely to default on a loan.
You should always have a professional home inspection when you're buying or selling
a home. A home inspector evaluates the structure of the house, and gives
feedback about other systems such as the roof, plumbing, electrical system, heating
and air conditioning units, insulation, doors, windows and more.
Purchasing a home may be the biggest investment you will ever make. A
title insurance company needs to determine that your rights and interests to the
property are clear. There are two types of title insurance: Lenders title
insurance, also called a Loan Policy, and Owner's title insurance. The Loan
Policy is usually based on the dollar amount of your loan and protects the
lender's interests in the property against a problem with the title.
Nine Steps to Home Ownership
Determine Your Credit Score
Buyers Need Home Inspections
The Basics of Title Insurance
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