Buying a home can be a tricky process with lots of steps that you need to pay attention to. There are a few things you can do before you even get started shopping that will help insure you get the best home possible.
Get A Credit Report And Clean It Up
The sooner you get a look at your credit the quicker you can make it better. There are many gorgeous and unique homes in Moultrie, Georgia but if you don’t have good credit it can be more difficult to get into one. You may pull your credit report only to find out you don’t have many lines of credit being reported. This can be a simple fix like getting a utility in your name. You may also find old items on the report pulling your rating down. It can take six months and longer to fix your credit so this should be the very first thing you do. Already started shopping for a home? It’s never too late to look at your credit score and do all you can to make it better.
Make A Plan To Plant Your Feet In Moultrie, GA
Moultrie is beautiful and you’ll want to stick around but many homeowners make the mistake of thinking they’re going to buy a home and move again in a year. This is not as easy as it sounds and often is done at a financial loss. You should plan on staying in the home for at least four years more likely six years or more.
Stick With Something You Can Afford Monthly
When you get preapproved for a home there’s a good chance you’ll get approved for something that’s going to squeeze you a little. It’s important that you look at more than just the final loan price. You’re likely to have your monthly expenses weigh heavily into everything. This means that you should look at what your monthly payment will be instead of just the total bill. You need to know what you’re paying each month and if you’re comfortable paying this before committing to a purchase.
Twenty Percent Isn’t Always What’s Needed
It used to be the standard that you would need twenty percent down to purchase a home. These days you can find many different loans out there for as little as three percent down or even less. Shop lenders and don’t take no for an answer the first time around.
Look At School Districts
What, you don’t have children? It’s still a good idea for you to look at the school district of the home you’re looking at purchasing. This will not only be great if you do start a family it will also make sure that there is resale value in your home.
Understand Your Rate And Points
Take your time to understand both the rate and points of your home so you know you’re getting the best deal. Points are origination fees that you pay up front. Generally speaking the lower the interest rate the more points you’ll pay. Your rate is your interest on the loan and this is very important. Most borrowers will pay more in interest on a loan then they do on the principal.
The single most important thing you can do before shopping for a home is to get preapproved. The worst feeling in the world is to go out and find an ideal home only to find out that you can’t get financed. Getting your financing ready before you start will help the process of buying a home in Moultrie, Georgia go that much faster.