Tips on 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 - When it comes to selecting a mortgage to help you buy your dream home you can go for the option where you pay additional points. This means that you pay part of the interest at the time the sale closes and so you end up with a much lower rate of interest. This is the best way to go if you intend to stay in your new home for 5 years or more as you will end up saving money over time because of the lower rate of interest you have.
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 - 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 - When it comes to selecting a mortgage to help you buy your dream home you can go for the option where you pay additional points. This means that you pay part of the interest at the time the sale closes and so you end up with a much lower rate of interest. This is the best way to go if you intend to stay in your new home for 5 years or more as you will end up saving money over time because of the lower rate of interest you have.
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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8:58 AM
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