HOW TO BUY A HOUSE

Tips for Buying a House

Buying a house is a big deal! Here are a few tips you may find useful as you embark on your home buying adventure!

1. Check your credit.

Most people need a mortgage to buy a house. Since the terms of your mortgage loan will be dependent on your credit history, make sure you know what condition your credit is in. You’ll want to make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Consult a licensed mortgage originator to discuss your credit and to determine your best course of action moving forward. Inlanta Mortgage originators can offer practical advice on credit repair and refer you to reputable credit repair specialist if necessary.

2. Look for a home you can really afford.

Utilize our How Much Can I Borrow Calcuator to get an idea of what you can afford. For a more accurate assessement, we recommed you contact a licensed mortgage originator for a pre-approval.

3. If you can’t put down the usual 20 percent, you may still qualify for a loan.

Inlanta Mortgage offers mortgage loan programs that do not require a 20 percent down payment. Inlanta currently offers conventional mortgage loans that offer as low as 3% down payments. Eligible veterans can take advantage of the VA Mortgage Loan program which offers a no down payment option. Review our mortgage loan programs or contact a licensed loan orginator for a free, no obligation consultation.

4. Buy in a district with good schools.

Don’t have kids? In most areas, this advice still applies. When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. A Realtor can advise you on school districts, neighborhoods and more.

5. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional Real Estate Agent. Buying a house is a big decision –  best made with the assistance of a professional.

6. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, a pre-approval from a lender is based on your actual income, debt and credit history. Read Get Mortgage Pre-Approval Before House Hunting for more information.

7. Hire a home inspector.

A home inspection is not the same as an appraisal. An appraisal is a written estimate of a property’s market value. Lenders require appraisals to determine the appropriate loan amount. A home inspector will check the home’s roof, basement, heating system, water heater, etc. A home inspector will be able to point out potential problems that could require costly repairs down the road. The home inspector’s report will help you make a more informed decision regarding a real estate purchase.

Buying a home is the largest single investment that most Americans will make. Trust a professional to help you with this decision.

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