Buying property is a process, with many potential pitfalls. Our team of professionals have years of experience and expertise in the Greeenville, NC, market. We will work with you every step of the way until you are handed the keys to your new home.
A house is probably the biggest purchase you will ever make. It builds financial security and is a wonderful investment for your future. It takes preparation, perseverance and commitment
Before we get started, we'd like to share tips that should make your home search easier.
Make a list
Think about what you want and need from your house before you begin looking for it.
Do you love to cook and want a large, professional kitchen? Do the kids and pets need plenty of outdoor space for playing? Do you want convenient access to shopping and dining? Do you want to live in a particular school district or near your parents? Do you want new construction, a fixer-upper or a house that's move-in ready?
Once you have a list of your desires, share it with your agent so we can begin looking for a home that meets your needs.
Get Pre-ApprovedBefore you start your home search, it's a good idea to find out how much money you can borrow from the bank.
Knowing how much you can spend on a home narrows the search -- and you avoid the heartbreak of falling in love with a property that's out of your price range.
And today, many sellers will not entertain an offer that's not accompanied by a mortgage pre-approval.
To get pre-approval for a loan, visit a reputable lender or bank and apply for a mortgage. You'll fill out some paperwork about your finances and the lender will verify the information, check your credit score and calculate your debt-to-income ratio. Then the lender will tell you how much you can borrow.
paperwork about your finances to fill out. The lender will verify your financial paperwork, check your credit scores, verify your employment information, and calculate your debt-to-income ratio.
Your loan can fall through at the last minute if you do something to alter your credit score. So don't make any large purchases -- like a car -- before you close on your home.
Figure in other expensesJust because a bank says it will lend you $200,000 doesn't mean you should actually borrow that much. You don't want to end up "house poor," spending all of your money on your monthly mortgage payment and having nothing left for clothing, vacation, or even food!
Consider the house's total cost, not just your monthly mortgage payments. There will be property taxes to pay, and homeowner's insurance. You'll need money for utilities, home maintenance and improvements. (A general rule of thumb is to set aside 1% to 3% of your home's value annually.)
Many first-time home buyers opt for a relatively small, economical house -- what's come to be known as a "starter home." A smaller home usually is less expensive, so it may be easier for you to obtain a mortgage loan. You'll experience all the joys of home ownership on a smaller budget. And if you want to move to a larger home in a couple of years, you can use the equity you've gained to "trade up."
Choose a real estate agencyAn agent with Tyre Realty Group will assist you throughout the home buying process. The agent will help you locate homes in your price range that meet your needs, then meet with you to view the homes.
And when you've found a home to buy, the agent will present your offer, handle negotiations and help you with paperwork.
Most agents receive a commission paid from the seller's proceeds.