{"id":3195,"date":"2020-07-25T01:52:54","date_gmt":"2020-07-25T01:52:54","guid":{"rendered":"http:\/\/prestigeenterpriserealty.com\/?page_id=3195"},"modified":"2020-07-25T01:52:54","modified_gmt":"2020-07-25T01:52:54","slug":"buyer-tips","status":"publish","type":"page","link":"https:\/\/prestigeenterpriserealty.com\/ru\/index.php\/buyer-tips\/","title":{"rendered":"HOME BUYERS"},"content":{"rendered":"

 <\/h1>\n

HERE ARE SOME TIPS TO HELP WITH THE NERVE-RACKING PROCESS OF BUYING A HOME AND TO NAVIGATE THE PROCESS, SAVE TIME AND AVOID COMMON MISTAKES.
\n<\/span><\/strong><\/h1>\n

Saving money for a down payment<\/strong><\/h1>\n
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It\u2019s common to put 20% down, but many lenders now permit much less, and first-time home buyer programs allow <\/span>as little as 3% down<\/span><\/span>. But putting down less than 20% may mean higher costs and paying for <\/span>mortgage insurance<\/span><\/span>, and even a small down payment can still be hefty. For example, a 5% down payment on a $200,000 home is $10,000.<\/span><\/h2>\n<\/div>\n
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Some tips for saving for a down payment include setting aside tax refunds and work bonuses, setting up an automatic savings plan and using an app to track your progress.<\/span><\/h2>\n
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Explore your down payment and mortgage options<\/span><\/strong><\/h1>\n<\/div>\n
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There are lots of mortgage options out there, each with its own combination of pros and cons. If you\u2019re struggling to come up with a down payment, check out these loans:<\/span><\/h2>\n<\/div>\n
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           FHA loans – <\/span><\/span><\/strong>Loans  insured by the Federal Housing Administration<\/strong> permit down payments as low as 3.5%.<\/span><\/h2>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
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               VA loans – <\/span><\/span><\/strong>Loans guaranteed by the Department of Veterans Affairs<\/strong> sometimes require no down payment at all.<\/span>   <\/h2>\n<\/li>\n
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               Conventional mortgages<\/span><\/span><\/strong> – They conform to standards set by the government-sponsored entities Fannie  Mae<\/strong> and Freddie Mac<\/strong>, and require as little as 3% down.<\/span><\/h2>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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          Making a higher down payment<\/strong> will mean having a lower monthly mortgage<\/strong> payment.<\/span><\/h2>\n<\/div>\n
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          The smallest mortgage payment possible, opt for a 30-year fixed mortgage. If you can afford larger monthly payments, you can get a lower interest rate with a 20-year or 15-year fixed loan.
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          To help first time home buyers<\/strong>, many states now offer assistance programs<\/strong> to help with a down payment, closing cost, tax credits and discounted interest rates. Contact your county or municipality for information on first-time home buyer programs.<\/span><\/h2>\n
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          Determine how much home you can afford <\/span>before you start looking for your dream home, you need to know what\u2019s actually within your price range.<\/span><\/h2>\n
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          Check your credit and pause any new activity<\/span><\/strong><\/h1>\n<\/div>\n
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          When applying for a mortgage loan, your credit will be one of the key factors in whether you\u2019re approved, and it will help determine your interest rate and possibly the loan terms.<\/span><\/h2>\n<\/div>\n

          So <\/span>check your credit<\/span><\/span> before you begin the home buying process. Dispute any errors that could be dragging down your credit score and look for opportunities to improve your credit, such as making a dent in any outstanding debts.<\/span><\/h2>\n
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          To keep your score from dipping after you apply for a mortgage, avoid opening any new credit accounts, like a credit card or auto loan, until your home loan closes.<\/span><\/h2>\n<\/div>\n<\/div>\n
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          Compare mortgage rates<\/span><\/strong><\/h1>\n<\/div>\n
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          Many home buyers get a rate quote from only one lender, but this often leaves money on the table. <\/span>Comparing mortgage rates<\/span><\/span> from at least three lenders can save you more than $3,500 over the first five years of your loan, according to the Consumer Financial Protection Bureau<\/strong>. Get at least three quotes and compare both rates and fees.<\/span><\/h2>\n<\/div>\n
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          As you\u2019re comparing quotes, ask whether any of the lenders would allow you to buy <\/span>discount points<\/span><\/span>, which means you\u2019d prepay interest up front to secure a lower interest rate on your loan. How long you plan to stay in the home and whether you have money on-hand to purchase the points are two key factors in determining whether buying points makes sense.<\/span><\/h2>\n
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          Get a preapproval letter<\/span><\/strong><\/h1>\n<\/div>\n
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          You can get pre-qualified for a mortgage, which simply gives you an estimate of how much a lender may be willing to lend based on your income and debts. But as you get closer to buying a home, it\u2019s smart to get a preapproval, where the lender thoroughly examines your finances and confirms in writing how much it’s willing to lend you, and under what terms. Having a preapproval letter in hand makes you look much more serious to a seller and can give you an upper hand over buyers who haven\u2019t taken this step.<\/span><\/h2>\n
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          Pick the right type of house and neighborhood<\/span><\/strong><\/h1>\n<\/div>\n
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          You may assume you\u2019ll buy a single-family home, and that could be ideal if you want a big yard or a lot of room. But if you\u2019re willing to sacrifice space for less maintenance and extra amenities, and you don\u2019t mind paying a <\/span>homeowners association<\/span><\/span> fee, a condo or townhouse could be a better fit.<\/span><\/h2>\n<\/div>\n
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          But even if the home is right, the neighborhood could be all wrong. <\/span><\/h2>\n

          So be sure to:<\/span><\/strong><\/h1>\n<\/div>\n
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                     Research<\/span> nearby schools, even if you don\u2019t have kids, since they affect <\/span>home value<\/span><\/span>.<\/span><\/strong><\/h2>\n<\/li>\n
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                     Look at<\/span> local safety and crime statistics.<\/span><\/strong><\/h2>\n<\/li>\n
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                     Map<\/span> the nearest hospital, pharmacy, grocery store and other amenities you\u2019ll use.<\/span><\/strong><\/h2>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n
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                         Drive <\/span>through the neighborhood on various days and at different times to check out traffic, noise and   activity levels. <\/span><\/strong><\/h2>\n<\/li>\n
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                         Stick to your budget<\/span><\/strong><\/h2>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n
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                  Look at properties that cost less than the amount you were approved for. Although you can technically afford your preapproval amount, it\u2019s the ceiling \u2014 and it doesn\u2019t account for other monthly expenses or problems like a broken dishwasher that arise during homeownership, especially right after you buy. Shopping with a firm budget in mind will also help when it comes time to make an offer.<\/span><\/h2>\n<\/div>\n
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                  In a competitive real estate market with limited inventory, it\u2019s likely you\u2019ll bid on houses that get multiple offers. When you find a home you love, it\u2019s tempting to make a high-priced offer that\u2019s sure to win. But don\u2019t let your emotions take over. Shopping below your preapproval amount creates some wiggle room for bidding. Stick to your budget to avoid a mortgage payment you can\u2019t afford.<\/span><\/h2>\n<\/div>\n
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                  Make the most of open houses<\/span><\/strong><\/h1>\n<\/div>\n
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                  When you’re touring homes during open houses, pay close attention to the home\u2019s overall condition, and be aware of any smells, stains or items in disrepair. Ask a lot of questions about the home, such as when it was built, when items were last replaced and how old key systems like the air conditioning and the heating are.<\/span><\/h2>\n<\/div>\n
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                  If other potential buyers are viewing the home at the same time as you, don\u2019t hesitate to schedule a second or third visit to get a closer look and ask questions privately.<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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                  Avoid these home buyer mistakes:<\/span><\/strong><\/h1>\n

                  Not budgeting for closing costs<\/span><\/strong><\/h2>\n<\/div>\n
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                  In addition to saving for a down payment, you\u2019ll need to budget for the money required to close your mortgage, which can be significant. Closing costs generally run between 2% and 5% of your loan amount. You can shop around and compare prices for certain closing expenses, such as homeowners insurance, home inspections and title searches. You can also defray costs by asking the seller to pay for a portion of your closing costs or negotiating your real estate agent’s commission.<\/span><\/h2>\n

                  Not saving enough for after move-in expenses<\/span><\/strong><\/h2>\n
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                  Once you’ve saved for your down payment and budgeted for closing costs, you should also set aside a buffer to pay for what will go inside the house. This includes furnishings, appliances, rugs, updated fixtures, new paint and any improvements you may want to make after moving in.<\/span><\/h2>\n

                  Buying a home for today instead of tomorrow<\/span><\/h2>\n
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                  It’s easy to look at properties that meet your current needs. But if you plan to start or expand your family, it may be preferable to buy a larger home now that you can grow into. Consider your future needs and wants and whether the home you\u2019re considering will suit them.<\/span><\/h2>\n<\/div>\n
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                  Passing up the chance to negotiate<\/span><\/strong><\/h1>\n<\/div>\n
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                  A lot can be up for negotiation in the home buying process, which can result in major savings. Are there any major repairs you can get the seller to cover, either by fully handling them or by giving you a credit adjustment at closing? Is the seller willing to pay for any of the closing costs? If you\u2019re in a buyer’s market, you may find the seller will bargain with you to get the house off the market.<\/span><\/h2>\n<\/div>\n
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                  Not knowing the limits of a home inspection<\/span><\/strong><\/h1>\n<\/div>\n
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                  After your offer is accepted, you\u2019ll pay for a <\/span>home inspection<\/span><\/span> to examine the property\u2019s condition inside and out, but the results will only tell you so much.<\/span><\/h2>\n<\/div>\n
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                         Not all inspections test for things like radon, mold or pests, so be sure you know what’s included.<\/strong><\/span><\/h2>\n<\/li>\n
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                         Make sure the inspector can access every part of the home, such as the roof and any crawl spaces.<\/span><\/strong><\/h2>\n<\/li>\n
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                         Attend the inspection and pay close attention.<\/span><\/strong><\/h2>\n<\/li>\n
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                         Don\u2019t be afraid to ask your inspector to take a look \u2014 or a closer look \u2014 at something. And ask questions. No inspector will answer the question, \u201cShould I buy this house?\u201d so you\u2019ll have to make this decision after reviewing the reports and seeing what the seller is willing to fix.<\/span><\/strong><\/h2>\n<\/div>\n<\/li>\n<\/ul>\n
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                    Not buying adequate homeowners insurance<\/span><\/strong><\/h1>\n<\/div>\n
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                    Before you close on your new house, your lender will require you to buy homeowners insurance. Shop around and <\/span>compare insurance rates<\/span><\/span> to find the best price. Look closely at what\u2019s covered in the policies; going with a less-expensive policy usually means fewer protections and more out-of-pocket expenses if you file a claim. Also, flood damage isn\u2019t covered by homeowners insurance, so if your new home is in a flood-prone area, you may need to buy separate flood insurance.<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                      HERE ARE SOME TIPS TO HELP WITH THE NERVE-RACKING PROCESS OF BUYING A HOME AND TO NAVIGATE THE PROCESS, SAVE TIME AND AVOID COMMON MISTAKES. 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