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5 Home Buying Essentials
Purchasing a home involves certain important, even essential, steps that every buyer should take before closing on a purchase. Let's examine these "essentials" which, if properly implemented, can help you save valuable time and aggravation.
1. Determine What You Can Borrow. Sure, if you know your interest rate and the length of the loan you can pretty much determine your monthly payments, right? No! You must include your property taxes, homeowners insurance, and association or maintenance fees, if applicable. These "added" costs can significantly contribute to higher monthly payments. No lender will give you a loan without figuring these costs in.
2. Know Your Fees. Closing costs can add up to the tune of several thousand dollars. Title searches, realtor fees, loan applications, attorney fees, and legal fees must be taken into consideration. Many states require lenders to give to borrowers a ballpark figure of what these costs will be.
3. Shop For A Loan. The longer you plan on staying in your home, the more likely you will want a fixed rate mortgage. If you are planning on a short stay, a variable rate mortgage may work best for you. Consider an interest free mortgage if you basically plan on "flipping" the home in one or two years. Of course, you had better hope that your home appreciates significantly in that time otherwise you may find yourself owing more than what you originally paid for the house!
4. Get Pre Approved. Realtors and sellers will take you seriously if you are pre-approved for a loan. In some cases the pre-approval will not only swing a deal your way, but you could find the sellers are more receptive to lowering their price if they believe you are a serious shopper.
5. Negotiate. You may not be able to get the seller to drop the price of their home, but you may be able to get them to sweeten the deal by including certain extras. Air conditioners, refrigerators, washers, dryers, ceiling fixtures, and window treatments are some of the things that add value to your purchase. If extra items are included in the sale, then your later pay out for these items will disappear.
In all, if you are a thoughtful and savvy shopper you should be able to save money on the purchase of your home by following these five essentials.
Matthew Keegan is The Article Writer who covers topics from business to health to mortgages. You can view samples of his work at http://www.thearticlewriter.com
MORE RESOURCES updated Mon. March / 08 / 2021
Today's mortgage refinance rates — 30-year rates sit at the lowest seen in 13 days | March 5, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Today's mortgage and refinance rates: March 7, 2021 | Rates go down Business Insider
Can refinancing a mortgage hurt my credit score? Fox Business
Best mortgage refinance lenders in 2021 Bankrate.com
Best cash-out refinance lenders in 2021 Bankrate.com
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Q13 FOX (Seattle)
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle)
How to refinance an FHA loan | Mortgage Chase News & Stories
Mortgage Recast: How to Reamortize and Save Money Credible News
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
2021 Maine first-time homebuyer assistance programs Bankrate.com
David Hochberg: Can homeowners refinance after forbearance? WGN Radio - Chicago
3 signs you should refinance your mortgage right now Fox Business
The Lending Issue: Ready, Set, Close! Chicago Agent magazine
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Top 5 mortgage refinance questions answered Fox Business
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Pros and cons of a cash-out mortgage refinance Fox Business
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Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
What are the hidden costs of refinancing a mortgage? Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
Refinancing your mortgage? Don’t make this mistake Fox Business
4 ways to get lower mortgage refinance rates Fox Business
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
The best mortgage refinance lenders of March 2021 Business Insider
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
5 reasons to refinance your mortgage right now HousingWire
How to Refinance Your Home | Home Lending Chase News & Stories
10 things to know before refinancing your mortgage Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender - Business Insider
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider
Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor
USDA Construction Loans | Buy Land & Build A Home With USDA The Mortgage Reports
How to get a low-cost mortgage refinance Bankrate.com