Source: Front Porch News —
Buying a home in Sulphur Springs (or in Hopkins County & the surrounding area) is daunting. With the right real estate company, you’ll feel supported like having an advocate looking out for your interests and goals. So many details go into the whole entire process that your real estate agent will handle behind the scenes. But what do you need to do? How or where do you begin? Here are some basic steps to point you in the right direction:
1. Financing—Looking at Your Budget
Knowing your budget’s limit increases your confidence when looking for a home or land. Talk with your bank (or other banks). They’ll look at your savings, your credit scores, and will guide you in what type(s) of mortgage you would qualify for. Interview multiple lenders and compare loan interest rates and their fees. Consider what you’ll need (if any) for a down payment, closing costs, and moving expenses. Keep tabs on your monthly budget so you know what monthly mortgage payment you can handle. First time home buyers may also qualify for a tax break or other assistance from the state.
2. Get Pre Approved—House Hunting with Confidence
Once you’ve decided to buy, then you’ll want to get pre-approved by the lending company or bank that you choose. Being pre-approved allows you to know your target price range and shows the sellers you are ready to purchase a home. It also gives you confidence when house shopping. And when the market is competitive (as it has been), most seller’s and seller’s agents will require a pre-approval letter of proof of fund be submitted with any offer. Once you’ve found a bank you want to work with, do not make big adjustments to your credit (ie., open new accounts, open new credit cards, or add loans). This can adversely affect your credit and result in you losing contracts on your dream house once you find it.
3. Make a Critical Items List—Important Things to Consider
Think about practical or essential items you’ll want to know about any home or land. For instance, in a house you might want to consider: What is the commute to work or local schools? Which school district is it located? What are the taxes and will they be the same at the price I’ll pay at closing? Is it in a flood plain? What are the utility costs? Does it have high-speed internet access?