HOW TO BUY A HOUSE . . . STEP ONE

Are you thinking of buying a house, but do not do know how, or who to ask?
Buying a house these days is relatively simple.  Most of the people buying today are young, first time home buyers. Let me give you a few easy steps:
1. Find out how you are going to pay for the house.  Some people pay cash, but 90% get a loan. There are 3 most popular types of loans.

• a. A USDA loan is the most popular because it requires 0% down payment. It is available in rural areas, such as Pike, Lamar, Monroe and parts of Spalding or Butts Counties.
• b. A FHA loan, which requires a 3.5% down payment, is the most common loan because it is available throughout the nation.
• c. A conventional loan usually requires a 20% down payment. The advantage of a conventional loan, is that with a 20% down payment, you will not have to pay primary mortgage insurance, which may add several hundred dollars a month to the payment.

2. Next, choose a lender. THE LENDER IS THE MOST IMPORTANT PERSON IN THE PURCHASE OF YOUR NEW HOME.  GO WITH AN EXPERIENCED LOCAL LENDER.

• a. Ask your real estate agent for his/or recommendation. Most real estate agents want to make money. They only make money if the deal closes. They know the good lenders! A careless lender will make your home buying experience a nightmare even to the point of not closing.
• b. Get your paperwork ready before you call a lender. Have your job history, bank statements, and most recent tax returns ready when you call. Talk with several recommended lenders. If several lenders pull your credit report it a short period of time it will not affect your credit score.

3. Choose the right real estate agent. Real Estate signs are a little misleading. All real estate signs list the name of the company and telephone number of the agent that has the property for sale. YOU ARE NOT REQUIRED TO CALL THE LISTING AGENT TO SEE THE PROPERTY. ANY REAL ESTATE AGENT CAN SHOW YOU ANY REAL ESTATE PROPERTY. You can choose the agent you want to work with. Generally, the best agents do this full time. Talk with several agents and choose the agent with whom you fill most comfortable. A good real estate agent will make the process pleasant. From choosing a lender, to choosing a house, to getting the home inspected, right to the closing table, a good agent will make the process easy.
4. Call Dora Cox Realty. We would love to help you find your dream home! 770-358-7000