Are You a First Time MS Home Buyer?
First time MS Home Buyers? Mortgage Rates are low so now is a good time to look into buying a home. As a first time home buyer, you want to have as much knowledge as possible prior to making your investment in a new home.
Although there are no money down financing options, saving for a down payment is an important step in preparing to purchase a home. Having anywhere from 3% to 20% to put down on the purchase price of a new home will give any homebuyer the maximum amount of financing options to choose from.
Before applying for a mortgage to purchase a home, it is wise to check your FICO credit score. By law, you are entitled to receive one free copy of your credit score each year.
The best approach is to work with your mortgage professional of choice to determine what price range home you can afford and then to get preapproved for the price range you qualify for. Documentation your lender will require for the preapproval process typically includes W-2s, pay stubs, bank statements, and possibly Federal Tax Returns. It is a big advantage to get preapproved prior to looking at homes to purchase because you will know what price range home to consider purchasing in in advance. Pre approval also allows you to move much faster when you find that perfect home.
At Paul Green Real Estate, we have a number of knowledgeable real estate agents that know the MS LOU real estate market inside and out. Buying a home is typically one of the largest investments you will make in your lifetime. Our agents at Paul Green Real Estate are ready to help you navigate the home buying process to help you reach your real estate objectives.
After viewing a wide selection of homes in your preapproved price range and determining which property best suits your needs, your Paul Green Real Estate agent will be ready to help you make an offer to purchase your property of choice.
Once a Purchase Agreement has been successfully negotiated, you will need to order a Home Inspection by a licensed Home Inspector to make sure there are no problems with the property that you are not aware of. Inspections are highly recommended on all home purchases.
When you submit your loan to your lender, it’s known as “going into underwriting”. The underwriter reviews the loan application and can approve the loan with conditions or deny the loan. (Your preapproval will greatly increase the chances of your loan application being approved.)
After the Home Inspection is complete and your loan application is in underwriting, it will be time to apply for Home Owners Insurance. Your lender will require proof that the Home Owners Insurance is in effect prior to closing.
Closing is the process where the Buyers funds are applied to the home purchase and the Buyer takes title to their new home.
The agents with Paul Green Real Estate look forward to helping you get started on your new home purchase today.
Looking to Buy a House Today?
If you are ready to buy a home in Louisiana, Southwestern Mississippi or the Natchez MS area, call us today at 601-442-2768. We would love to help you find the right home.Contact Paul Green Real Estate Today