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Tips For Home Buyers
Commentary
This following article was provided courtesy of Lending Tree,
one of the Internet's leading online lending and realty services exchange.
Be sure to check out their website for more great home buying
information
-----------------------------------------------------------------------------Buying
a home can be complicated, but not if you follow our tips.
Get pre-approved for a mortgage before you make an offer.
When you are trying to buy a house in a competitive market, your offer
to purchase should contain as few conditions as possible. An offer
that is conditional on obtaining financing is often a deal killer.
The seller may accept a competing offer for less money rather than
take the risk that you won't be able to raise mortgage money. A pre-approval
letter from your lender tells the seller you are ready and able to
commit.
Set enough money aside to cover closing costs.
You've put together a down payment. Be aware that there is also a
long list of expenses you may have to pay at closing, depending on
where you live and who your lender is. Closing costs can add up to
between two and six percent of your loan, so ask your lender to give
you a Good Faith Estimate of the loan-related fees you'll have to
pay. Get your real estate agent to compile a list of other expenses.
Insist on a home inspection.
The first really cold day you spend in your new house is too late
in finding out that the furnace doesn't work. The one condition you
should always include in an offer to purchase is a home inspection.
Find out how much it will cost to fix any defects and have the seller
fix them before you agree to buy or deduct the estimated cost from
the final price you offer.
For more home buying tips, visit http://www.lendingtree.com/cec/yourhome/buying/five-tips-for-home-buyers.asp
------------------------------------------------------------------------------
About the author - LendingTree Editorial Staff
The editorial staff at LendingTree is committed to helping consumers
become smarter borrowers. Visit http://www.lendingtree.com/cec
for more information and tips on buying, selling, and financing a
home. Copyright 1998-2006, LendingTree, LLC. |
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