I meet many people who have been renting and are wondering when is the best time to start their search for a new home. Here are some guidelines and things to think about before you begin.
1. Down Payment - Some lenders don't require one but it is advisable to save up at least 20% of the purchase
price so you aren't required to carry PMI (Purchase Mortgage Insurance) which only adds to
to your monthly payment. There are programs where you can get financing for this through
other sources.
2 . Pre-Approval - This I strongly recommend before beginning any home searches because this will give you a
good idea of what you can afford. It does not make any sense to be looking at houses way
out of your price range - it only gets you discouraged. Contact a bank or mortgage lender
and they will get you started with this process (It doesn't take that long).
3. Get a Real Estate Agent - In most cases this step does not cost you anything (the seller pays the
commission). An agent can provide you with valuable resources and expertise in your
search.
Interest rates are still very low and a home is still one of the best investments you can make. Don't hesitate to check out homeownership it can be a very rewarding experience.
If you need any more details give me a call or email me.
Todd Finch
Leis Realty Company
Greenville, OH 45331
Phone: 937-423-3316 Business Phone: 937-548-5750 ext. 245 email: trfinch@gmail.com
website: www.darkecountyproperties.com
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