Tuscaloosa Real Estate FAQ: What are the steps to buying a home?

What are the steps to buying a home?  As a first time home buyer or a 50th, it can always change, but here are some basics.

So, you're ready to find a new home. You may be upgrading to a larger home or moving into a better neighborhood.  You may already have a good sense of what you are looking for in your next home.  But, a big obstacle to purchasing a new home is the sale of your existing home. The equity you have built in your current home can serve as the down payment on your next home.

If you currently own a home, I would be happy to provide you with a market valuation of your home so that you can know its current value.  If you provide me with some basic information on your home, I should be able to give you a price range.  That range will be determined by using basic information on your home to establish a list of comparable properties in your area as reported by the Multiple Listing Service (MLS). I can prepare a more precise and thorough valuation by briefly visiting your home.  Please contact me if you'd like a thorough valuation and I can arrange a convenient time for a visit.

Saving for a down payment can be one of the most challenging steps in buying a home, particularly if it is your first home.  Most lenders require buyers to include a portion of your won funds towards the purchase of the home.  This is the down payment.  Your down payment plus your pre-approved loan amount will determine how much home you can afford.  A down payment can come from many places:  savings, investments like stocks and bonds, gifts from relatives, company bonuses, equity in other assets and life insurance polices are a few.  There are several mortgage alternatives that allow lower down payments.

Please call me if you are interested in a market valuation or are ready to meet with a loan officer to be pre-approved so that we can start looking for the best home for you.  I am happy to be of help. You can also visit my web site at www.tuscaloosarealestateonline.com to download free buying and selling reports.

I hope that you are enjoying your updates from our local MLS search.  You can look for a home from the comfort of your computer rather than driving all over town.  If you would like to run a new search, set up a free account and it is just a click away.