North Georgia Real Estate, Blue Ridge Mountains, Home buying, Home Loans, Credit Scores, Pre-Qualify
The first order of business for any homebuyer when thinking about purchasing their first home or their fifth home is to make sure your credit is in good shape. You may think everything is fine but if you haven't checked your credit report lately with the three main credit bureaus, you could be in for a big surprise. It's essential to repair any damage and clear up any discrepancies before you start shopping.
Know your credit score and find out how much you can afford to spend on a home.
Establish your purchasing power upfront!
Don't be surprised if you are asked to present a pre-approval letter by your real estate agent prior to shopping for homes. It is to your benefit to establish your purchasing power upfront! A pre-approval letter of credit is usually required these days along with an offer on a distressed home but private home sellers may ask for one too. Even if it's not required upfront, sellers tend to be more open to negotiating with a qualified buyer. Caution: A pre-approval letter does not mean you are approved for a loan, it only means that upon preliminary view, your credit is in good standing. For first time home buyers, shop for special financing that may be available from FHA; USDA government loans that could drastically reduce the amount of money required to get into a home. Sleep well knowing you are one step closer to finding the home of your dreams.
Whether you are an experienced home buyer or a first time home buyer, know what is in your mortgage contract. Be sure to pay special attention to all riders and addendums and occupancy clauses. Is the home you want to purchase going to be your primary home, an investment property for rental income, a second/vacation home for your personal use? Be careful and consider that your plans may change throughout the life of the mortgage. Occupancy clauses matter so be sure and ask your mortgage representative.
A few of the major and necessary expenses to consider when financing the purchase of a home:
Down Payment (varies with the type of financing)
Closing Costs (Lender fees and Attorney fees might be separate quotes)
Title Examination (Required)
Owner's Title Insurance (optional but recommended)
Survey (optional but recommended)
Pro-rated property taxes (Required)
One year pre-paid homeowner's insurance policy (Required)
Termite Inspection (may be optional but recommended)
Home Inspection (optional but recommended)
Utility Deposits (power, gas, water, cable, telephone)
Important preparation upfront will make for a much happier and successful home shopping experience.
Georgia is a "buyer beware" state. If you are thinking about buying in Georgia, contact me for important information that will help you "Protect Yourself When Buying a Home" in Georgia. Also, if you are ready to get started on establishing your purchasing power, contact me for lender referrals.
I look forward to assisting you with your home purchase and being the first to say "Welcome Home".
Coldwell Banker High Country Realty 706-632-7311
The North Georgia market is a very opportunistic market for buyers and sellers. Here you will find affordable land and cabin packages and super buys for lake, river and creek front homes.
When do you think you will be making your next real estate move?
Call Donna Today ! 706-633-0644