Tips for Home-buying in Georgia

1. Save up for a down payment. Usually, you will need to put 20% down on a new home. Putting 20% down helps you avoid paying PMI (private mortgage insurance), which saves you money in the long run. If you are unable to put 20% down that doesn’t mean that you can’t buy a home of your own. There are mortgages available where you are able to put only 3-5% down. Those would require PMI to be included, but may be the perfect solution for you. If you are a veteran of the armed forces you may be eligible for a VA loan at 0% down.

2. Get mortgage preapproval. It is especially important in today’s fast-moving market to contact a mortgage lender and get reapproval BEFORE you begin you search. Homes are selling quickly and you will want to include a preapproval letter with your offer when you find that dream home.You will need to have a credit score of at least 580 for an FHA loan and at least 620 for most other loans.

3. Decide what you want in a house. Make a list of your wants and needs and whether you are willing to do any renovations. Do you want land or would you rather live in a subdivision? How many bedrooms/ bathrooms would you like? What price range are you looking for? What are your must-haves and what would be deal-breakers? Making notes of anything else that is important to you makes the home search easier.

4. Contact your agent. At this point it is time to contact your agent, ME! so that I can begin working for you. We will meet to go over your lists and your preapproval and I will begin the search for your perfect home that matches your criteria. I will set up showings and we will tour homes until we find just the right one for you.

5. Make an offer. Once we have found the home of your dreams, I will assist you in presenting a competitive offer to the seller.

6. Close on the house. Once you have a binding contract on your new home, you will have the inspection and appraisal done, get your loan finalized and approved, and obtain homeowner’s insurance. Make sure that you don’t open any new lines of credit or allow any credit inquiries during the entire process of buying your home so that you don’t affect your mortgage approval. In about 30-45 days from the signing of the contract, you will receive the keys to your new dream home! I will be here throughout the entire process to answer questions and help guide you.