6 Things You Must Know Before You Buy

Whether you want to purchase your first home after years of renting, or buying a big home to accommodate a growing family, purchasing a home is certainly one of the biggest decisions you’ll ever make in your life. Therefore, its important to do your homework, and make sure you understand everything involved.

In this week’s episode of How’s the Market: Real Estate. Real Answers, Showcase Realty’s Nancy Braun is joined by Wes Pruitt of Reliance First Capital to discuss the six important things you must know before you buy.

Highlights:

Pre-approval is basically an opportunity for the lender to discuss with you what your current credit situation is, as well as, your current income situation so that they can make sure you qualify and how much house you can afford. – Wes Pruitt

A lot of people hold back and say that they’re not ready to buy because they haven’t saved any money yet. I have closed so many homes with people with very little money down because there are these various programs out there that can assist with your down payment. – Nancy Braun

You really don’t want to get involved and start looking at homes that are for example, out of your price range or anything of that nature. So it’s really important to get that pre-approval upfront. – Wes Pruitt

Say you’re the buyer, you’re going to get a mortgage. Ask the question, is this mortgage assumable by my next buyer? It may be a very great sellable feature when you put your house on the market for the next buyer who buys your home to be able assume your loan and keep your low rate. – Nancy Braun