Know Your Credit Score
Order your credit reports from Experian, Equifax and TransUnion, and check them for errors that could affect your buying power. Current loan requirements are strict, so borrowers needed a score of 760 or higher to get the best rates. If yours isn't as good as it should be, focus on improving your score by paying down credit card balances, making all future payments on time, etc. to boost your score.
Determine Your Budget and Choose a Mortgage Type
Look at your budget and monthly expenses closely to determine exactly what kind of mortgage payment you can realistically afford. Your mortgage lender will tell you what you qualify for, but you should determine your home buying budget for yourself. Mortgage options should take into account your long-term plans, so do your research and figure out which of the many types work best for you.
Find a Real Estate Agent
Real estate agents are experts in the home buying and selling process and they are trained to help you work your way through the process from start to finish. When you compare the amount of money you'll pay for a new home with the size of the agent's commission, you'll see that it's worthwhile to hire an agent. Choose an agent who has lots of experience in the Greenville market and understands the areas that will best fit your needs.
Get Pre-Approved for a Loan
Pre-approval is a big factor in making sure you can buy within the price range you are looking. Having a pre-approval letter in hand also shows sellers that you are serious about (and capable of) purchasing their home. Your Realtor can help you with a list of competitive lenders if you have yet to select one for your loan process.
Begin House Hunting
Begin your new home search online through a comprehensive site like ours to get the best idea of what is available in your price range. When you're ready to take a look at houses in person, take a digital camera and notepad with you to get pictures of and notes about each home to help you recall the details later on.
6. Narrow Your Search
The neighborhood you choose is nearly as important as the house itself, because both have a direct bearing on your quality of life -- not to mention the future resale value. Work to discover which areas you like best before committing to an area. Trust your Realtor to help you think through the pros and cons of neighborhoods in your desired area – their expertise in the Greenville real estate market is a valuable asset to your search.
Evaluate the Asking Price
Your Realtor is an expert at validating sale prices against recent sales in the area, and that's the best way to find out if the price is realistic or inflated. Don't make an offer without allowing your Realtor to weigh in on the asking price and how it measures up to other houses in the neighborhood.
Make an Offer
Once you've determined that the price is fair and reasonable, make the offer contingent upon a home inspection. If the inspector uncovers an issue that you consider a deal breaker, you have a way out of the contract. Ask your agent about contingencies and how they can work to your advantage.
Get a Home Inspection
A home inspector will review the structural and mechanical aspects of the house, including the roof, foundation, electrical, and heating / cooling system. Home inspections are relatively inexpensive and well worth the peace of mind they bring to the home buying process. Your Realtor will set up the inspection and help you through the process and how to respond based on the results.
Close on Your New Home
Your Realtor and lender will let you know in advance exactly what is expected of you on the day of closing and will be there with you throughout the process. Your Realtor can also help recommend local real estate attorneys for your closing if you do not have on pre-selected.
