Tips for Picking the Right Evansville WI Home

Tips for Picking the Right Evansville Wisconsin Home


Finding the home that meets your needs and makes you happy will usually take a little time and effort.  Here are some tips that should make the whole process easier for you and your Realtor.

Develop a List

What exactly are you looking for in a home?  If you are buying the home with another person then there are two sets of opinions and preferences to contend with.  For this reason it is a good idea to make a short list of the features that you cannot live without.  You also need to determine what features you CAN'T live with.  Having these items identified and discussed before looking at homes can save some frustration.  An easy way to develop the list is to look at your current living arrangements.  Decide what you would like to have different in your next place and put that on the list.

Location

Picking a good location is important to every purchase. You need to determine if the home is close enough to your job.  Some people don't mind a short drive everyday while other people prefer to be at work in just a minute or two.  If you have children, what is the reputation for the school district of the home you are considering? Do you like to shop or attend certain events like concerts or sports?  If so, how close are the available shopping and sporting venues?  Looking at the home's surroundings is also important.  Do you want to be in a well established community, next to a commercial development or out in the country with privacy?  The location is one of the prime indicators of a home's future value.  If you feel that you will sell the home in a few years then you need to take into account the home's potential for appreciation.

Mortgage Pre-Approval

Getting pre-approved for the mortgage loan is one of the best things to do before you start hunting for a house.  The maximum amount you can qualify for is based upon your credit, your down payment, the amount of income you earn and the available interest rates at the time.  Once you have your pre-approval letter from a lender you will be able to tell your Realtor the price range of the homes that you would like to consider.

Take Along a List

If you plan to look at multiple homes it can be difficult to remember important features of each home.  Take some pictures when you look at homes and make notes about the features you like as well as the features that are displeasing to you.  Having good notes can help you narrow down your choices to the home that actually meets your needs.

Listen to Your Realtor

It is good to ask questions of you Realtor and listen to their input.  Realtors have lots of information about the home's neighborhood, facts such as appreciation rates and average time to sale, as well as property tax information.  Ask lots of questions, take solid notes and use the data from your Realtor to help you make your purchase decision.

      

Tips on Buying Your First Evansville Wisconsin Home

Tips on Buying Your First Evansville WI Home


Getting that first home can be a really exciting time for anybody. However, it needs to be approached with realistic expectations. Going through a few of the following suggestions will make the whole process much easier.


Get Familiar with Real Estate Terms


Buying your first home will involve learning about the home market as well as loans. Therefore some terms may be unfamiliar to you. Here is a list of some common terms used in Wisconsin mortgage loans and real estate transactions.

• Closing Costs– These are fees associated with all mortgages. Amounts paid to a title company for the title search, recording the deed and mortgage at the court house, origination, credit report fees, appraisal fees and the fee from the attorney to close the loan are just some of the items involved.



• Warranty Deed – This document proves that the sellercan legally sell the home.



• FHA – This is a government organization known as the Federal Housing Authority. This organization authorizes lenders to offer FHA loans and enforces the guidelines for approving the loans.



• Bait Rate – Some mortgage companies will advertise an extremely low interest rate to entice borrowers to contact them and submit a loan application. However, it is later discovered that the advertised rate was for people with the absolute highest credit scores, along with a sizable down payment and a well established job history.



• GFE – This is an acronym for Good Faith Estimate. It provides an estimate of the costs associated with closing the mortgage loan.



• Underwriting – This is the process of approving a loan application. An underwriter will compare the borrower’s credit, income, savings and residence history to the guidelines of the particular loan program that has been matched with the borrower. The underwriter must make sure that the borrower meets the requirements of the loan in order to issue an approval.

Organize Your Finances


Before applying for a loan it is a good idea to ensure your credit rating is worthy of a mortgage loan. If you have some blemishes on your credit report then it is important to fix them before hand. Setting aside enough money for the down payment is also critical. You should plan on between 3% and 5% of the purchase price of the home. It is also a good idea to have another 3% to 5% for the closing costs.


Be Realistic About the Home


It is not a good idea to look at homes well beyond your affordable range. Talk to a mortgage company and get pre-approved for the loan. Then talk to your Realtor and ask to look at homes that fall within your price range. Looking at a home that may seem perfect, but is $10,000 more than you can afford, will make you unhappy with other homes and could lead you to make a bad decision towards an alternative mortgage.


Take some time to learn about the real estate market and get everything in order before house hunting. This will make it easier for your Realtor to find the right house for you and make the whole process less stressful.


At Rock Realty we want to make sure that your home buying experience is smooth and that you feel comfortable with your decision. It’s important that you buy the right home for you. Don’t forget about the great Wisconsin home buyer discounts that Rock Realty has to offer!


Home Buyer Discounts