Butler Realty

First Time Buyer Tips

If you are in the market for a new home, now is a great time. There have never been lower rates, and the market is teeming with fresh and low-priced inventory. There are many rewards and incentives for buying Ardmore real estate for the first time so be sure to ask your Ardmore real estate agent about the current benefits.

The first tip we want to offer is to get your finances in order. Once you know all the details on your credit report and finances, you will feel much more comfortable and at ease, knowing what you can afford.  

Shop around for a lender you trust and find the fees and rates you like. Don't just go with someone because they are a friend of a friend, but test them on rates and fees to make sure you are getting a good deal.

Banks, credit unions, and mortgage brokers each have their own pros and cons when it comes to offering a loan, so price out all the details until you completely understand what you are buying.

Ask the lender to issue you a pre-approval letter. This letter will be submitted with your offer to the seller to show you are a serious buyer that has done his homework. You are already approved for a loan, and this looks very good to sellers.

Once you have all the preliminary issues taken care of, make sure you have some cash available for out of pocket expenses such as inspections and earnest money. You will typically want about 1-3% of the purchase price for earnest money and from $300 - $800 for an inspection, depending on how detailed of an inspection you want.

With these simple first-time-buyer tips, you can be on your way to homeownership before you know it! Contact us today for more tips and help on getting you into the home of your dreams in Ardmore TN real estate or Ardmore AL real estate.