Is now the time to buy?

With home values at the most affordable price in years, coupled with historically low interest rates, there may never be a better opportunity to buy a home then now!

Good credit is important!

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

Make sure the home is affordable.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary.

Need  20% to put down?  Not necessarily.

There are a variety of loan products available that offer low-interest mortgages that require very low down payments.

Use a Real Estate Professional.

Quaint Oak Real Estate Professionals only have your best interest in mind.  They know the market, they understand home values and can help you find the home that is perfect for you and your budget.

Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing –in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

House hunting?  Get pre-approved.

Don’t confuse this with pre-qualification, which is based on a cursory review of your finances; pre-approval from a lender is based on your actual income, debt and credit history.  Getting pre-approved will save you the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house.

Hire a home inspector.

Sure, your lender will require a home appraisal. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.