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Before You Start House Shopping

• Determine where you will be in 3, 5 or 10 years. Buying a home requires a long-term commitment. Make sure you are going to be able to stay in the home for at least 3 years.
• Make sure your credit history is clean by checking your credit reports and double checking that the facts and figures are correct. Also, it will help if you have low balances on your credit cards.
• Find a lender that you are comfortable with and can trust. Talking to mortgage loan officers ahead of time can help establish a positive relationship early on.
• Get preapproved. Preapproval will help the seller seriously consider offers when you start making them and help you determine what you can afford.

When You Start Looking at Houses

• Research and find out where the good school districts are located in the area you are looking in.
• Work with a professional real estate agent. You can do a lot of pre-shopping on the Internet by viewing real estate sites online. However, when it comes time to go look at the homes, working with a professional can help you better understand legal and financial terms involved with buying a home.
• When you find a home you love, visit the neighborhood and drive by at various times for at least a week.
• Always ask for a second viewing on homes that hold the greatest interest for you. There are many things you will miss on the first viewing that you will see the second time around.

When Bidding

• When you decide to make an offer on a home, ask the real estate agent to provide you with comparable homes in the same area.
• Always ask for a home inspection.
• Be prepared to walk away from a counter-offer from the seller if it does not fit your budget.

Financing

• Be prepared to make a down payment. SouthPoint’s First Time Home Buyer Program allows you to pay as little as 3% down with Private Mortgage Insurance (PMI) required or 10% down with no PMI required.
• Make sure you have enough saved to pay fees and closing costs involved with the sale. Sometimes you can get the seller to pay closing costs, but generally the buyer pays.