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Things to Do When You Decide to Buy a Home in Southern Indiana, Louisville, KY

Things to Do When You Decide to Buy a Home in Southern Indiana, Louisville, KY

Yes you need to buy a home to create an asset for your family in a location like Southern Indiana, Louisville, KY. Yes it is now easier than ever to make a move in this direction with low mortgage rates and more than ready lenders to help you financially. Buying a home is the biggest financial decision of your life. It is very hard to be fully prepared at the time of buying. But there are many important things you need to know before buying a home.

Check and Improve Your Credit Score

There is no need to worry if you have a decent credit score but the first thing you need to do is to try and fix your credit score if it is below the qualifying mark. Most lenders look at the credit history of the applicant to arrive at a decision regarding disbursing mortgage loan. Invest some time to rectify the score if you think your application can be rejected by the lenders.

Start Saving to Pay the Down Payment

All banks expect the applicant to put forward 10-15% of the total value of the property in the form of down payment as they provide assistance to pay the rest of the amount for buying the house. They insist upon this down payment to involve the applicant emotionally and financially in this transaction. As the prices of homes are in excess of hundred thousand dollars, you need to save at least a thousand dollars per month to have sufficient money in your account when you apply for mortgage.

 

Get Pre Approval before Conducting the Search

Pre approval is a document form the bank that states that the bank is ready to lend certain amount of money to you for purchase of a home. This document in your hands is as good as money and sellers consider your offer seriously when you show them pre approval document. Banks give this paper to you when they are satisfied with the documents that reflect the state of your income and debt levels.

 

Compare Mortgage Rates and Other Things

Buying a home in Southern Indiana, Louisville, KY is a very important decision of your life. You could find yourself paying EMI’s for the next 20 years to repay your debt obligations. It is therefore a prudent idea to weigh your options by comparing the mortgage plans of different banks before deciding in favour of a particular lender. Shopping for a mortgage is just like shopping and bargaining for any other product.

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