You are doing a steady job in Nashville, the capital of Tennessee, and feel that you are ready to buy a home for your family. However, you’re put off by the fast paced lifestyle and huge population of Nashville. The next best option for you is Murfreesboro. A city close to Nashville which has a smaller population and also offers a lower cost of living. Here are a few tips to buy your home in Murfreesboro.
Save for the down payment first.
Before you approach a lender for financing you must have at least 15-20% of the total value of the property shortlisted for buying in your bank account. All lenders finance 80-85% of the value of the property and expect the remaining to be funded by the borrower. So if you are planning a $200,000 purchase then you’d need $30000 in your savings bank account.
How much of a house can you afford?
You cannot start looking at million dollar homes if your income is not sufficient to pay monthly installments. There are many homes for sale in Murfreesboro and most of them are in the $150000-$300000 price range. Take a look at your income and expenses to find out how much mortgage obligation you can afford to pay to the lender each month. This will give you the ideal price range to search within for your prospective home.
What is your credit score?
Before starting your home search it is prudent to take a look at your credit score. If it is not good then it is futile to apply for a mortgage loan. Not only will your application be rejected, but it will also lower your score further and show on a report. This is the reason why it is so essential before applying for a mortgage that you know credit score and work to improve it. Once you have your credit in order obtaining the financing from a lender becomes easy.
Find the right realtor for your home.
Purchasing a home for your family is a big decision which involves lots of money. We do not recommend casually hiring services recommended by your friends and neighbors. Take the time to thoroughly research who is knowledgeable of the local real estate market in your area before finalizing your decision contractually.