PrimeLists: Buying a House

Written by: Tony Lin

Here on PrimeRates, there have been quite a few articles on buying a house, coving all aspects from financing, to negotiating, to general guidelines to follow.  Each of these articles provides a valuable insight into a snapshot section of home buying.  To collect all of these articles into a single place, we have created PrimeLists, which will serve as a guide and a focal point for all of these articles in an easy to use and easy to follow series of articles that will take you through a specific task, whether it is buying a house or buying a car.  This article will focus on buying a house and the important steps to consider when buying a house.

Step 1: Determine What You Can Afford

1. When buying a house, you should go through a financial checklist to determine whether it is financially feasible for you to buy a home.

2. Make sure when setting your budget that you won’t be in danger of overspending on your next house.

3. If you are a first time home buyer, follow these simple rules when buying a house.

Step 2: Find Your Perfect House and Make a Bid

1. Finding your perfect house will not be easy, you should check the real estate listings, use websites, and maybe consider hiring a buyer’s agent.

2. Making a bid is a difficult art, there are some strategies that can be followed when making a bid.

3. However, today’s housing market’s change from buyers market to a seller’s market in some places means you need to brush up on tips on how to buy in a seller’s market.

Step 3: Figuring Out Your Mortgage Options

1. Before buying a house, you generally need to get preapproved to buy a house.  This is not necessary, but it is a good step to take.

2. Then, you need to understand and try to get the best interest rate to lower your monthly costs.

3. If you want to have no downpayment or avoid mortgage insurance, there are some steps that you’ll need to take.

Step 4: The Closing Process

1. Know what you need to do on closing day in advance so you are prepared to buy your house.


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PrimeLists: Buying a House

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