Tips on Preparing to Get Approved for a Home Loan by Lakeland TN 38002 Real Estate Expert Chris Griffith with First National Realty

Tips on Preparing to Get Approved for a Home Loan by Lakeland TN 38002 Real Estate Expert Chris Griffith with First National Realty

 

When you decide to Buy a home for the first time be prepared in advance. These are tips to consider before applying for a home loan.

 

1. Speak with a Bank/Mortgage Company to see who you feel comfortable with - do not allow anyone to run your credit until you are ready. Also, when you are ready and you want to compare narrow it down to one or two lenders and then choose. 

 

2. Be prepared for the downpayment. FHA (First Time Home Buyers Loan) will require a 3.5% down payment. For Example on a sales price of $200,000 then you would be required to have $7000 (Seven Thousand Dollars) for your downpayment. This does NOT include the closing costs/prepaids for lenders fee(s),attorney Fee(s), etc. BUT, usually you may ask the seller(s) to contribute, if possible, to your closing costs and Prepiads in your offer. This may be part of the negotiation process. 

 

Conventional Loans Require 5% of the sale price of the property and if looking to purchase a second home then 20% will be required for the downpayment.  

 

3. Be prepared to submit to your lender your last 2 years W-2's, Most recent pay check stubs, Bank statement(s) including Checking and savings account, etc.. This will be paperwork needed to be approved in order to prove your income and where the money is coming from for your down payment.  

 

4. Do not Buy major items prior to closing!! You need to purchase your home before buying a new car, furniture, etc. Credit scores and debt to income ratio is crucial!  You will need a minimum of 620 credit score depending on the lenders. Contact your lender for requirements.

 A good Real Estate Agent will Help you through the process and usually have good contacts 

For more information on Lakeland TN homes for sale, mortgage questions and selling  your home for more money contact local Lakeland TN Real Estate Expert Chris Griffith with First National Realty 901-461-5590 or EmailChris@FirstNationalRealty.com

 Visit: http://www.CGriffithRealEstate.com

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Arlington TN 38002 Real Estate Agent Chris Griffith with First National Realty Discusses the Perks of Having a Home Warranty

  

Arlington TN 38002 Real Estate Agent Chris Griffith with First National Realty Discusses the Perks of Having a Home Warranty

 When you own a home you can expect, sooner or later, for things to start going wrong.  It's not necessarily the result of buying a “lemon”: it just means that, like people, parts start wearing out as they age.  According to Arlington TN real estate professional, Chris Griffith, having a home warranty in place may help ease the burden when they do.

 A home warranty is the same as any other warranty you may purchase.  When you buy an extended warranty on a TV you are in essence buying protection in case something major goes wrong with it.  That is the same with the home version.  It covers major components of the home, such as heating and air, roof, etc., for a period of one year from the date of closing.  After that time, it can be renewed in one year increments for as long as you like.

 There are many different companies that offer these protection programs in Tennessee and they are basically the same in structure.  Each company may have different guidelines for what they cover and to what extent, but as a whole they are common in characteristics.  The plans are paid for in advance and have fees associated with exercising your option to file a claim for coverage.  These fees are generally low and each one is based on the applicable item that it covers.  Paying the fee in addition to the plan itself may seem unreasonable, but if you ever have to file a claim you will see that you are still saving a substantial amount of money versus not having coverage.

 For instance, if your air conditioning unit goes out you may be required to pay a fee for sending out a repairman.  This fee may be in the range of $100-150.  At first, you may think this is absurd until you see that the total bill for the unit could easily be $2000.   Now you can see your savings.

 These plans are not in any way related to homeowners insurance.  Just like car insurance, insuring your home is mandatory.  A home warranty is a separate form of insurance, but one that you may want to consider, especially if you purchase an older home. 

 For more information on buying or selling Arlington TN real estate, visit my website at  http://www.CGriffithRealEstate.com or give me a call directly at 901-461-5590.

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Lakeland TN 38002 Real Estate Agent Chris Griffith with First National Realty Discusses the Perks of Having a Home Warranty

Lakeland TN 38002 Real Estate Agent Chris Griffith with First National Realty Discusses the Perks of Having a Home Warranty

 When you own a home you can expect, sooner or later, for things to start going wrong.  It's not necessarily the result of buying a “lemon”: it just means that, like people, parts start wearing out as they age.  According to Lakeland TN real estate professional, Chris Griffith, having a home warranty in place may help ease the burden when they do.

 A home warranty is the same as any other warranty you may purchase.  When you buy an extended warranty on a TV you are in essence buying protection in case something major goes wrong with it.  That is the same with the home version.  It covers major components of the home, such as heating and air, roof, etc., for a period of one year from the date of closing.  After that time, it can be renewed in one year increments for as long as you like.

 There are many different companies that offer these protection programs in Tennessee and they are basically the same in structure.  Each company may have different guidelines for what they cover and to what extent, but as a whole they are common in characteristics.  The plans are paid for in advance and have fees associated with exercising your option to file a claim for coverage.  These fees are generally low and each one is based on the applicable item that it covers.  Paying the fee in addition to the plan itself may seem unreasonable, but if you ever have to file a claim you will see that you are still saving a substantial amount of money versus not having coverage.

 For instance, if your air conditioning unit goes out you may be required to pay a fee for sending out a repairman.  This fee may be in the range of $100-150.  At first, you may think this is absurd until you see that the total bill for the unit could easily be $2000.   Now you can see your savings.

 These plans are not in any way related to homeowners insurance.  Just like car insurance, insuring your home is mandatory.  A home warranty is a separate form of insurance, but one that you may want to consider, especially if you purchase an older home. 

 For more information on buying or selling Lakeland TN real estate, visit my website at http://www.CGriffithRealEstate.com or give me a call directly at 901-461-5590.

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New Home Or Resale- Which Is Better? Lakeland TN Real Estate Professional Chris Griffith with First National Realty Helps You Decide

New Home Or Resale- Which Is Better? Lakeland TN Real Estate Professional Chris Griffith with First National Realty Helps You Decide

 

When you are looking for your next home in Lakeland TN there are so many things to consider that you wonder if you will ever be able to make a choice. And one of the choices that many buyers want to know is if they should buy a resale or a new home? Actually, there are benefits of both.

 

When you buy a new home straight from the builder then you will be getting something never lived in by anyone else. On the positive side, everything will be clean and fresh with no odors, stains or damage. You may even get to pick your own colors or appliances, if you find the house in time. Also, you can get the builder warranty that covers new homes for the first year.

 

But you need to also realize that unless the builder is experiencing financial problems they will probably not be very willing to negotiate on price or other substantial areas. Also, they may offer to pay some closing costs, but they are not obligated to do so. All you can do is ask.

 

Another thing to consider is that with new homes more and more builders are looking at ways to save money. They used to include all of the appliances in the cost, but have realized that they can charge separate for them and pocket that amount. Also, remember that there typically aren't window treatments,fence, landscaping and sometimes even things such as garage openers may be absent. Landscaping will usually be very minimal, too. And unless you buy a more expensive model, chances are the carpet will be a cheaper version, typically called "builder grade".

 

Some buyers will only purchase from private sellers for several reasons. For instance, all of the little things have been taken care of and the yard is well established. Bu the biggest reason is that sellers are much more willing to negotiate on price and closing costs. This is a key difference that could mean thousands and thousands of dollars.

 

You will have to look at both kinds of homes and see what kind of money you can save versus what you are getting for the money.

 

For more information on choosing your next Lakeland TN home, contact the local Lakeladn TN real estate expert Chris Griffith with First National Realty at 901-461-5590 or Email Chris@FirstNationalRealty.com .

Visit: http://www.CGriffithRealEstate.com

 

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Germantown TN 38138 & 38139 Real Estate and Germantown TN Homes for Sale with Pools by Germantown TN Real Estate Expert Chris Griffith with First National Realty

Germantown TN 38138 & 38139 Real Estate and Germantown TN Homes for Sale with Pools by Germantown TN Real Estate Expert Chris Griffith with First National Realty

 Stop Paying Rent! If looking to Buy Germantown TN Real Estate then Now is the time to act! Rates are Still at Historic LOWS and Owning a Home has many more advantages than renting and throwing money away every month. Build equity into a home and Live the Dream of Homeownership!  Did you know that Home mortgage interest is deductible on your income taxes? Contact Germantown, TN 38138 & 38139 Real Estate Expert Chris Griffith Today for more Real Estate information and start the Home Buying Process today!     

  

 To get more information about available listings for sale in Germantown, TN, contact local real estate expert Chris Griffith with First National Realty at 901-461-5590 today!

 

Visit: http://www.CGriffithRealEstate.com

 

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Collierville TN 38017 Real Estate and Collierville TN Homes for Sale with Pools by Collierville TN Real Estate Expert Chris Griffith with First National Realty

 

 Collierville TN 38017 Real Estate and Collierville TN Homes for Sale with Pools by Collierville TN Real Estate Expert Chris Griffith with First National Realty

 Stop Paying Rent! If looking to Buy Collierville TN Real Estate then Now is the time to act! Rates are Still at Historic LOWS and Owning a Home has many more advantages than renting and throwing money away every month. Build equity into a home and Live the Dream of Homeownership!  Did you know that Home mortgage interest is deductible on your income taxes? Contact Collierville, TN 38017 Real Estate Expert Chris Griffith Today for more Real Estate information and start the Home Buying Process today!     

 

 

 

To get more information about available listings for sale in Collierville, TN, contact local real estate expert Chris Griffith with First National Realty at 901-461-5590 today!

 

Visit: http://www.CGriffithRealEstate.com

 

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Arlington TN 38002 Real Estate and Arlington TN Homes for Sale with Pools by Arlington TN Real Estate Expert Chris Griffith with First National Realty

 

 

Arlington TN 38002 Real Estate and Arlington TN Homes for Sale with Pools by Arlington TN Real Estate Expert Chris Griffith with First National Realty

 Stop Paying Rent! If looking to Buy Arlington TN Real Estate then Now is the time to act! Rates are Still at Historic LOWS and Owning a Home has many more advantages than renting and throwing money away every month. Build equity into a home and Live the Dream of Homeownership!  Did you know that Home mortgage interest is deductible on your income taxes? Contact Arlington, TN 38002 Real Estate Expert Chris Griffith Today for more Real Estate information and start the Home Buying Process today!       

 

To get more information about available listings for sale in Arlington, TN, contact local real estate expert Chris Griffith with First National Realty at 901-461-5590 today!

 

Visit: http://www.CGriffithRealEstate.com

 

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Lakeland TN 38002 Real Estate and Lakeland TN Homes for Sale with Pools and waterfront Homes for sale by Lakeland TN Real Estate Expert Chris Griffith with First National Realty

Lakeland TN 38002 Real Estate and Lakeland TN Homes for Sale with Pools and Waterfront Homes for Sale by Lakeland TN Real Estate Expert Chris Griffith with First National Realty

 Stop Paying Rent! If looking to Buy Lakeland TN Real Estate then Now is the time to act! Rates are Still at Historic LOWS and Owning a Home has many more advantages than renting and throwing money away every month. Build equity into a home and Live the Dream of Homeownership!  Did you know that Home mortgage interest is deductible on your income taxes? Contact Lakeland, TN 38002 Real Estate Expert Chris Griffith Today for more Real Estate information and start the Home Buying Process today!       

 

To get more information about available listings for sale in Lakeland, TN, contact local real estate expert Chris Griffith with First National Realty at 901-461-5590 today!

 

Visit: http://www.CGriffithRealEstate.com

 

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