Tips for Buying a New Home

My wife and I recently purchased a new home in Tennessee. Here are some helpful hints we picked up along the way:

1. Use all of the online resources available. Almost every state and local government has a website where you can research real estate information. The data on home sales, taxes, and neighborhoods is invaluable when you are shopping for a home. We were able to find out the most recent sale prices in the neighborhood we selected, and we didn't have to rely on a real estate agent to get the data for us. Doing the research yourself will make you more knowledgeable about the market, which is key to making a good purchase.

2. Be realistic about how much you can spend. Try to buy a home in a price range that allows you to put down 20%. If you put down less than this, you will have to pay PMI (private mortgage insurance) to protect the lender in case you default on the loan. I know that 20% is a lot, but it's not unrealistic. You may not be able to do it on your first home, but hopefully you can on your second home. The profits from the sale of my condo enabled my husband and me to have more than enough for the 20% down payment on our home. But we didn't put it all down on the home - we saved some of the profits for the unexpected expenses that come with buying a home. We suggest that you do the same.

3. Shop for a home in the winter, preferably around the holidays. Since most people just aren't interested in buying a home when they are trying to deal with the holidays, you can pretty much be one of the few buyers out there. We bought our home right before Christmas, and it was definitely a buyers market. We had our pick of homes and were able to underbid on the asking price, even though we live in one of the hottest real estate markets in the country.

4. Use a smaller mortgage company that can offer personal service. People tend to go with large, well-known mortgage companies, since that's all they know. But the smaller, regional companies provide excellent customer service, and can often give you better rates than the big companies. Since they don't advertise and instead rely on word-of-mouth, they have to be good in order to get your service. We started off with a big-name company, but in the end, we went with a regional company because they had better rates and better customer service.

5. Always have a home inspection. I think most people know this fact already, but it is really important in areas with a hot real estate market. It can be easy to get caught up in bidding wars, and to want to get a house at all costs. Some friends of ours wanted a house so badly that not only did they overbid, but they also waived the home inspection. They got the house - and right along with it they got several thousand dollars worth of damage that would have been found in an inspection. As a final note, try to remember that buying a home doesn't have to be scary. It's very exciting to own your own home, so think of all the good things that will come once you have made it through the home-buying process. If you follow the advice above, then you should be well-equipped to make it through unscathed.

6. Save money and shop for your home insurance the easy way! Yeah, I know this is a shameless plug for our web site, but seriously, whatever web site you do use, get online and shop around for your home insurance. You can get multiple home insurance quotes from HometownQuotes.Com or any of a dozen or so reputable companies online. Go to a search engine, like Yahoo! and type in 'home insurance quotes.' This is the best way because if you get

Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online insurance quotes web site. He is originally from Pinebluff, NC and graduated from Middle< Tennessee State University in 2002. He is considered an expert in the field of online insurance and finding new ways to help consumers save money on their insurance.

---

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct... Read More

A Few Things Everyone Should Know About Disability

Did you know? One year of disability can wipe out... Read More

Cheap Car Insurance

Finding good car insurance can be very difficult. Here are... Read More

Finding Life Insurance Quotes For Adult Children

Shopping for life insurance quotes for adult children isn't any... Read More

Life Insurance: Why Theres No Need to be a Desperate Housewife

Life insurance looks set to make a comeback in the... Read More

What Type of Doctor Should I See Under My HSA?

You can withdraw money from your Health Savings Account (HSA)... Read More

How Do I Lower My Auto Insurance Premiums?

It seems as though the price of everything is on... Read More

Health Insurance Providers Online - Benefits to Applying Online

Health insurance providers are going online to find new customers.... Read More

Types of Auto Insurance Coverage Explained

A question you might ask yourself is: why must we... Read More

How Much Car Insurance Should You Buy?

Car insurance is one of the most dreaded chunks in... Read More

The Best Rates on Life Insurance

Finding the best rates on life insurance is not difficult... Read More

California Catering Truck Insurance

Catering truck insuranceNot many agents/brokers write catering truck insurance as... Read More

Choosing Long-Term Care Insurance

A little over sixty percent of the folks who reach... Read More

Health Insurance Plans - Benefits to Different Plans & Providers

Health insurance plans vary in their coverage and prices. The... Read More

Insurance Claim - Medical Insights And Expenses

There's nothing that has a greater impact on evaluating a... Read More

Understanding How Your Credit History May Affect Your Car Insurance Coverage

Many personal auto insurance companies consider your credit information when... Read More

Buy Life Insurance Online and Save

There are many ways to research and buy a life... Read More

Life Insurance Providing Little Protection from Terrorism

Recent statements by the City of London Police Commissioner James... Read More

Life Insurance Leads, Insurance Leads, and the Online Lead Generation Business

I've long wanted to write an article about Internet Leads... Read More

Everything You Need to Know About Life Insurance

Life insurance is a type of protection that can be... Read More

Filing An Insurance Claim

Everything seemed pretty simple when you purchased that insurance policy.... Read More

Millions of Americans have No Life Insurance

Only 61% of adult Americans have life insurance (down from... Read More

Life Insurance Basics

One of the most important things you can do as... Read More

Affordable Life Insurance!

So, you've decided to purchase life insurance. Well then, you... Read More

Know Your Own Worth: A Practical Insight Into Covering Up

Almost anything can be insured these days: breasts, legs, your... Read More

Health Savings Accounts

Most people with health insurance, especially employer paid health insurance,... Read More

Your Cars After-impact Diminished Value

The(ACV)Actual Cash Value Policy DOES NOT insure the property itself... Read More

Senior Life Settlement-Uses and Applications

In a recent article in the National Underwriter (April, 2005)... Read More

Senior Health Care Insurance

Health Insurance For Seniors On The NetWhen a good friend... Read More

Life Insurance Fears Post the London Bombings Tragedy

Following on from the tube train and bus bomb attacks... Read More

Do I Need Travel Insurance?

In the United States health insurance, unlike many other countries,... Read More

Ever Wondered What An Auto Insurance Claim Adjuster Does?

An auto insurance claim adjuster works for the insurance company... Read More

State Farm Auto Insurance ? Heres A Few Factors That Determine Your Rate

There are many factors that affect the insurance rate you... Read More