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.

---

Internet Insurance Leads

It is a fact that more and more people everyday... Read More

Life Insurance ? Do You Need It?

Many people are skittish about life insurance, because they feel... Read More

Term Life Insurance and Permanent Life Insurance

Term insurance and permanent insurance are two basic types of... Read More

Health Insurance Quotes Online - Tips On Finding a Good Provider

Since 2001, major health insurance providers have been allowing consumers... Read More

Poor call centre performances driving motorists online for insurance

In their efforts to cut costs more and more finance... Read More

Hidden Ways to Cut Car Insurance

Consumers are countering rising gasoline prices and other vehicle operating... Read More

What is Home Insurance?

Home Insurance is designed to provide you with financial protection... Read More

Insurance Adjusters How They Work And How They Think

Here comes the insurance adjuster. Is he overly friendly? If... Read More

Are You Sure That Heirloom Oriental Rug From Your Aunt Hilda Is Really Insured?

Gone are the days of the cinder block and wood... Read More

New Jersey Car Insurance - What Do You Need To Know About It?

When purchasing New Jersey car insurance there are many decisions... Read More

Do You Know What The 7 Home Insurance Plans Are?

Most people don't realize that there are 7 different homeowners... Read More

The Many Benefits of Travel Protection Plans

Many people purchase insurance thinking I want full coverage and... Read More

Business Insurance ? And What You Need To Know

Getting your business up and running is exciting, challenging and... Read More

Health Insurance And Insurance Brokers

If you are in the market to purchase your own... Read More

How To Get Cheap Whole Life Insurance Quotes

Whole life insurance quotes the most expensive kind of policies... Read More

Finding Auto Insurance Comprehensive Coverage

You can go online to easily find and quote auto... Read More

Insurance for Those Who Run Bed and Breakfast Properties

A Bed and Breakfast, often referred to as a B&B,... Read More

Term Or Whole Life Insurance - Which Is Right For You?

One of the most important things you will ever do... Read More

Motor Vehicle Accident Insurance Claim Guide

This is a FREE Insurance Claim GuideYour "Motor Vehicle" can... Read More

General Knowledge - Critical Illness Insurance

Critical illness can happen to anyone, and often does. If... Read More

Inside-Information Regarding Your Motor Vehicle Accident Insurance Claim

Here's some "Inside-Info" you must know so you won't be... Read More

Health Savings Accounts (HSA): How Do I Tell a Good One from a Bad One?

The Health Savings Account (HSA) is becoming well-known as an... Read More

Homeowners Insurance at a Glance

At first glance, homeowners insurance may seem perplexing and quite... Read More

Consumer Driven Health Plans [ CDHP ]

Do you know that skyrocketing health care costs have been... Read More

Discount Insurance - Get Affordable Coverage For All Your Insurance Needs

Insurance is an important part of our lives. If you... Read More

Insurance Claim: Collecting Your Lost Wages

A couple months ago you were toolin' on down the... Read More

Dont Just Accept Your Car Insurance Renewal Quote

UK car insurance companies make substantial profits every year because... Read More

Six Ways to Cut the Cost of Your Auto Insurance

Is your auto insurance bill $12000 a year or even... Read More

Health and Dental Insurance Quotes - Applying Online

Since 2001, large health and dental insurance companies such as... Read More

Discount Car Insurance Brokers - Get Amazing Comparisons

To get the cheapest possible quote for your car insurance,... Read More

About Accidental Death Dismemberment Insurance Quote

We don't hear much about getting an accidental death dismemberment... Read More

Flat Insurance in the UK

What are the factors involved in flat insurance? Do I... Read More

Guide to Car Insurance

Here is a useful guide to car insurance. Buying car... Read More