Buyers
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At Teague Realty Co., we specialize in matching buyers with their dream homes. Let us help you find the perfect property tailored to your needs and desires.
Buyers FAQs
Explore our comprehensive Buyers FAQs to find answers to all your questions about the home buying process.
The first question you need to ask yourself is: How much house can I afford? It is really important to have a good home budget. So, how do you know how much house you can afford? You want to try and keep your mortgage payments to no more than 25% of your monthly income (including property taxes, Insurance, HOA if applicable and Private mortgage insurance.
Aim for a down payment of at least 20%. Why? a bigger down payment means smaller monthly payments, less debt and less risk for you! Plus, a 20% down payment will keep you from having to pay private mortgage insurance. (PMI- Insurance that protects your lender, not you, in case you don't make your payments).
If you're buying your first home, it's okay to put 5%-10% down. Also keep in mind there are programs that you don't have to put any money down!
As a ballpark estimate you will pay 3-4% of your homes purchase price in closing costs.
The answer to this question isn't always easy to find on your own, which is why you absolutely need to get a home inspection before you buy. Sure, the seller is responsible to report any problems, but they could always leave something out (accidentally or intentionally).A good home inspection will give you info on safety and performance of things like the roof, foundation, electrical system, HVAC system and plumbing. If any red flags pop up, you can either pass on the house, request the homeowner resolve some or all of the issues before closing, or see if you can negotiate for a lower price and fix the problems yourself once the home is yours.
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