What Dave Ramsey Doesn't Mention About How to Buy a House
- Save money for your home loan down payment.
- Choose a lender and get pre-approved.
- Contact a Realtor or real estate agent.
- Start the house hunting process.
- Submit an offer to the seller.
- Get a home inspection (do NOT rely on the appraisal!).
- Close the deal on your new home.
These seven steps do not include, for example, any mention of pulling your credit reports a year ahead of your loan application to see what your current scores and reports say. You will need to take this step as far in advance as possible in case you have to contest identity theft, errors, or other problems.
In an age where getting hacked is more commonplace than ever, this part of the process cannot be overlooked for best results.
Another important step in your home buying process? Researching the places where you might like to live. In this respect the How To Buy A House In Seven Steps page has some good advice.
Sorting out some of your house hunting priorities can be done in part with the help of your realtor (Dave Ramsey’s Step #3 is basically to find a good agent and work with them to find the right house) but there are some questions your realtor cannot answer for you.
Those questions have a lot in common with some borrowers’ current AND anticipated future needs such as day care, quality schools, proximity to mass transit, and other issues that may or may not be priorities based on a job, family needs, or other concerns.
In short, before you begin Step #3 in Dave Ramsey’s seven-steps-to-home-ownership plan, you will need to define for yourself (or you and your co-borrower where applicable) what specific things you want out of your home both inside and the neighborhood in general.
For example, if you’re not into mowing your own lawn or taking care of a back yard an FHA condo loan might be the best option for you instead of a standard FHA 203(b) loan for a typical suburban home.
Dave Ramsey gives some good, common sense advice on buying a home, but you may need to consider more than seven basic steps to determine your readiness for buying a house.
Consider the Benefits and Risks of a Joint Loan
Borrowers Should Know About the Origination Fee
Everyone Needs to Pay Their Property Tax
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