If you’re looking for a Birmingham home buyer, you have come to the right place. The Birmingham Housebuyers LLC is a company that specializes in purchasing homes from Alabama homeowners. They’re local and have years of experience buying homes for people just like you. We know the Birmingham real estate market and know the ins and outs of buying homes.
Common mistakes of first time home buyers
One of the most common mistakes first time home buyers in Birmingham make is not negotiating the price as low as it could be. This can lead to a buyer backslide if problems are found with the property. It can also result in paralysis. The buyer should make a purchase offer only after assessing their needs and wishes.
A buyer should first know how much they can afford to pay in mortgage payments. This is important because if the buyer buys a house that is too expensive, they will face financial problems and will have to make more payments than they can afford. They should also know how much they can afford to spend on their new home.
Down payment
If you’re a Birmingham, Alabama, home buyer looking for down payment assistance, you’re not alone. The real estate market in Birmingham is one of the largest in the state. Currently, over 70 new home communities have gone up in Birmingham, and you can take advantage of the NeighborhoodLIFT program, which offers down payment assistance of up to $7,500. The program is open to first-time home buyers, but you must apply through participating lenders to receive the funds.
Down payment assistance is available from several government agencies, including the Federal Housing Administration, Department of Housing and Urban Development, and Veterans Affairs. Many of these programs offer down payment assistance and a low interest rate.
Inspections
If you’re planning to purchase a property in the Birmingham area, you might want to get an inspection done before making any commitments. In Alabama, it’s a good idea to use a professional inspector who is experienced in the area. Birmingham home inspectors at Oak Mountain Home Inspection, Inc., provide comprehensive inspection reports that cover the entire property. In addition to spotting defects and issues, they also provide useful plans for regular maintenance appointments.
Getting an inspection done is a crucial part of the home buying process, and Birmingham has a number of experienced home inspectors. The Birmingham home buyers key is to find one who you can trust and who understands the Birmingham housing market. You may also want to consider hiring an inspector who is certified through one of the national associations, such as InterNACHI. This ensures that the inspector is trained in the area’s home inspection codes and adheres to a strict code of ethics.
Mortgage contingencies
When buying a home, mortgage contingencies are a common part of the purchase process. The contingency requires that the buyer meet certain requirements within a certain time period. If the buyer fails to meet these requirements, they risk forfeiting the home and money. Because Alabama is a buyer beware state, it’s important to know your rights when it comes to mortgage contingencies. While most contingencies work to protect sellers, some can also benefit buyers.
A mortgage contingency is a contract that stipulates the minimum financing terms a buyer must meet to secure a mortgage. The contingency may specify a certain date, which is usually the same as the due diligence period, as well as the type of mortgage the buyer must secure. The contingency may also specify a certain amount of time that the buyer has to secure the mortgage before closing.
Refinancing
If you are planning to buy a home in Birmingham, you may be interested in refinancing your mortgage. Mortgage rates in Alabama are near record lows, so you may be able to save money by refinancing. Use Bankrate’s mortgage refinancing calculator to determine how much you could save.
Ray Henderson has been in the mortgage lending industry for more than 30 years, and has helped thousands of people purchase and refinance their homes. Ray and his wife, Cheryl, have three grown daughters and have watched the housing market in Birmingham change a lot. They can explain the mortgage process in easy-to-understand terms. They are also proud to offer expert advice to help their clients get the best mortgage for their needs.