How to Find Your Home in Mississippi

07/3/2008 - Finance Buying Mississippi real estate, like buying real estate anywhere, can be intimidating, confusing and frustrating. There are so many processes to go through, so many steps along the way, and so many ways a sale can go wrong. Here are a few helpful tips to guide you through the process of buying Mississippi real estate.

Step 1: Figure out how much you can afford. What you can afford to spend on your Mississippi real estate investment depends on your income, credit rating, current monthly expenses, the money you can put as a downpayment and the interest rate you qualify for. There are home loan calculators available online that can give you a rough idea of your Mississippi real estate financial framework, but as interest rates fluctuate and different lending institutions have different guidelines, it is best to visit a lender to find out for sure. A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that all important downpayment.

Step 2: Know your rights. There are several pamphlets available online that go over your rights as a potential Mississippi real estate owner. Basically, it is illegal for you to be denied the purchase of a property on the basis of race, color, national origin, religion, gender, familial status, or disability. If you feel that you have been the victim of housing discrimination at any point of your Mississippi real estate purchase, report it immediately.

Step 3: Shop for a loan. Save money on your Mississippi real estate purchase by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate to get a better deal. Consider getting pre-approved for a loan.

Step 4: Learn about homebuying programs. FHA loan programs offer lower downpayments and are a good option for first-time Mississippi real estate buyers.

Step 5: Shop for a home. You can do this yourself or hire a Buyers Agent. If you are a first-time Mississippi real estate buyer, you may want the expert advice of an agent to help you negotiate price, and your agent may be aware of Mississippi real estate options you do not know of. If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.

Step 6: Make an offer. Discuss the process with your Mississippi real estate agent. If the seller counters your offer, you will need to negotiate until you both agree to the terms of the sale.

Step 7: Get a home inspection. Make your offer contingent on a home inspection. An inspection of any potential Mississippi real estate purchases will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

Step 8: Shop for homeowners insurance. Lenders require that you have homeowners insurance for your Mississippi real estate. Be sure to shop around to find the best deals.

Step 9: Sign papers. You are finally ready to go to "settlement" or "closing." Be sure to read everything before you sign so there aren't any nasty surprises.
Using this guide for buying Mississippi real estate should help smooth out the process for you. There are numerous resources available online, and a Mississippi real estate agent can answer questions for you every step of the way.