Purchase Properties Smartly

Buying Nashville Real Estate

Whether it is your first purchase, or you are a seasoned investor, Eddie Ferrell has the knowledge and experience to assist you along your real estate path. To learn more about the process, read the information below or contact Eddie Ferrell today.

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    Loan Pre-Approval

    Before you begin to shop for property, enhance your buying power by getting Pre-Approved or Pre-Qualified. It's probably the best advantage you can give yourself as a buyer. Learn the benefits of getting pre-approved early in your search.

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    Search For Property

    More properties and more options are right at your fingertips. I offer you the tools, you need to search for the perfect property for your needs. Search online now or setup easy convenient email notifications of properties that match your specific criteria.

GET READY FOR HOME OWNERSHIP

  • 10

    Ways To Prepare For Home Ownership

  • 1 Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  • 2 Develop your home wish list. Then, prioritize the features on your list.
  • 3 Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  • 4 Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.
  • 5 Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  • 6 Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.
  • 7 Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  • 8 Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money you've saved to buy your fist home without paying a penalty for early withdrawal.
  • 9 Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
  • 10 Contact a professional real estate agent. Find an experienced professional who can help guide you through the process.
  • 7

    Reasons To Own Your Home

  • 1 Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
  • 2 Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
  • 3 Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.
  • 4 Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
  • 5 Predictability. Unlike rent, your fixed-mortgage payments don't rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
  • 6 Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
  • 7 Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
  • 5

    Common First-Time Home Buyer Mistakes

  • 1 They don't ask enough questions of their lender and end up missing out on the best deal.
  • 2 They don't act quickly enough to make a decision and someone else buys the house.
  • 3 They don't find the right agent who's willing to help them through the homebuying process.
  • 4 They don't do enough to make their offer look appealing to a seller.
  • 5 They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.