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Finance & Mortgage
Buying a new home can be exciting, adventurous and challenging all at the same time. With so many financing options available, it’s important to educate yourself on the process to ensure you’re making the best, most cost-effective long-term decisions. This section guides the potential homeowner step-by-step through the home-buying process, from finding an agent to making an offer on a dream home.

The beautiful Grenada is home to hundreds of new and established neighborhoods, offering everything from quaint apartment homes to custom luxury homes. Grenada makes it easy for homebuyers to have it all!

Getting Started
Residents love the quality of life in Grenada, and few things speak to someone’s happiness more than his or her home and its location. When it comes to deciding where in Grenada to live, different people want different things. Some want to live close to work, while others prefer a country scene. Still others might want to reside close to a park or church. Knowing what to look for when purchasing a home, will ensure that the home-buying process is fun, exciting and relatively problem-free.

Assembling the Right Team
A qualified real estate agent will be familiar with the pros and cons of neighborhoods and developments across Grenada and will be able to help you narrow your search. An agent can also help you create the best team for the entire home-buying process. To purchase a home, you typically will need an agent, a mortgage company, title company, inspector, an insurance company and, depending on the transaction, an attorney.


Creating a Housing Budget
A real estate agent can help you establish a housing budget. The budget should be based on numerous factors including income level, amount available from the lending institution, your debt and budget, the amount available for the down payment and the interest rate. The agent will help you determine the maximum price you can afford to pay for a home. This number will probably be less than what the lending institution offers. The agent will also factor in taxes, insurance and any renovations (if needed) to give you a firm budget with which to plan. Your agent can also help you budget for incidentals, such as window coverings,
new furniture and any alterations planned for the home.

Financing the Dream
A lender will evaluate your financial situation and provide you with a figure outlining the maximum amount you qualify for in the form of a mortgage. Before looking at homes, consider obtaining a pre-approval letter from your lender. This lets potential sellers know that financing is in place and that you’re serious about the transaction.

To obtain approval, the lenders will request a list of documents that provide a snapshot of your current economic condition. Lenders are taking great care these days to ensure all paperwork is in order, and that proof of income is verified. Be realistic in setting your budget before you start house hunting, and be prepared to provide detailed financial, tax and employment paperwork during the process.

Before applying for a home loan, it’s a good idea to secure a copy of your credit report. This will eliminate any surprises when talking to a loan officer. It also will allow you to verify the information on the report and clean up any errors that might exist before applying for a loan.


Click the button below to see a list of Grenada Area Chamber of Commerce member service providers.



 

 
 
  P.O. Box 628 | Grenada, MS 38902 | phone: 662-226-2571 | fax: 662-226-9745
toll free: 800-373-2571 |
info@grenadamississippi.com
 
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