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Questions, Meet Answers: Top FAQs from Buyers in Northeast Mississippi

Few things in life come with as many questions as buying a home—especially if it’s your first time. By no means are you expected to know it all! In fact, even though it may seem intimidating to ask, questions are encouraged.

If you’re gearing to buy a home in Northeastern Mississippi—whether it’s your first time or it’s a been awhile since your last purchase—here are a few of the most frequently asked questions we hear. Get started by learning the basics, and give us a call to get some more answers!

Should I Rent or Buy?

The living room of a home.

For many people, renting is pretty attractive—especially in the smaller towns of Northeast Mississippi where it’s fairly affordable. But, while buying a home does require a sizable down payment, it’ll likely save you money in the long run.

Since you aren’t paying monthly rent with the end goal of owning, you won’t be building equity. When you buy a home, your mortgage payment may even be less expensive than rent—and will be leading towards ownership. Having that equity means that when it’s time to make a move, you’ll have a decent nest egg to get started. While buying may not be right for everyone at every point in their lives, its benefits definitely outweigh those of renting.

What Should I Look for in a Northeast Mississippi Home?

A barn in a green field.

This is the fun part of the buying process! Around Northeastern Mississippi, you’ll find tons of properties to choose from, whether it’s a home on an acreage, a luxury estate, farmland, or new construction. There are also tons of great communities, each offering easy access to the others.

Take some time to list out both your wants and your needs. Maybe you want waterfront access, but you need a large, private yard. Maybe you want to be close to shopping and entertainment, but you need a short commute to work. Knowing what you want before going into the search will save you time and stress—and help you narrow down your options!

Mortgages: What’s Pre-Approval and Why Does It Matter?

A sticky note on a cell phone that says "sign here."

Ah, mortgage. It’s nobody’s favorite thing, but it’s always necessary. While you’re organizing your finances and figuring out your price range, getting pre-approved is highly recommended. In fact, some agents and sellers won’t even work with buyers who haven’t been pre-approved!

Pre-approval is a precursory step to your official mortgage application. A lender will review your finances using things like pay stubs, tax returns, and credit reports, and give you an estimate for how much they’re willing to loan you. Getting pre-approved gives you a chance to see if there are any issues with your finances and helps you set a solid budget!

What’s the Closing Process Like?

People meeting.

Closing on a home can be pretty intimidating, but you’ll have a whole team behind you to help. Your agent will guide you through the process, your lender will make sure the finances are in order, your home inspector will comb through the house for any areas of concern, and your attorney will ensure that you don’t run into any legal snags.

A few things to know before closing:

  1. Always do a home inspection! There could be hidden faults in the home, and you don’t want to end up paying thousands in repairs right after buying.
  2. You’ll need to get an appraisal done so the lender knows exactly how much the home is worth. They won’t want to overcharge (or undercharge) you for your loan!
  3. You’ll get the chance to do a final walkthrough just before the closing date. Be prepared, and take your time to give things one final once-over.
  4. The average closing process takes around 41 days, and it’s not totally uncommon for some type of roadblock to come up. If you have any unexpected issues, don’t worry—your agent will work alongside you to resolve them ASAP.

More Questions? We’ve Got Answers

Buying a home has a lot of moving parts, and it’s expected that you’ll run into a few questions along the way! With years of real estate experience in Northeast Mississippi, a wealth of buying resources, and wide variety of skills, our team is always here to help.

If you’re ready to kick off your buying journey (or have a few questions), just give us a call!

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