Home Buying Tips

Millions of Americans will be searching for a new home and will be taking advantage of current low interest rates. Before consumers go home shopping, there are some preliminary steps to save time, money and wasted effort.


If you are a first time buyer, consider getting yourself pre-qualified first by a reputable mortgage bank. They can provide counseling on the many types of loans tailored to your financial situation. By pre-qualifying for a mortgage, you will be aware of how much house you can afford before you start shopping. There is no fee for the financial consultation. However, there is a small charge to cover the cost of the customer’s credit report. The mortgage company will advise you as to what documents they need for you to bring for consultation; call ahead and make an appointment.

Determine the Best Type of Loan for your Need:

The mortgage lender will help explain the difference between the adjustable or fixed-rate mortgage so you can determine what is the best type of loan for you. The period of time you can expect to live in the house will be a major factor in deciding the type of loan you are looking for. They will give you the amount of down payment required, amount of closing costs, and the amount of your monthly payment for each type of loan.


The advantage of a pre-qualification is knowing how much house you can afford, and once you have found it, you are ready to contact your real estate salesperson and start looking for your dream home. When you find the home you want to purchase, you are ready to make your offer knowing that the home is in your price range. Advance credit approval will also help you negotiate a better deal with the seller. After you have made an agreement to purchase and have your accepted contract in hand, you are ready to make your application to the lender.

Wesley J. Tuley, Broker/Owner
Licensed in Missouri

204 South Main Street
Palmyra, MO 63463


Cell: 573.769.3200
Fax: 573.769.3636

[email protected]

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