What You Need To Know Before Buying A Home - KTVN Channel 2 - Reno Tahoe News Weather, Video -

What You Need To Know Before Buying A Home

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More than likely, the largest investment you'll make in your lifetime is buying a home, so you need to know how the process works.

I spoke with Nicole Larrimore, a Mortgage and Marketing Specialist with Nevada Rural Housing Authority. She said many people get out and look at homes, but their eyes are bigger than their wallets.

Larrimore said before looking, talk to a loan officer and know what you qualify for.

"I think many people get excited about buying a home and think 'I saw that for sale sign on that home down on the corner, I'm going to go take a look at it,'" said Larrimore. "Until you really talk to a loan officer, you won't know if you're eligible for a mortgage loan or if your credit is where it needs to be, which is an important factor."

Larrimore said you need to have a good amount of savings for that down payment as well.

She said the key is to also educate yourself. There are many programs providing tax credits, help you get a loan, even lower your payment.

Larrimore said one of the scariest moments comes at the end of the process during closing time.

She said make sure you are prepared to write that big check and have a little extra because sometimes those closing costs will be higher than initially thought. According to Larrimore, on a typical transaction, you'd be looking at paying about 2%-4% of your loan amount just in closing costs. "It encompasses your inspector fees, appraisal fees, your open escrow amount, and you have to pay your lender. These things are all little pieces of the puzzle that you have to pay through the transaction and is enclosed in closing costs."

If you want more information about the buying process, there's a free homebuying expo at John Ascuaga's Nugget in Sparks from 10:30am - 2:30pm Saturday.

You can catch the entire interview on this week's Face the State Saturday at 4:30am and Sunday at 6:30am or 3pm.

Written by Chris Ciarlo

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