5 Things You MUST Do Before You Buy a Home in Jasper

Published On: October 18, 2022|Categories: Blog, Buyers, Home Buyers, Tips, Life Hacks & How-to|Tags: , |

5 Things You MUST Do Before You Buy a Home in Jasper

If you’re thinking about buying a home in Jasper – whether you’re currently renting or you want to sell your existing home – there are five things you should do first. This guide explains each of them.

5 Things You MUST Do Before You Buy a Home in Jasper

Check out the five things you should always do before you start house-hunting:

  1. Save for a down payment
  2. Check your credit report
  3. Get mortgage preapproval
  4. Figure out how much money you can realistically spend on mortgage payments
  5. Talk to a real estate agent specializing in the area

Here’s a closer look at each.

Task #1: Save for a Down Payment

Though you don’t necessarily have to save up 20 percent of the value of a home you want to buy (that used to be the gold standard for taking out a mortgage), you probably do need to save up several thousand dollars before you start house-hunting. The higher your down payment is, the less you’ll have to borrow from a lender; that means your monthly mortgage payments will be lower. You may also get lower interest rates and better terms if you have a higher down payment when it’s time to buy.

What About PMI?

It’s also worth noting that on most mortgage loans, if you put down less than 20 percent of the home’s purchase price, you’ll be required to pay for private mortgage insurance (PMI). This insurance protects your lender, not you. It’s there in case you default on your loan; if that happens, the lender will get at least some of their money back from the insurance company.

Related: What are discount points on a mortgage?

How Much Should You Save for a Down Payment?

There’s no set answer to this question – it depends on how much money you have available and what kind of monthly mortgage payments you’re comfortable making. A good rule of thumb is to try to save up enough for a down payment that’s equal to at least 10 percent of the value of the home you want to buy. So if you’re hoping to buy a Jasper home that’s valued at $250,000, you’ll need a down payment of at least $25,000.

Task #2: Check Your Credit Report

Your credit score is one of the most important factors that lenders will consider when you’re applying for a mortgage. A good credit score indicates to lenders that you’re a responsible borrower who is likely to make your payments on time.

Thanks to the Federal Trade Commission (FTC), you can get free copies of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion – once per year. (You can get yours at AnnualCreditReport.com. It’s a good idea to review your credit report before you start house-hunting so you can identify any errors or inaccuracies that may be affecting your score.

If you find any errors, dispute them with the credit bureau in question; once they’ve been corrected, your score should go up.

Related: 5 common mortgage types, explained

Task #3: Get Mortgage Pre-Approval

Mortgage pre-approval is different from mortgage pre-qualification. When you’re pre-qualified for a mortgage loan, that means a lender has looked at your financial information – including your debt, income, and assets – and estimated how much money you’re eligible to borrow.

When you’re pre-approved for a mortgage loan, that means a lender has checked your credit report, verified your financial information, and determined how much money they’re willing to lend you. Being pre-approved for a mortgage loan gives you a clear idea of how much money you have to work with when you start house-hunting.

It’s important to note that being pre-approved for a mortgage doesn’t mean you’re actually approved for the loan. The approval process will also include an inspection of the property you want to buy and an appraisal to make sure it’s worth at least as much as the amount you’re borrowing.

Task #4: Figure Out How Much Money You Can Realistically Spend on Mortgage Payments

Just because you’re pre-approved for a certain amount doesn’t mean you should borrow the full amount. It’s important to have a realistic idea of how much money you can comfortably spend on mortgage payments each month.

To get an idea of what kind of monthly mortgage payment you can realistically afford, start by looking at your budget. Make sure you take into account all of your other debts and expenses – including credit cards, car loans, student loans, and any other monthly payments you might have – as well as your income. Then, use a mortgage calculator to see what kind of monthly payment would fit comfortably into your budget.

Related: 5 myths about building credit that you can probably ignore

Task #5: Talk to a Real Estate Agent Specializing in the Area

If you’re not already working with a real estate agent, now is the time to find one. A good real estate agent will be familiar with the Jasper housing market and can help you find a home that fits your needs and budget.

When you’re looking for a real estate agent, it’s important to find someone who specializes in the area where you’re hoping to buy a home. An agent who knows the Jasper market will be able to give you insights into things like average prices, recent trends, and popular neighborhoods.

Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.

Sign up for new listing alerts so you can stay on top of the newest homes for sale – and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!

Start Your Home Search Here

Popular Jasper, Indiana Home Searches:

Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

Nestled in a quiet cul-de-sac on Jasper’s desirable west side, this beautifully maintained 3-bedroom, 3-bath home offers comfort, convenience, and style—all in one perfect package. From the moment you arrive, the fresh landscaping and inviting curb appeal draw you in. Step onto the welcoming covered front porch, and enter into a spacious foyer that opens up to a bright 17' x 17' living room with cathedral ceilings, creating a warm and open feel.  The eat-in kitchen, updated in June 2022, features stunning Quartz countertops and backsplash, a new sink and disposal, and upgraded appliances installed in August 2023—perfect for any culinary enthusiast.  A split floor plan offers added privacy, with the spacious owner's suite boasting a large walk-in closet and a newly installed cultured marble walk-in shower with glass doors (June 2024). Two additional bedrooms and a full bath are located on the opposite side of the home. Head downstairs to a fully finished basement that’s an entertainer’s dream. Enjoy a custom bar, expansive rec room ideal for movie nights or ping pong, a full bath, a dedicated office area, a bonus room currently used as a fourth bedroom, and a generous storage room with built-in shelving. Outdoor living is just as impressive with a maintenance-free deck and screened porch, offering the perfect spot to relax and unwind. A 2-car attached garage and spacious driveway provide ample parking. Additional Features & Updates: Roof & tankless on-demand water heater – June 2020 Kitchen appliances & washer/dryer – August 2023 Furnace with Ecobee Premium SmartSensor thermostat – February 2024 New sump pump – April 2025 Jambini magnetic cabinet locks – June 2020 This move-in-ready home has it all—modern updates, versatile living spaces, and a peaceful yet convenient location. $329,700 Active

391 Gardenia Lane Jasper, Indiana

3 Beds 3 Baths 2,977 SqFt 0.25 Acres

Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.

Situated on a .47 acre corner lot is this "move in ready" 1258 sq. ft. ranch style home featuring an attractive stone and vinyl exterior. Features include an open concept floor plan with a neutral decor throughout including laminate and ceramic tile floors and carpeting in all bedrooms. This home offers 3 bedrooms and 2 full bathrooms with wider doorways. The extra large 25X27 attached garage is heated and cooled and includes a work bench area and cabinets. There is a rear covered porch and an additional patio with a pergola, and a 10X12 storage building. The driveway offers a back-out space for extra parking and ease of exiting the driveway as well as a new RV parking pad. Also included is an underground invisible pet fence.  Additional updates include all LED lighting and new carpeting in all 3 bedrooms as well as a new range in the kitchen. All kithcen appliances as well as the washer and dryer are included along with custom window shades. $262,900 Active

4020 N Portersville Road Jasper, Indiana

3 Beds 2 Baths 1,258 SqFt 0.47 Acres

Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.

Situated on a .20 acre lot is this 1323 sq. ft. new construction Craftsman style home. The pretty stone and siding exterior adds loads of curb appeal to this attractive home. The open floor plan and neutral interior are the perfect choice for your family. You will love the well eqipped kitchen with stainless steel appliances including a gas range, granite counter tops, a tiled back splash and an eat-at bar. The raised deck just off of the main living area adds an extra entertaining or relaxing space for your family. The owners suite includes a private bath with a twin sink raised vanity, a large shower and walk-in closet. There are 2 additional bedrooms, a full bathroom, a separate laundry room and an attached 2 car garage. Enjoy RevWood Select Granbury Oak Flooring in the main areas and ceramic tile in the wet areas. Jagoe TechSmart components are included in this EnergySmart home. $285,800 Active

1396 N Hunters Crossing Circle Huntingburg, Indiana

3 Beds 2 Baths 1,323 SqFt 0.2 Acres

Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.