Buying a home is very exciting, but there are many things to take into consideration aside from just previewing several different homes. From your finances to selecting location, allow my professionalism to be of assistance and guide you through the process. Below is a list of steps that I have compiled for you to get started.
Auditing your credit report and crafting a solid budget are simple steps to begin with in your home buying process. Reach out to a reputable mortgage agent as they can provide you with your credit report and determine exactly what you will be able to be approved for in regards to a mortgage amount. Obtaining a pre-approval letter is also important as you should have that ready when you make an offer.
A mortgage agent will assist you with the actual loan details, but you need to be sure you have down payment and closing cost funds. If you are putting less than 20% down, you will most likely be paying private mortgage insurance or “PMI” which will add on a small charge to your monthly payment. Review your loan options with your mortgage agent as some products vary. In addition, it is also a good idea to limit any larger purchases that could affect your loan qualification.
Select a Neighborhood:
Location can range from town to town in what they offer. Every neighborhood has a unique way of life and finding one that fits your needs best is where I can further help. Details about school systems, tax rates and area services are good things to investigate. Allow my years of experience to assist you in your search.
Be sure to always be asking important questions as you tour properties. Some things may seem obvious, but may not come to mind when you are excited about a particular property. Questions to ask like age of roof or systems and why the seller is selling are always good. Keep emotion out of the equation and solidify your decisions with reasons as to why this home is perfect for you.
Even if the property is newer, a professional inspection is always a great idea. A professional inspector will provide a detailed report about the condition of the home, the construction and what future repairs may be needed. Information gathered from your inspection can assist you in budgeting or can sometimes influence your offer should larger immediate repairs be needed.
After your home inspection is complete and satisfactory, the next step is to enter contract and execute a Purchase and Sale Agreement (P&S). The signing of the P&S solidifies terms with respect to the agreed upon purchase price, down payment amount, financing commitment date as well as the actual closing date. Be prepared to provide funds for your down payment to accompany the signing of the P&S.