home buying process
beginning your next chapter
Buying a new home is an exciting process, but there are many steps that are involved for a transaction to successfully close. I have prepared a list of steps below for you to follow so that you can be best prepared for the event. Take these steps into consideration to help make the process go smoothly.
Hire a Mortgage Agent:
One of the first steps that you will want to take is to connect with a mortgage agent. They can review your financial profile as well as your credit score and pre-approve you for an amount to borrow for a loan. This important information will determine the price range of homes that will be in your search. They will also provide you with a pre-approval letter that you will need to accompany your offer.
Limit Your Spending:
A crucial part of planning to buy real estate is to save your money. You will need to have enough funds for your down payment, closing costs and other miscellaneous incidentals during the process. A mortgage broker can give you a good faith estimate of what costs to expect depending on your situation. It is best to keep from making any large purchases during this time as that can affect your qualification for a mortgage.
Location:
Each area offers different amenities, culture and services so do your homework and research which areas are best for you. Consider things like proximity to public transportation and your work commute as well as prices of the homes that are accommodating for your needs. I can also help guide you and find the right areas to focus on based on my years of experience and extensive area knowledge.
Home Inspection:
Ordering a home inspection is a wie idea for having a better understanding of what your potential new home may need in repairs. Not only does an expert inspector know exactly what to look for with regard to current conditions, but this information can assist you best in budgeting for larger future expenses. If any extensive repairs are needed, this can sometimes be grounds for further negotiation with the seller.
Enter Contract:
After your home inspection is completed, the next step is to sign your Purchase and Sale Agreement, often called “P & S.” This agreement identifies all terms of your offer including all important dates and will be accompanied with your down payment funds. You may have further steps for financial approval, but this will be the next big step until your walk through followed your actual closing.