HOMEBUYER RESOURCES
READY TO BUY A HOME?
Buying a home is one of the most exciting and often largest purchases of a lifetime. Whether if you are looking to buy a home for the first time or have experience in buying, here are some helpful tips to help navigate the home buying process.
DECIDING TO BUY
The first step to buying a home is deciding that the time is right. Purchasing a property is most likely the biggest financial purchase you will ever make in your lifetime. Whether this is your first home purchase or you are an experienced buyer, always make sure that you are deciding to purchase a home or property for the right reasons.
Have you outgrown your current home or maybe you need to downsize? Would you rather live in a different area? Are you ready to fire your landlord? Have you decided to pay your own mortgage and not the mortgage for someone else?
Having a clear sense of your reasons for buying will help you in having a clear vision and expectation when starting the buying process.
PREPARING TO BUY
One of the major tips for success in purchasing a home or property is to start saving early and to prepare yourself financially. To make sure you are financially sound to make such a large purchase, you want to make sure to start saving for expenses such as your down payment, closing costs, and moving expenses.
Down Payment:
Your down payment requirement will depend on the type of mortgage you choose and the lender. Although there are some programs out there with no down payment, many are prepared to purchase a home with a downpayment ranging anywhere from 3% to 10% depending on the loan type and purchase price of the home.
Closing Costs:
These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount.
HOW MUCH CAN YOU AFFORD
One of the most important steps to buying is determining how much you can afford. This is the time to set a potential price range based on your income, debt, down payment, and credit score.
Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer to you.
Pay all your bills on time, and keep credit card balances as low as possible.Keep current credit cards open. Closing a card will increase the portion of available credit you use, which can lower your score.
After reviewing your finances, contact a mortgage lender to begin the pre-approval process and to make any needed adjustments before beginning your home search.
CHOOSE A REAL ESTATE AGENT
A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing process. Get agent referrals from other recent home buyers, and make sure that they are properly licensed in the state in which you seek to purchse a home or property.
When speaking with potential agents, ask about their experience helping first-time home buyers, as well as experienced buyers, in your market and how they plan to help you find a home.
Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.
Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends and hold the highest designations in their respective fields of expertise.
Does the agent return your calls promptly? Time is money when attempting to buy a property.
FIND YOUR PROPERTY
Think about your long-term needs and what type of home will meet them best. If you plan to start or expand your family, it may make sense to buy a home with extra room to grow.
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Choose one with amenities that are important to you.
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
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