STEPS IN THE HOME BUYING PROCESS
GET PRE-QUALIFIED — Your lender will look at your income, credit scores, revolving debts, obligations such as child support, and the type of loan you choose. Another factor that impacts how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed, or adjustable rate) will determine what you can afford in monthly payments.
MAKE A WISH LIST — Decide where you want to live and how many bedrooms and baths you need. Consider lifestyle- condominiums offer shared amenities with little responsibility. Single-family homes offer more space and privacy but more exterior and yard maintenance.
HIRE A REAL ESTATE PROFESSIONAL – Your real estate professional should be an expert in the area where you want to live and be familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range.
SELECT YOUR HOME — No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Only buy what you need or can comfortably afford.
MAKE AN OFFER — Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new, the seller is unlikely to accept a low offer. Ask your real estate professional for advice.
GET AN INSPECTION — A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems and large and small repairs needed, so you’ll know what you’re facing as the next owner.
GET AN APPRAISAL —The bank appraisal determines market value. If the home appraises for the purchase price, the bank will only make the loan if you renegotiate with the seller. If it appraises, the lender will move toward closing.
GO TO THE CLOSING — Once final negotiations are complete, the parties to the transaction meet at the escrow office, a title company, a real estate attorney, or whatever is customary in your area. Both parties sign all paperwork. The lender pays the seller minus any liens against the home, such as the seller’s mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready to move into your new home.
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