You have decided to buy a new home, Congratulations! Buying a new home can be overwhelming and stressful, we are here to make this process something you want to remember. Before you hand over your hard-earned cash, there are a few things you should know about the home-buying process. We have made a full guide that walks you through the approval process, home selection, and finally the steps to get to the closing table.
Inside the guide you will find a complete list of paperwork you need for your loan officer. They will asses your credit, income, assets, and taxes to see what your loan approval amount and with what interest rate. This step is crucial for not only figuring your budget but for making sure no hiccups come up later in the process.
Wants & Needs
I’m sure you have a dream vision of what home you want and the must have items. Create a list of all the wants and needs for your dream home. You need to know these things to ensure you buy the right home without any of the headache!
Meet with a REALTOR
You can expect a REALTOR to be a guide during your home buying process. Take time to interview potential candidate and see if they have the experience to get the job done. Things to consider when finding a realtor are how long they have been in business, if there are any reviews on the agent, how well they know your desired neighborhood, etc.
Once you meet with a REALTOR you can start the exciting times of touring homes and attending open houses. It is easy to get overwhelmed with viewing so many homes and even forgetting that last house to the next. Its good to keep notes on what you do and don’t like about each home and even taking photos or videos. Remember to keep your eye on the prize and keep your eye out for neighborhood appearance, work commute, parking, and so on.
First-time home buyers should consider all costs of owning a home. Other expenses include insurance, property tax, homeowners association (HOA) fees, and maintenance and upkeep. Including all of these cost will give you a better idea of your monthly and yearly dues. To prevent a rude awakening, add these up.
Money for Down Payment and Closing Cost
A down payment is the money you spend upfront to purchase a home. Typically, you pay around 3.5% for a deposit and then you will also need additional funds for closing.
During inspection, you will really dig deep into everything about the home and its history. Every home comes with maintenance and that is just part of being a home owner. Inspections will help you understand the pitfalls and repairs you might have to take on. This is true whether you’re buying a fixer-upper or not.
Everything is complete and you are now getting to the closing table. You are a home owner. Congratulations!
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