10 Step Home Buying Process
Step 1: Your Financial House
Knowledge and experience are the keys to successful real estate transactions. Our Full Time Buyer Agents have an enormous amount of valuable information, and such data -- combined with the expertise, experience and training can be the essential keys to your success.
One of the keys to making the home-buying process easier and more understandable is planning. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts and avoid many pitfalls in the home-buying process.
Do You Know What You Want?
Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting with your Buyers Agent
Do You Have The Money?
Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require as little as 3 percent down or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down, but you need to be very careful there.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs. This could either be a tremendous help or one of the many pitfalls. Your Buyers Agent can assist you with analyzing this and see which is right for you.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most home buyers choose to buy with some cash up front.
As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses.
Is Your Financial House in Order?
Those great loans with little or nothing down are not available to everyone: You need GREAT CREDIT. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
Step 1: Your Financial House
Step 2: The Buyers Agent
Step 3: The Pre-Approval
Step 4: Look at Homes
Step 5: Choose a Home
Step 6: Get Financing
Step 7: Making an Offer
Step 8: Get Insurance
Step 9: The Closing
Step 10: After the Closing
10 Safety Tips for todays Sellers
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