When it comes to buying a home it can be very exciting and challenging at the same time.
There are many things to consider when buying. The number one thing you want to factor in is a budget.
The first step that you want to take is to figure out how much you can afford to spend on buying your home. Once you have done that, you want to contact a few different banks and see what type of mortgage you can get. You may need to speak to several different banks to get the best deal and get a pre-approval for a mortgage.
Once you have a pre-approval letter then you can begin putting offers in on the home of your choice. Having a pre-approval letter increases your chances of sealing a deal because the seller understands that having a pre-approval letter is likely to result in a completed sale.
Besides the down-payment, there are costs that you have to keep in mind such as: home inspection fees, insurance payment, closing costs, escrow fees, property tax, mortgage insurance and etc. In regards to the down-payment, most of the time a 20% down payment in cash is required unless you can take advantage of certain programs that lower the down payment for first-time buyers.
The next step in buying a home is find out what you need rather than want. For example, how many bedrooms do you need, how many bathrooms, do you care about the school district, is a backyard a must, and so on. Then you want to make a list of the things you would like to have such as, tile floors, upgraded kitchen, backyard swimming pool and barbeque. Location is a key thing to keep in mind, things to consider with location are: proximity to work, schools, shopping areas, crime rate, and etc. Once you have made those lists you can narrow your search to things you must have and other things that would make it nicer. This will help you save a lot of time and frustration in the long run.
Now its time to contact Home-Pedia, so that you can have a real estate agent that can help you find the right home for you. If you are wondering what is a real estate agent and what do they do, well a real estate agent is an individual who is licensed by the state to help people buy and sell homes. The reason that you may need a real estate agent is because they are very knowledgeable about the process of selling and buying, and all the paperwork involved. They also have a relationship with the lenders, and they have a great amount of knowledge about the current local market.
The agent and yourself will go house hunting and find the perfect home for you. Once your home is found, the agent will help you write up an offer.
When buying a home, it is critical to do a home inspection on the property, and your offer should be contingent on the home inspection.
Once you have passed the inspection, then you must lock in your rates with your lender. Your title company would perform and do a title search so that there are no liens or such on the property. And if that is clear, then you will sign the closing documents. After signing the largest stack of papers that you have ever seen you will have bought your home.