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If you've just decided to buy a home, congratulations! This
is such an exciting -- and sometimes stressful -- time of life.
But if you know what you're doing and prepare yourself for
each step along the way, you'll do just fine. It's imperative
that you find the right mortgage loan and lender to get the
best deal on your potential new home. It's also crucial that
you get pre-qualified for your mortgage loan, led by an
experienced lender who can guide you through this
process. Here is a step-by-step guide on buying a home.
The Home Buying Process
Sit down with your spouse, partner or friend to figure out
how much you are able to spend on the home you will be
buying together. This will depend largely on your income,
credit rating, current monthly expenses, down payment and
interest rate, according to the U.S. Department of Housing
and Development (HUD). In addition, know your rights as a
home buyer before you start your search. HUD has a good
resource here.
Know What you Can Afford
At this time, you can choose the perfect mortgage lender to
help you finance your new home -- one that you feel
confident in. You'll find that there is a wide spectrum of loan
programs that are competitively priced and that work best
for you. Keep an eye out for superior customer service and
reputation for experience and dedication within the industry.
Your mortgage lender should be able to help you determine
which plan is best, whether you want to put as little money
down as possible, or you have a big down payment and
want as low an interest rate as possible with little to no
points. Getting assistance on this matter is crucial, as your
mortgage lender is an expert in guiding buyers through this
important phase of the home buying process. Find the right
mortgage loan/lender to get the best deal on your new
home.
Select a Mortgage Lender
This is an important first step because it will show
prospective sellers that you are serious about buying a
house and that you are approved by a lender to spend XXX
amount of dollars. If you look at houses blind without a pre-
qualification, you could miss the boat and be at a
disadvantage when it comes time to put in an offerIt's not
as hard as you think to get pre-qualified. Usually, it takes
just a few minutes!
Get Pre-Qualified
You can find the best agent in your area through word of
mouth and good old fashioned research online and on the
phone. A good agent will have a respectable track record
and be known for providing helpful assistance for buyers in
your price range. Don't go it alone: using a real estate
agent means you get access to inside information that the
public does not. You may find out about a home that's going
up for sale before it's posted publicly, for example.
Pair up with a Reputable Real Estate Agent
This is the fun part. Start touring homes within your price
range. This is where you agent comes in handy. He or she
can advise you of several homes within your desired area
that are listed within your budgetary constraints. Keep a
mindful eye when touring these homes and be on the
lookout for anything alarming. Make sure the plumbing
works well with strong water pressure, make sure there are
no water stains, test out the electrical system, open and
close all windows and doors, take note of the
neighborhood, notice what the traffic patterns are and see if
the home is located close to things that are important to
you, such as schools, parks and restaurants. During the
home inspection, the inspector will check for more in-depth
problems, such as possible foundation cracks, the presence
of radon or asbestos, etc. But for now, you can check the
surface issues just to be sure.
Check out Houses
So you've settled on a house and are ready to move
forward with the home buying process. Schedule a home
inspection (usually your agent will be able to set this up) of
the house and property. The inspector will walk through the
property with a checklist looking for any structural damage,
water damage, foundational cracks, or anything that should
be fixed before you purchase the home, such as the
heating system or installation of a radon mitigation system.
If the seller refuses to fix the suggested problems, you can
withdraw your offer and start a new search elsewhere, or
ask for a reduction in price. You will receive a detailed
report after the inspection, stating all the findings.
Obtain a Home Inspection
Finally, it's time to have the home appraised, gather and
sign all paperwork, and close the sale. Don't be intimidated
by all the paperwork you have to sign. This is an exciting
time in your life so enjoy it!
Last Steps