TOP 10 LIST BEFORE BUYING A HOME

By
Real Estate Agent with Berkshire Hathaway HomeServices Anderson Properties

TOP 10 LIST BEFORE BUYING A HOME

Whether you’re becoming a homeowner for the first time or you’re a repeat buyer, buying a home is a financial and emotional decision. Are you ready to make a move?

YUKON OK HOMES - 4525 OASIS CT - RIVER MESA

TOP 10 LIST BEFORE BUYING A HOME

  1. Before you start looking for a home, get pre-qualified for a loan. Banks,credit unions, and mortgage bankers make home loans; mortgage brokers process loans through a variety of lenders. The lender will take an application,process the loan documents, and see the loan through to the funding stage.
  2. If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reasons caused the bad credit.
  3. You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area. Let us know if you would like us to recommend lenders we work with.
  4. You will need funds for closing costs. Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to: Escrow fees, title policy issuance fees, mortgage insurance fees, fire, flood, and homeowners insurance, county recording fees,and loan origination fees. Consult your lender for an actual estimate of these costs.
  5. Some loans have 'points' and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate, they constitute the yield on your loan for the lender.
  6. Mortgage rates can be fixed or adjustable. Which one is right for you depends on whether mortgage rates are at a high or a low point when you purchase and on how long you plan to live in the house.
  7. There are two main types of loan categories 
    Conventional Loans - Conventional mortgage loans are available with fixed or adjustable interest rates.
    Government Loans - these include FHA fixed, adjustable rate and VA fixed rate mortgage loans.
  8. If you are a low to moderate income home buyer, there are special programs designed to help you. These loans are available through private lenders, as well as local state housing agencies.
  9. You may have to pay mortgage insurance. Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Mortgage insurance is always required on FHA mortgage loans.
  10. Phew! Now you are ready to sit down. Create a plan and get to action. As always if you need a helping hand let us know we will be happy to guide you through the process. Give us a call or text. We are looking forward to hearing from you.

BestOklahomaHomes.com And there you have it, my Dear Reader - TOP 10 LIST BEFORE BUYING A HOME.
We would love to be a guide on your home selling or buying journey. 
Text: MLSOK to: 405-812-1572 & get your own most ACCURATE HOME SEARCH APP for your phone.
Need more info, details or arrange for a showing? We are just a call or text away. 
Looking forward to hearing from you. 
  START HOME SEARCH NOW
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About the Author:

The above information was provided by Bo Kociuba a long time resident of Canadian County, Ok. As Broker’s Associate Bo helps people sell & buy homes in OKC Metro. She works together with her partner, Buster Elliott. They Live & Love OKC! .Bo and Buster are multi-million producers with over 50 years combined real estate experience. 

Bo loves photography and is an avid supporter of shooting sports. 

Bo@BestOklahomaHomes.com |405-812-1572.

We serve OKC Metro Areas: Yukon, Mustang, Bethany, Piedmont, Tuttle, Blanchard, Edmond, Oklahoma City and Moore.

We specialize in Residential & Commercial Real Estate, Ranches & Recreational Land.

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Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Oklahoma Canadian County Yukon
Tags:
homeownership
first time home buyers
home buying tips
mortgage and finance
live and love okc
best oklahoma homes

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Rainer
60,154
Golden1 Agents
San Mateo, CA

Thanks for sharing this.

Jan 14, 2018 02:54 AM #1
Rainmaker
550,640
Carla Freund
Keller Williams Preferred Realty - Apex, NC
Raleigh - Cary Triangle Real Estate 919-602-8489

Bo, this is a great list for people interested in purchasing a home.

Jan 21, 2018 07:44 AM #2
Rainmaker
336,338
Bo Kociuba & Buster Elliott
Berkshire Hathaway HomeServices Anderson Properties - Mustang, OK
Live & Love OKC!

Carla Freund ... thank you for stopping by! I believe that a few people might like to read it ... 😀

 

Jan 21, 2018 05:57 PM #3
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Rainmaker
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Bo Kociuba & Buster Elliott

Live & Love OKC!
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