As in anything, it is super important to have a plan when purchasing a home.
Let us look at the steps we need to begin you on the road of home ownership
1. Begin the mortgage process by getting pre-qualified by a lender. The prequalification is needed by your real estate agent
2. Gets an idea of your financial picture taking an account of all your income and expenses.
3. Eliminate credit card and other high interest consumer debt even if it reduces the deposit on your future home.
4. Obtain a copy of your credit report.
5. Prepare a budget and stick to it. General rule is your annual mortgage payment, taxes and home owners insurance should not exceed 28% of your gross income.
6. Settle on the type of housing that suits your needs whether single family, townhouse or a condo
7. Become acquainted with computing a value on the type of house you have an interest in.
8. When you find a house that you are interested in make an offer.
9. Apply for a mortgage loan
10. Perform a home inspection
11. Familiarize your self with home warranties
12. Secure home insurance
13. Make the final preparations for your closing whether by a closing agent or attorney
14. Make your arrangements to move and compare movers
15. Secure loan approval and commitment from the lending institution
16. Take a final look at the house
17. Close on the house. Closing costs usually vary from 3% to 5% of the total home value.
18. Move in
For further information or assistance, please give us a call at 877-509-8800 or log onto www.carteretmortgage.con/CRYM to start your loan application now. You can also check out the full home buyers guide on www.mycarteretlo.com
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