I am a first time home buyer, where do I start?
Here is a list of things to do when considering purchasing your first home.
1. Find a good Realtor to work with. This should be someone who you feel comfortable with, who listens well and has the experience to help you through this process.
2. Get prequalified with a lender. This process should be fairly quick and painless and is absolutly a must before continuing on. The lender will help you determine your buying power, tell you what cash requirements are necessary, and estimate mortgage payments. They will give you a letter of prequalification that you will need to make an offer on a property when you find one.
3. After talking with your lender you will need to decide how much you are comfortable spending on your first home. You should consider maintence costs for your first home, how much you would like to keep in your savings and how much of a monthly payment will be comfortable for you.
4. Determine what criteria you want and need for your new home. Choose the area of town, size, and amenities you will be looking for in a home.
5. Look at homes that your Realtor has chosen and those that you have seen on the internet. Keep looking until you are comfortable that you know you have found just the right house.
6. When you have found the house you want to purchase your Realtor will help you through the offer process. This is a big step and you want to know what the contract says before you sign it. There are several terms that need to be negotiated such as price, closing date and more. Your contract should always have a clause that allows you to have the home inspected, find the home insurable and any other inspections that may be necessary in your situation.
7. Once the house is under contract your Realtor will guide you through the inspection phase and negotiate any repairs that may be necessary. You will provide your lender with the contract so that they may begin the loan process. An appriasal will be ordered by your lender and the title company will prepare your title policy to insure the property is sold to you free and clear of any liens. The professionals you are working with will be guiding you through this part of the process.
8. Finally you will close on your home. Closing is typically a series of events. First you will meet with the title officer and your Realtor to sign all of the necessary documents. The seller will do the same. The title company will complete the process with a series of communications with the lender.
9. Your Realtor will give you a call to let you know all is complete and the house is yours!
The Key to a enjoyable and excitinting home buying experience is to have great communications with the professionals you are working with. This list it a typical scenario when purchasing a home in Las Cruces New Mexico. This list is meant as a guide only and there may be other things to do or consider when purchasing your first home.