It's a happy day; you just got married to the person of your dreams. You're both extremely excited. The next step is going to be buying a house. Buying a new home is not as easy as you might think it would be. There are many steps involved in buying a house. Here are some of them; first would be to find a good Realtor, second would be to set a price range, third would be deciding what size house will comfortably fit your needs, fourth would be to figure out how much of a down payment you will have, and lastly talk to the bank or mortgage company you want to get the loan from.
Buying a house can be just as stressful, if not more, as planning your dream wedding. Placing bids and waiting on an answer from the seller is the hardest part. Following all the right steps will make everything go more smoothly. Finding the perfect Realtor for you can be a hard thing to do. There are a lot of Realtors and real estate companies. Calling different ones and talking to a few will help you figure out what company and Realtor you want to go with. A Realtor with a lot of experience is generally the best way to go.
Setting a price range is a very important and key factor in buying a house. A quality Realtor can assist you in finding the right lender which can help set a comfortable price range. You don't want to waste your time looking at houses you can't afford. Another thing to keep in mind is your home owners insurance and property tax, as much of the time they are included in your house note. Make sure to keep that in mind when setting a price range.
What size house do you need? Well if you already have kids then you will need a bigger house. Planning for the future is good, but sometimes you can't afford a huge house even through you may be planning on having 10 kids. It's always a good idea to get a nice 3 bedroom to start with that way you have some room to grow. Just remember to stay in your price range.
Down payment is another key factor in buying a house. A lot of times the bank will determine the percentage of down payment you will need to pay in order to close on your new home. Most banks will ask for a down payment between 3.5% and 20%. Just make sure you have that included in your cash on hand. Also, take into consideration the closing cost, which most of the time is the buyer’s responsibility, unless you ask the seller to help with closing cost. Closing costs are fees to pay those involved in helping you get the loan for your house, setting up escrows and actual costs of processing the closing.
Lastly make sure you check with the bank or mortgage company you are planning on going with, before you start looking at houses. The banks will tell you that you must fill out an application before you can be pre-approved for a loan. A pre-approval is where they tell you how much the bank will give you based on your income. The bank will most likely approve you for a lot more then you want to spend. Just keep in mind the house insurance and property taxes are likely to be included in your note. Make sure you know about how much the bank will lend you before you start looking at $350,000 homes.
The process of buying a house takes a minimum of thirty days. That is if everything goes right. The process is often long and drawn out. If you follow the steps and work with the bank and Realtor, things will go smoothly. Just do your best to stay calm and try to relax. It will all be well worth it when you finally move into your dream home.
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