Homebuyer consider these final steps to purchasing your home!
Homebuying is a process but home ownership is possible if you do your homework along the way!
Once you decide to ditch the landlord, date the rate & marry the house here are some important steps to follow:
- Find a Realtor-You can check online or the best way to find a realtor is through family & friends who have recently bought or sold a home. They will have real life experiences with a realtor and be able to tell you if they felt the realtor helped them with the home buying process.
- Get Pre-Qualified- Your Realtor will have some great lender referrals that can get you started on your finances. They will check your credit score, obtain proof of your employment, your financial history, your monthly income, your cash on hand & your debts. You can qualify for a home with a credit score as low as 580, but you may have to offset the low score with more of a down payment. If you don't have a lot of cash on hand, the lender will look for programs for down payment assistance for you! The lender will let you know the sales price of a home you qualify for and how much your payment will be. This ensures you are comfortable with everything, before you start looking at homes.
- Start a Home Search-Once your lender gets you pre-qualified, your Realtor can get the criteria you want in a home & the areas you want to live in and set you up on a portal of homes. You can also look on popular sites and send the Realtor homes that meet your needs.
- View Homes in Person-Now it is time to go view the homes in person with your Realtor. This is the fun part of the process! Once you find a home you would like to offer on, your Realtor will look at the comparable sales in the area and reccomend an offer for you.
- Make An Offer-Your Realtor will submit your offer with your pre approval letter from you lender and negotiate the offer for you with the sellers Realtor. Hopefully, your offer is accepted and then you move to the closing process. This is where your lender steps in and starts the mortgage loan process.
- Close On The Home-You have made it through all the steps and now you will own a home! Attending a closing is a real feeling of accomplishment! Once your loan is closed and funded, you will be given the keys to your new home!
HAPPY HOMEOWNERS !