Know What’s Out There
Start your research early. We suggest making notes of homes you are interested in and see how long they stay on the market. Also, note any fluctuations in asking prices. This will give you an understanding of the housing trends in specific areas. Deciding on the reason why you want a home can help you narrow down the specifics. Don’t be afraid to get be, although be careful to really consider a home and think of the possibilities rather than write off a home because you don’t like the way the backyard is right now – or that you do not like the current wall color.
Before you start looking for a home, you will need to know your budget of what you can spend. The best way to determine your budget is to get pre-qualified with a preferred lender. To get prequalified, you just need to provide some financial data to your mortgage bankers, such as your income and the amount of savings and investments you hav e. This can be the most beneficial step in the buying processes since you now know what you are eligible to receive and be able to plan to buy your home more efficiently.
Find the Right Agent
Finding the right real estate agent is like finding the right business partner. You need to be able to collaborate with them effortlessly. An agent with the right negation skills, knowledge, and communication skills is so valuable toward finding your dream home. Most importantly, you don’t have to pay them anything- they’re compensated from the commission when the sell is complete.
House Hunting & Offer
Now you can start touring homes your love. Work with your real estate agent to negotiate a fair offer between you and the seller. Remember that your agent will handle all the technical aspects of the transaction. Take time to understanding all the terms of your contract, such as any clauses that specify any terms of purchase, for example closing and possession dates.After you and the seller have reached agreement on a price, the house will go into escrow, which is the portion of the time it takes to complete all the remaining steps in the home buying process.
Purchase offers are usually followed by home inspections of the property to check for signs of structural damage or anything that may need fixing. Trust that your K&M Premier Real Estate agent will assist you in arranging an accurate home inspection. After, you and the seller will obtain a report on the home inspector’s findings. Once completed you can decide if you want to ask the seller to fix anything on the property before the transaction is complete.
The mortgage banker
Learning how your mortgage will work will help you better decided which mortgage loan will work for you. The shorter term and lower the rate means that you’ll pay less interest over the life of the loan, although your monthly payments will generally be higher. An adjustable-rate mortgage (ARM) is commonly based on the U.S. Treasury index for a one-year Treasury bill, although it may also be geared to other indexes. Your mortgage banker will customize options for you based on important information you provided such as household income, assets, and existing debts. Finally, remember that the loan you ultimately qualify for will depend on your credit status. The most affordable rates and terms are only available to those with solid credit, make sure to pay off your credit cards and make all other bill payments in full.
Closing on your dream home
When you are ready to close on your home you are now ready for the paperwork involved in buying a house. Your lender will arrange for a title company to handle all the paperwork.At closing, you will sign all the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!