Helping You Find The Perfect Home
If it was as simple as HGTV, it really wouldn’t matter what real estate agent you used to buy a home. You’d go see 3 houses, pick one, put in an offer for thousands of dollars less than the price and the next day your agent would show up with champagne. It’s too bad it isn’t like that most of the time though. I can walk you through the process from start to finish, that’s what I’m here for. From A to Z, I will simplify this process for you.
Chances are you have already been searching on Zillow or Realtor.com. Feel free to keep searching and just send me addresses, or links to any properties you are interested in. However, if you would like me to do a customized search for you through the MLS, just let me know and I will be happy to do that for you.
Home Buyer Checklist
1. Determine How Much Home You Can Afford.
2. Aquired The Funds For A Down Payment.
3. Find A Real Estate Agent You Can Trust.
4. Get A Mortgage Preapproval And Choose A Lender.
5. Find The Perfect Home For You.
6. Make A Smart Offer And Negotiate.
7. Hire a Real Estate Attorney (If Neccessary).
8. Schedule a Home Inspection And Appraisal.
9. Close On Your New Home!
Am I ready to own a home?
You are probably ready to buy a home if you have a good credit score, money saved up for a down payment and closing costs, and make a stable income. However, answering this question requires more than just a knowledge of mortgages, down payments and credit scores. Home repairs and maintenance become your responsibility as a homeowner. Are you ready to get that leaky roof fixed, unclog that kitchen sink or replace that broken dishwasher?
Is my credit good enough to buy a home?
This question is especially important if you need a mortgage. You can qualify for a home loan backed by the Federal Housing Administration (FHA) with a 10% down payment and a minimum 500 credit score. However, the approval process may be difficult and you’ll pay a much higher interest rate than you would with a higher credit score. A higher credit score often leads to a smoother loan approval, and a much lower interest rate and monthly payment. Conventional lenders typically require a minimum 620 score, but they’ll likely reward you with a lower rate if your score is 740 or higher.
How much money do I need to buy a home?
You’ll need enough money to cover your down payment and closing costs, depending on the loan program you qualify for. Your down payment is an upfront lump sum you pay to a lender to buy a home. Standard loan program minimum down payments range from 0% to 3.5%.
Closing costs typically run between 2% and 6% of your loan amount. They often include one-time lender and title fees related to getting approved for a mortgage, and the ongoing costs of your home such as property taxes, homeowners insurance and homeowners association (HOA) fees.
What is the first step in buying a home?
The absolute first step is to get approved for a mortgage. Without being approved for a mortgage it will be quite difficult, if not impossible, to purchase a new home.
Should I sell my current property before buying a new one?
This is a tricky question, and the answer primarily depends on one’s funds and ability to find temporary housing. If you need more equity to purchase a new home or meet a mortgage plan, then it is best to sell your current home before purchasing your next one.
Should I do a home inspection?
Yes. A home inspection is one of the most vital steps when purchasing a property. A professional inspector has a keen eye for how well the house has been taken care of. The inspectors can comment on structural and cosmetic issues, along with any local code issues. Moreover, a home inspector will help you better determine the home’s value.
Should I do a final walk-through?
A final walk-through is not required but highly recommended. Final walk-throughs give buyers a chance to make sure nothing has changed since their initial inspection or previous visits. Also, if repairs were requested as part of the sale offer then a follow-up visit ensures all repairs are done according to the agreement and contract.
How does earnest money work?
Earnest money is similar to a deposit when renting a place. It is made in good faith to demonstrate to the seller that the buyer’s offer is legitimate. The amount is usually 1-2% of the selling price and essentially takes the property off the market. The money also gives the buyer extra time to conduct a title search, get an inspection and property appraisal, and financing.