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Home Ownership Preparation :: Steps in Home Buying
Steps in Home Buying:
Your First Steps in Buying a Home
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The steps in home buying aren’t as complicated as they might seem. If you follow them in the right order, you’ll find the whole process is easier than you think.
Find a Real Estate Agent
Many real estate agents representing first-time home buyers ask that the buyers obtain what’s called pre-approval before beginning their search for a home.
What this means is that you get pre-approved by your bank or lender for a mortgage before you start looking so that you won’t invest time putting in offers on a house you can’t afford.
But, that doesn’t mean getting pre-approved is the first of all the steps in home buying.
This is because most real estate agents, particularly those that specialize in first-time home buyers, can connect you with mortgage brokers or lenders that also specialize in finding financing for first-time buyers.
Your real estate agent may want you to get approved first, but they can help you do it.
Get Pre-Approved
Now you’re ready to search for financing. Again, you should always seek out pre-approval for your financing before you start searching for a home.
The last thing you want to is to invest weeks into house hunting, finding a home, putting in an offer, having it inspected and then being refused your financing. It’s a waste of time and money.
Out of all the steps in home buying, this is the most important. The rate and terms that you secure for your financing could save or cost you tens of thousands of dollars over the life of your mortgage.
Find a Home
Finally, you have your financing, you have your agent and now you’re ready to look for a home. Stick within your price range and stick to your guns. If you’re a first-time home buyer, you’re likely not in a rush to move – that means you have options.
It means you can take your time, hold out for the right house, the right deal and the best price. Admittedly, you can’t do that in a hot market, but the housing market is languishing right now – meaning you’re on top.
Put In An Offer
Once you’ve found a home that you like, it’s time to put in an offer. Your Realtor will help you decide on a reasonable offer and file the necessary paperwork to make it official.
Inspecting and Closing
Most offers are contingent on an inspection – meaning the home is inspected for things like faulty construction, water damage, termites, poor foundation, etc and then you, the buyer has the option to refuse to buy.
Once the inspection has gone through and both you and your lender are satisfied, it’s time to close the deal. Your Realtor and bank mortgage officer will help walk you through this process and get you through your final steps in home buying.
See also:
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Home-Ownership-Preparation.com :: Steps in Home Buying