First Time Buyer Tips!

Looking to buy a house and don't know where to start?

 

Here is a quick guide to help you start the journey!

1:  Pre qualify

Before looking at homes on MLS or going to open houses, the most important step is to know what your affordability is.  You can easily find this out by going to a mortgage broker or your bank to see what you're pre-approved for.  Keep in mind that there are closing costs, which are one time costs to close the deal and obtain the key. You can add about 1.5% of the purchase price for closing costs, this goes on top of the money for downpayment.

 

2:  Determine your needs and wants

Sometimes you can't have everything you want on your list as a first time buyer.  Determine what is most important and what you can live without.  A good way to see a great market snapshot is to sit with a Realtor for little while and let them weed out all the options that just will not work for you in your budget.  This makes searching for homes a lot easier and you can be more specific when determining what area you can afford to purchase in and what you get for the amount your spending.

 

3:  Go out and look!

Once you have chosen the right Realtor who knows exactly what you want and knows what areas to look in, and you have been preapproved, designate a few days a week to look at some properties.  It doesn't always help to just scroll through MLS. Use the agent you hired to do the search for you.  His search parameters are a lot more specific than anyone elses.  He can find exactly what you are looking for within a few clicks.

4:  Put in an offer

Don't be scared to put a conditional offer on any home you like.  A conditional offer just means its sold pending you complete certain conditions such as obtaining a mortgage and doing a home inspection.  If you still have cold feet at this point you are more than welcome to back out of the deal no matter what anyone else tells you.  Putting a conditional offer is a great way to keep you favorite listing in your pocket so no one else can scoop it up!

 

5:  Once the offer is accepted whats next?

Well asides from obtaining the mortgage and doing a home inpection, you need a lawyer to complete any deal.  So once you have done your part just sit back and relax and a good lawyer will get you the key with little to no problems.  

 

Any home purchase is a BIG deal! Make sure you hire a team of mortgage specialists, a Realtor, a good home inspector and a lawyer you feel comfortable with.  They should make you feel confident in your purchase and assist you step by step until you have the keys! Hope this helps you and your family on your journey to buying the right home!


Steps to Owning a Home

Steps to Owning a Home

 

Step 1- Make the Decision to Buy

For most people, buying a home is the biggest decision they will ever make. Buying a home is certainly a very exciting time, but it is important that you know all the facts and making sure buying makes financial sense to fit into your lifestyle.

Step 2- Get Professional Guidance

Whether you are looking to buy or sell, it is important that you get help and advice from a trusted real estate professional. Your real estate agent should act as a consultant and guide you through the entire buying process. That includes answering questions about the neighborhood, market conditions, schools, and helping you get the finance you need. At the same time, your agent will assist you in acquiring a pre-qualified mortgage loan. This will show lenders you are committed to purchasing a home and make your financing arrangements a lot easier.

Step 3- Begin the Search

To begin the search, you should have a general idea about the type home you want. Your real estate professional will use all of their resources to find homes that fit your criteria. You agent will also be able to advise you on “hot” markets and any good deals that are available. After touring some homes, your search will be narrowed down, and you will be one step closer to finding your dream home!

Step 5- Finding your Dream Home

After you find your dream home, your agent will begin the process to get you moved in as quickly and easily as possible. The process usually begins with putting together an offer to the seller that is tailored to your needs. After the seller accepts the offer, closing is usually held within 30-60 days from the offer date. 

Step 6- Negotiate the Deal

It is very likely that the seller will submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Your agent will be well-prepared to make this step easy and stress-free. 

Step 7- Arrange Financing

During the closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires to help you get that much closer to the end.

Step 8- Close the Deal

At the time of submitting your loan application you will be presented with closing cost estimates and the expected down payment. Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is.

Step 9- MOVE IN!

The most exciting step in the home buying process- moving day! A little bit of planning here will help ease the pressure of moving. Your agent’s work doesn’t end here. You will be provided with a checklist of reminders to help make your moving experience a delight!