Home Buying Process A to Z
Getting Started
Before you begin the process of buying a home you need to consider the following:
The Keys to Homeownership
1. What are Your Buying Objectives?
2. What Kind of Home Do You Need?
3. Become an Informed Buyer
4. Set Goals and Establish a Financial Plan
5. Strengthen Your Credit
Determine Your Purchasing Power
1. Obtain A Credit Report – Find out your credit rating early on to assess how strong your mortgage application is.
2. Save money – Save money for down payment and closing costs. Pay yourself first. Make sacrifices.
3. Calculate your housing expense ratio to estimate how much mortgage you will be able to afford
4. Estimate the costs of buying a home – Down payments, closing costs, home inspections, attorney fees could all be expenses you might incur with a home purchase.
5. Get Pre-Approved for a Mortgage – The pre-approval lets you know in advance how much you can afford to spend. It gives you more negotiating power because you have financing in place and can save you money by locking in an interest rate.
Establish Your Team
Establish a Team of Advisors
A smooth and successful real estate transaction is more likely when you have an assembled team of advisors to guide you through the process. Get your all-star lineup ready.
- Realtor
- Lender
- Attorney
- Home Inspector
- Home Insurance Agent
Search for Your New Home
Consider the following points for each home:
Features
General Condition
Location
Neighbors
Style
Taxes
Make an Offer
Once you’ve found the home of your dreams you are ready to make an offer! Work with your agent to present the offer. He or she should help you come up with a competitive bid and, if you offer is turned down, can help you counteroffer
The Advantages of Homeownership
Home ownership is the cornerstone of the American Dream. Low interest rates, a surplus of available housing and falling prices make the present a perfect time to transition from renter to homeowner.
Freedom
Enjoy the freedom to make choices about how you live. Decorate or expand your home in your own style. Enjoy the silence not sharing walls, floors or ceilings with other neighbors.
Investment
Home values appreciate over time which helps you build equity and create wealth.
Tax Advantages
Interest on your home is tax deductible.
Credit
Having a mortgage that you pay on time every month improves your credit.
Pride
There’s nothing like the feeling of buying and owning your own home.
Click here to See Essential Buying Tips
