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Looking for a Home Have Your Credit Pre-Approved: The first step in buying a home is getting a pre-approval letter. Getting a credit pre-approval means you receive a loan commitment from us before you have found a home, based on a review of your credit and finances. This important step shows sellers you’re a qualified buyer and it helps you to establish a viable price range. Go House Hunting: In finding the right home you must consider the neighborhood first. You’ll notice that a home in one area costs much more than a similar home in another. School quality, crime rates, median income of residents and proximity to retail locations all contribute to demand for homes in any given area. Personal considerations are your commute to work, how close you are to family and friends, etc. Trying to imagine your day-to-day life in a particular neighborhood may help with your decision. If you've found a great neighborhood, but can't afford a single-family home, consider other options. Condominiums, town houses, and duplexes can be more affordable. You may not have as much sqare footage or yard space as in a single-family home, but you will have the chance to own a home in the neighborhood you've chosen. There is no right or wrong way to approach house hunting—it’s all about finding a place where you’ll feel at home. You'll never find a home that has exactly what you want, unless you build to suit. Make a list of the things you would like to have in your home.
Make an Offer: Once you’ve found a house you want to buy, you need to decide how much you’re willing to pay to make it your home. It is common for a seller to receive multiple offers, so you may only get one chance to make an offer that the seller will consider. Your real estate agent should be able to give you the prices of similar homes in the neighborhod that have sold recently. This will give you a general idea of the neighborhood’s price range. You do not want to have the most expensive home in the area. When you decide to sell later on, you will not get your money back. Also consider the condition of the home. Does it need a lot of repaiars? If so, how much money are you comfortable spending? Get a Home Inspection: An inspection by a qualified professional makes you a more informed buyer, which is essential when you’re making such a large investment. Most purchase contracts contain provisions for a home inspection to be performed within a certain timeframe, and sometimes they specify what action the buyer and seller may take if problems are uncovered. Choose a qualified inspector who has plenty of experience with residential homes. If the home is very old, find someone who specializes in historic homes. Contact a national or state association of home inspectors to find out what certifications it requires for membership and if there are any members in your area. Your realtor may also have a list of reputable companies. At a minimum, the inspector should examine the following:
It is important to be at the home during the inspection. This will give you the opportunity to ask questions and discuss possible problems with the inspector. Within a few days you will receive an inspection report with descriptions, of any problems with the home. If there are many problems with the home, you can use the report to negotiate with the seller. The Closing: The closing date will depend on when the seller is ready to move out, when you are ready to move in, and when all of the mortgage details have been finalized. You may want to request a closing date near the end of the month in order to minimize the amount of interest you have to prepay on your mortgage. Closing practices vary based on location, but attendees may include the following:
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