|
Your Perfect Home: Getting It In 10 Easy Steps
Finding your perfect home has never been easier thanks to the plethora of houses flooding the market. Although the way you progress through the actual homebuying transaction can vary depending on the real estate laws and customs of your area, there are many homebuying steps that are standard. Knowing what they are and what to expect will give you confidence and understanding--which is why Lender411 has compiled this helpful guide, listing the exact steps in in the process to get you into your perfect home now! 1. Put your finances in order Credit reports are a historical track of how you manage your finances. Be sure to know exactly what your credit reports say about your financial background before you apply for a mortgage, since they play a significant role in the mortgage approval process as well as determining the interest rate and other loan terms that a lender offers you. 2. Get to know the industry Finding the right loan type and lender is crucial to your home buying success. Only you can determine which lender is best for your needs, so be sure to have a clear understanding of what types of mortgage loans you're interested in before you start comparing lenders. 3. Get pre-approved for a mortgage Do you know how much house you can really afford? Unless you've talked with a lender, you may have an idea, but not the exact amount. Pre-approval can also give you the leading edge in a bidding war over a house you really want. Sellers are always more inclined to go with a sure bet rather than gamble on someone who doesn't have financial backing. 4. Decide on wants vs. needs Sit down and make a list of things you absolutely must have in your home, such as square footage, number of bedrooms, a garage, etc., and things that you would simply like to have, such as a pool or game room. 5. Find an agent Real estate agents represent buyers, sellers, or both--and in some states they can work as neutral facilitators for either party. Be sure to interview several agents before deciding on who you want to work with. 6. Begin house hunting Your agent will give you multiple listing sheets to browse, in addition to your own searches through the classified ads, the internet, and local magazines. Line up a list of several homes to look at, preferably nearby each other so you won't have to waste too much time traveling. 7. Make an offer The mechanics of making an offer and its specific contingencies depend greatly on your location, but before you do, make sure to research recent home selling activity in the area. Knowing whether homes are selling for above or below the listing price can be invaluable when making the inital offer on a home. 8. Get an inspection In some states, home inspections are accomplished before the final purchase contract is signed. In others, inspections take place after an offer is finalized. However, no matter when you do them, it's critical to decide which inspections and tests you want to perform. Talk with your real estate agent or other advisor to find out when inspections should be handled and if additional types of testing are important for your specific area. 9. Last minute preparations Everyone involved in your homebuying transaction should be checking in on progress daily as the closing date nears. Being on top on things means you'll be able to know instantly if any snags occur, and be able to straighten them out before any delays happen. 10. Closing the deal During settlement, you'll want to have all your agents with you when contracts are signed, including your realtor, your lender, an attorney if you have one, and a notary public. There may be a pile of paperwork to navigate, but one you do, your perfect home will be yours! |
|
