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11 Steps Away From Buying Your Dream Home
here is no doubt that the You may even want to sign up for
market for houses has been a class aimed at first time
on fire recently. More and homeowners. Many towns and cities
more people are taking advantage offer these kinds of classes, and
of low interest rates and easy they can be a great source of
mortgage loan terms to go from information for the buyer looking
being renters to being home for his or her first home.
owners. With so many people
entering the market, it is Step 2: Find out the
inevitable that questions will pre-qualified price range
arise.
It is important to find out how
There are many things to consider much you can borrow before you
when buying your first home. Some start looking for a home. Talk
of the most important steps to with several mortgage lenders in
buy a house are: your area and get pre-qualified
for a particular price range. The
Step 1: Learning the home mortgage lender will be able to
buying process help you determine how much you
can borrow based on your annual
Start by learning as much as you income. In general, mortgage
can about how the home buying and lenders recommend that all home
mortgage application process related expenses, including the
works. Read as much as you can mortgage payment, insurance
about buying a home. Check out premiums and real estate taxes,
the many books in your local do not exceed 28% of your monthly
library that offer hints to first income.
time home buyers. Read financial
web sites on the internet for Step 3: Get Pre-approved for
tips for first time home buyers. mortgage loan
a mortgage loan before beginning
The next step is to get your home search. The real estate
pre-approved for mortgage agent and real estate company
financing. This is similar to will be much more willing to work
getting pre-qualified for a price with you if they know you can
range, but it is a more formal afford the home you are looking
process. You will need to supply at. In addition, sellers will
proof of your income for the take your offer much more
pre-approval process to move seriously if it is accompanied by
forward. Most lenders will want a pre-approval letter from your
to see income tax returns from mortgage lender.
the past two years as proof of
the income you are claiming. Step 5: Make an offer
Step 4: House hunting Once you have found a home that
meets your needs, it is time to
After you have been pre-approved make an offer on the property.
for your mortgage loan, it is You will already know the most
time to actually start house you can spend from the
hunting with a realtor (find out pre-approval process, and you
why you need to find a realtor probably will have your own ideas
before buying a house?). Your on what the property is actually
mortgage lender will give you a worth. In addition, your real
letter stating that you have been estate agent can guide you
pre-approved for a mortgage and through the negotiation process
the amount you are authorized to and offer procedures. A copy of
borrow. You will need to present your pre-approval letter will be
this letter to the real estate presented as part of the written
agent when you get started. It is offer. This will ensure the
important to get pre-approved for seller that your offer is
legitimate. present your mortgage broker with
a copy of the Purchase and Sale
Step 6: Negotiation Agreement for the home.
process
Step 8: Work to close the
If the seller accepts your first mortgage loan
offer, congratulations. Your
negotiations are over and you're After presenting the Purchase and
ready to start preparing for your Sales Agreement, you will need to
move. More likely, however, is work with the mortgage broker to
that the seller will come back ensure you meet all the
with a counter-offer. This conditions required for the
negotiation process can go on for closing of the mortgage loan.
a short or long amount of time,
depending on factors like the Step 9: Some inspection prior
motivation of the seller, the closing
local real estate market, and a
host of other factors. The real Prior to closing, you will want
estate agent will be a good guide to make sure to have a thorough
through the negotiation process. home inspection performed by a
After all, he or she will have qualified and certified home
been through this process many inspector. A home inspection will
times before. protect you from flaws in the
construction and condition of the
Step 7: Provide copy of home that are not obvious to the
Purchase and Sale Agreement to naked eye. Home inspections can
mortgage broker uncover things like foundation
cracks, termite infestation and
After the negotiation process has other home quality issues.
been completed, you will need to
Step 10: Hand over down Step 11: Collect the house
payment key
After the home inspection has After the closing of the loan,
been performed and the report has the fun part of home buying
come back clean (or all the items begins. Your real estate agent
uncovered have been repaired), it will hand over the keys to your
is time for the buyer to actually new home and you can actually
hand over the money for the down move in and enjoy your beautiful
payment and sign the loan new home. Welcome to moving day!
documents.
About the Author:
Andrew is the web owner of "Home Buying and Home Selling Tips: How to buy and sell house fast", a website that provides informational guide on home buying, selling house, home mortgage loan and more. You can visit his website at: http://www.buy-and-sell-house-fast.com/. This article may be freely distributed if this resource box stays attached.
Source: www.isnare.com
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