Buying your First Home

 

 Buying your First Home

Can be exciting, but there is much to learn. Buying a home depends on the laws and customs of real estate where you are, but there are basic steps that all new home buyers should do.

Step 1 : Your Finances

Establishing credit is very important, especially when you are looking to buy an investment as big as a house. Your credit reports reflects how you manage your finances. Study your credit and your financial history so you are familiar with it before applying for a mortgage. These reports are required for the approval process to meet the mortgage terms and loan interest rate.

Step 2  : Familiarize Yourself with the Mortgage Industry

Do your research. Finding the right loan and lender is very important for home buying success. Choose the lender that best suits your needs, but make sure you understand the loan process as much as possible before talking to a lender so do not feel completely lost.

Step 3 : Get Pre -Approved for a Mortgage 

When you talk to a lender, you should obtain an estimate of how much you can afford a house.

Being pre approved can help you in a variety of ways. So if a home seller gets two offers, one being yours with a pre-approval letter from your bank says you have been approved for the amount bid and then there are other people without one , your chances of getting the house is much better.

Step 4 : Determine what you Want and what you need 


Buying a house is not as difficult as most think. If you are familiar with the housing market and do what you want and need before buying the house will run much smoother process. Make sure you understand the rights of workers and devotion because some real estate agents represent buyers, sellers, or both, depending on the state where you can work as neutral facilitators for both parties.

Step 6 : Start Searching for your New Home 

Your agent will most likely give several pages to the review list. You may also have taken a real estate magazine in your area and found a home there, shop online, or find ads in newspapers. Other ideas can be carried out in the neighborhoods that have homes for sale. Either way you look, consider purchasing a home of these search tools in your search.

Home Buying Search Tools 

1: Consider houses that others may overlook
2 : Get out there to see what’s out there
3 : Look into public versions of multiple listing service web sites
4 :Search for real estate agent web sites
5 : Browse real estate search engines and networks
6 : Find for sale by owner properties
7: Look at magazine and newspapers in print
8.: Find foreclosed homes 


Step 7: Handle Pre-Offer Tasks

When you look can look at other houses on the structure and properties to determine if it is something you want or not.


Step 8 : Put in an Offer

There is no one specific set of instructions that cover all the different real estate laws and customs that exist in the U.S., so if you take the offer of the house, depending on location.

Step 9: House Inspections and Other Tests 

Some states allow home inspections before the final contract is signed, if it is in other checks were carried out after signing the contract. No matter if you do them, it is very important to decide on inspections and tests you want to do. Consult with a real estate agent or you do not have one, then an adviser to find out when inspections should happen and whether other types of tests required in a specific area.

Step 10 : Avoid having to Correct Last Minute Problems  

Since the closing date approaches, everyone involved in real estate transaction should check your progress on a daily basis. So, if the problem can be treated immediately.

Step 11: Closing 

The closing, also called settlement, is an event that transfers ownership of the last owner to you.

Happy House Hunting!------------------------------------