Buying A Home? Here Is The Basic Information You Will Need to Know
If you want to know to expect – and you have a knowledgeable team of real estate and mortgage-lending professionals to guide you – finding and financing your first home can be an exciting and rewarding experience. Here’s what you need to know:
1
Step
Obtain A Mortgage Preapproval Before You Begin House Hunting
Why?
-
Learn how much financing is available to you
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Strengthen your bargaining position with sellers
2
Step
Choose a Real Estate Agent You Can Trust
How?
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Ask mortgage lenders to recommend agents they work with
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Select a reputable professional who knows the market and will listen to your needs
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Ask agents for references from former clients
3
Step
Find The Right Home
How?
-
Determine the needs of you and your family
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Create a wish list of desirable features
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Take notes as you preview homes
4
Step
Make An Offer
How?
-
Your real estate agent presents your offer to the seller, who will accept, counter or reject it
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When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale
5
Step
Have The Home Inspected
Why?
-
Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider the deal
6
Step
The Home Will Be Appraised
Why?
-
An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value
7
Step
Title Insurance is ordered.
Why?
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This guarantees that the property you are purchasing is free of liens or confusion in rights of ownership
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The policy insures against any losses to the property that result from defects in the title or deed
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The Title Company is who prepares all the final documents and where you will meet with the seller's to sign everything and "close" the deal.
8
Step
Close on the Property
How?
-
Ownership of the property is transferred
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A closing agent coordinates and distributes all the paperwork and funds
Get In Touch
Do you have questions? Do you need help with purchasing a property or refinancing? Get in touch. Contact Therese today, and she'll be able to answer any of your questions.