Are You Buying a House for the First Time? Follow these Steps
Buying a home for the first time can be really confusing and overwhelming, but don’t worry, we got your back to make this process easy and guiding you every step along the way. Consider this article as your handy guide. Thank us later.
Prepare your finances
- Know your credit history
A mortgage lender will assist you in ascertaining how much you can afford when buying a home and necessary steps you can take on your finances before you invest in a house.
- Calculate the debt you owe
Calculate your debt very thoroughly to ascertain your desired monthly mortgage payment.
- Solicit all the necessary documents
Here you need to gather documents like tax returns, financial documents and other relevant documents to make this process easy.
- Seek a lender
Seek a reputable lender who can meet your demands. Know that a lender has the power to make or break your experience. Hence, be careful.
- Get pre-approved
Once your finances are ready and you have found a reputable lender, make sure to get a pre-approved letter to render your buying potential valid.
- Find a good real estate professional
Finding a good real estate professional is the most important step in house buying process. They will guide you along each step of the process.
- Do the due diligence on the areas
Do your due diligence on the areas you prefer to buy a house in. It saves time when you know where you want to live.
- Browse homes online
Once you have decided on the areas, hop online and browse the homes in your favorite areas on your favorite websites.
- View the homes in person
Once you have listed a few leads, meet up with your real estate agent and schedule a visit to the homes you want to see.
- Make an offer
Once you have found a house you love, your real estate agent will present you with options to proceed ahead.
Time to get the keys
- Negotiate the terms
Your real estate agent will also present you with the terms to proceed ahead in order to understand your options.
- Earnest money
This denotes good faith and assures the sellers that you are serious about buying the house.
- Inspections and appraisals
You also need to inspect the house before you buy one. Appraisal is also essential as it helps your lender you render the proper value of your home.
- Close the deal
Once you have followed all the steps above, come up with a convenient closing time and get the keys once the deal is closed.