February 19th, 2018 3:20 PM by Janna Jarman Owner/Broker
Purchasing a home is a big milestone in a person’s life. A house is not only a great investment, but also a place that’s all your own. Although, the homebuying process can potentially seem frightening and complicated! Even second-time buyers can struggle with the process. However, buying a home should not be overwhelming. Just follow these steps and don't forget, I'm always ready to help you!
Get Your Down Payment Together
The first step is saving your money for a down payment. There are quite a few different financing options when purchasing a home, and different loan programs available for different situations. Ideally, you'd like to have a good amount to put towards a downpayment if possible. Of course, the smartest thing to do is discuss your options with a lender and ask any questions you can think of.
Getting pre-qualified is the first step in the mortgage process. All you need to do is set up a meeting with a bank or lender to discuss your finances: debt, income, assets, and credit score. After a simple evaluation, which can be done over the phone or online, then the lender can give you an estimate of the mortgage amount you may receive.
This first step in the mortgage process is easy, and usually free, but is just an estimate of what you might expect to get. Getting pre-qualified is crucial because you can also talk with a lender about your goals, questions, and needs.
After a pre-qualification, the next step is getting pre-approved. You will have to go through an official mortgage application which will have an application fee. Then, your lender goes through an extensive financial background check. Once this process is complete, you will have a much better idea of the interest rate you will be charged.
Getting both pre-qualified and pre-approved is very important before you start looking for your home. You will save a lot of valuable time searching for a house in your known budget, rather than searching for houses you think you might be able to afford.
Decide on Location
When choosing a house, a lot goes into picking a location. What is it you're looking for? Closeness to your work? Do you want your kids to be in a certain school district? Maybe you want to be somewhere quieter as opposed to a big busy street. There are tons of things to think about, especially if you plan on being in this house for quite a while.
Pick a Type of Home
Depending on where you are exactly, there are many different types of homes out there: condo, town house, patio home, duplex, one story, two story, new construction, and much more. Deciding what you want before meeting with a real estate agent will speed up the process. Find out what exactly you need from your home. Are you raising a family? Just need a place to stay in-between travel? Then, learn about the various types of homes to find one that fits your needs.
Find a Real Estate Agent
A good real estate agent will be an expert in the area and know the Pauls Valley market. Once you explain what you're looking for and your budget, an agent will take you to the houses that fit your criteria. The right real estate agent will also be able to answer any questions and make the homebuying process less stressful. I'd love to be the agent you choose!
Find "The One"
The house hunt can sometimes be difficult, even with a great agent by your side. Most likely, the first house you see will not be your perfect dreamhouse with every feature you want, for a price lower than you expected. I'm not saying it never happens, it's just uncommon. Sometimes you'll have to make sacrifices (hopefully on small things) and remember that there's a lot you can do to really make a home your own.
Make an Offer
Once you find the home you've been looking for, we'll base your offer off what homes are selling for in that area. We'll then draft a contract, and the terms the buyer will need to meet to complete the transaction. We'll ensure all the contracts and legal matters are taken care of.
Secure a Mortgage
When your offer is approved you will need to secure your mortgage. If you have been pre-approved and pre-qualified then your mortgage application process should be pretty fast.
Get an Inspection
Now, you need to have the property inspected by a profession home inspector. Your real estate agent will be able to direct you to a qualified inspector to check over the property. An inspector will check for problems within the home including: foundation, plumbing, roof, and much more. Hiring an inspector is very important.
Homeowners insurance will protect your property in the event of fire, thefts, and all sorts of liabilities.
I would also suggest looking into title insurance. This insurance will protect you from financial losses from defects in the property. Of course, this is something you'll want to discuss with an insurance professional.
Close the Deal
Your real estate agent will work with you to make sure all necessary documents have been signed. Mostly, the closing consists of closing costs and fees, but once you have paid the fees you are officially a homeowner!
I have experience as a Pauls Valley area real estate agent and I'd love to help you buy a home. I know my experience, knowledge, and expertise will be a huge benefit to you throughout the entire process.
Please feel free to call me at 405-238-4540 or e-mail me at email@example.com.