Home Buying Checklist For First-Time Home Buyers
Buying your first home can be a complicated process, but you can make it easier on yourself by following a checklist that breaks down the steps.
- Find A REALTOR
You’re not legally required to hire a REALTOR or real estate agent when you buy a home, but a real estate professional can make it much easier to find the home that’s perfect for you. Real estate professionals are trained in every aspect of the home sale process.
- Figure Out How Much House You Can Afford
A lender will only offer you the amount that you can afford to pay monthly toward your mortgage. You should know how much you can afford to spend on a home so you can narrow your personal home search. If you come prepared with this figure, you’ll also be helping your real estate agent to find you the properties that you can afford.
- Find A Mortgage Lender And Get A Preapproval
Next on the list, it’s time to get preapproved for a mortgage. A mortgage preapproval gives you a good idea of how much house you can afford, your interest rate and the type of loan programs you qualify for.
- Begin The House Hunt
With your preapproval in hand, you can start searching for homes within your budget.
You may have seen “for sale” signs around your neighborhood. Today, most properties will also be listed virtually. You can use online real estate databases to help you find properties within your budget that fit your needs. Your REALTOR or real estate agent will be a big help as you look for homes.
- Gather Your Documentation
It’s never a bad idea to be proactive. When preparing to buy a house, you’ll need to submit financial documentation to your mortgage lender, so you should have it on hand.
- Make An Offer On A Property
Once you’ve followed those first five steps, you can now put in an offer to buy a property that checks all your boxes. It can be difficult to decide how much you should offer, so it’s best to defer to your agent. They’ll compare sales data and other local property values to help you make a reasonable offer.
- Conduct A Home Appraisal And Inspection
An appraisal only gives you an estimate of how much your home is worth. An appraiser looks at factors like overall property values in the neighborhood and the general condition of the property. Mortgage lenders require appraisals because they need to know that they aren’t lending you more money than your home is worth.
A home inspection, on the other hand, gives you a more intimate look at the inner workings of your home. During this process, a home inspector will walk through your property and test things like the electrical system, plumbing and other amenities.
- Close On The House
After your home passes inspection and undergoes an appraisal, you’re ready to close. Closing involves signing all the necessary paperwork on your mortgage and taking control of the property.
If you are ready to take the next step in your Mortgage journey, Message me or Schedule your call today: https://calendly.com/beatawojtalik/30min
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