Ten Steps To Buying A Home-First Time Home Buyer Guide
If you have thought about buying a home, you will need to take some steps first. Here are some valuable steps to make your home buying jouney easy.
1. Check if you're financially ready: Determine your financial readiness by examining your current income, savings, expenses, and debts.
2. Get your finances in order: Pay off or pay down any outstanding debts, like credit cards, personal loans, collections, etc. to improve your credit score. Having a higher credit score will help you get better mortgage rates.
3. Get pre-approved for a mortgage: This is the first step in the home-buying process. Getting pre-approval will allow you to know what you can afford and what you are qualified to buy.
4. Find a real estate agent: A real estate agent can help you find the right home, negotiate with the seller, and facilitate closing.
5. Select a property: Figure out what you want in a home and have your agent show you properties that fit your preferences.
6. Make an offer: Offer a price and negotiate closing costs, necessary repairs, etc. based on your budget and the condition of the home.
7. Sign a purchase agreement: This contract will outline the details of the sale, negotiated repairs, fixtures sold with the house, and certain disclosures on the property.
8. Inspect the home: Have a professional inspect the home for any red flags, like damage or pests.
9. Close the transaction: This process involves working with your lender to secure your mortgage and purchasing homeowners and title insurance. Once everything is fulfilled, you'll do a final walk-through of the property and sign your mortgage documents.
10. Determine your budget: Your pre-approval letter will tell you how much the lender is willing to lend you, but you'll need to decide how much you're comfortable spending each month based on your fixed expenses.
If you’re confused or not sure where to start. We here at Mortgage One are here to guide you every step of the way until you have the keys to your new house. We are here to help and get you the best deal.
Tim Tomkowiak
“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
