Home Buying

THE HOME BUYING PROCESS

IT’S NOT AS DAUNTING AS YOU THINK

The home buying process can sometimes be a confusing one–especially for first-time home buyers. But, knowing what to expect and what to do when, will help your transaction go more smoothly. Knowing the basic steps to home ownership, and what each step entails, will help you be prepared for what is ahead.

Know the Steps

HOME LOANS 101

KNOW THE PROCESS TO SAVE YOURSELF MONEY

For many people, one of the most integral parts of the home buying process is securing a loan. First-time homebuyers, especially, have questions when it comes to the process of applying for a home loan, how their credit report and score factors in, and what kind of charges will be included in their monthly mortgage payment. That’s why this section is dedicated to the ins-and-outs of home loans!

How much can I afford?

Applying for a home loan can be both exciting and daunting. Many people go to a lender and are shocked at the amount of money that they are allowed to borrow. For some, it is much less than they had anticipated and for others, they can borrow more than they initially thought. Avoid being shocked and feeling pressured before you step into the bank to apply for a home loan by getting prepared ahead of time. Ask yourself a few questions, for example, how much do you make annually versus how much do you owe? How much do you think you will be approved to borrow based on this information? After answering these questions, there are steps you can take to help you be as prepared as possible before applying for your home loan.

See the Steps

Be prepared before applying for financing.

It can be exciting getting ready to buy your first home! But before you can start moving in your furniture and picking out wall color, it’s important to find out what is on your credit report. Knowing what is on your report ahead of time will help you determine whether or not you qualify for a mortgage, and if you do, how much you can expect. If there are bumps and bruises on your report, you will have time to take the necessary steps to improve your credit before your home buying dreams get derailed. Be informed and learn about your credit so you can purchase your dream house!

What are the different type of home loans?

Pre-Qualified vs. Pre-Approved

Lingo can be confusing, can’t it? Everything from sports to work processes have abbreviations and words that have definitions that are hard to nail down. The same goes for the home buying process, especially when it comes to applying for a home loan. Often, buyers get confused when they are told that they are pre-qualified for a mortgage and interpret being pre-qualified as the same as being pre-approved for their home loan. Knowing that these two terms are not interchangeable and learning the lingo before applying, will help your home buying process have a smooth start.

What is my monthly mortgage payment?

When buying a new house, it can be confusing knowing what your monthly expenses will be. Stay ahead of the curve, and know that your monthly payment will include more than the mortgage. An important acronym to remember when it comes to your monthly expenses is “PITI,” Principal, Interest, Taxes, Insurance. Learn more about what will be included in your monthly expenses once you purchase a home.

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PURCHASE WITH A REALTOR®

HAVE CONFIDENCE IN THEIR EXPERTISE

Searching for your dream home can be exciting, but it can also be intimidating due to things like pricing, marketing, and housing laws. A lot of people think that going it alone is a great way to save money, but it can cost you in the long run. Having a professional REALTOR® by your side will help you navigate the buying process with confidence!

What to Know

HOME INSPECTION

DON’T LET LITTLE ISSUES COST YOU

Purchasing a home is one of the most exciting and largest investments that you’ll ever make. Before signing on the dotted line, make sure you learn as much about your dream home as possible, so it doesn’t later become a nightmare. It’s very important to have a licensed home inspector examine the property to determine if it’s the house that will best fit your needs.

Find Out Why