Buying a home can seem like an impossible task, especially if it’s your first time!
This process can be a very long and tedious one. Luckily, it doesn’t always have to be that way.
There are many different steps in order to successfuly achieve buying your first home with as little stress as possible. It is important to note that many times no two home buying processes will be the same. There will always be different factors being taken into consideration. For example, you may be taking out a mortgage with a different bank, a different company will be doing the home inspection or you may even be using a different real estate agent. Buying a home is not as stressful as you think as long as you are aware of the correct steps to take.
1. Credit Is King
Before you begin looking at homes or even think about getting a new place make sure your credit is in the right place. Credit scores range from around 300 to 850. Don’t worry if your credit isn’t there yet check out our “Improve Your Credit Score In 3 Simple Ways” article. Generally, the higher your score, the better loan you’ll qualify for. Don’t forget to check your report for errors. If there are any, dispute them. It may help you gain some points on your credit score.
2. Is It Right For You?
Following the credit check, make sure that you also figure out how much you can afford. Monthly payments are just one of the things you must take into consideration when planning a budget. There are mortgage calculators online that can tell you an exact price point that will be comfortable for you. Don’t forget to factor in money you’ll need for a down payment, closing costs, fees (such as fees for an attorney, appraisal, inspection, etc.) and the costs of remodeling or furniture. Remember, not all loans are the same. Depending on the loan, you can sometimes put little to no money down. A home loan expert will be able to explain all of these options to you in great detail.
3. The Lender and The Agent
Now things get in interesting and decisions need to be made. Choosing a lender is like interviewing multiple bank organization to see which one is more favorable for you. Get recommendations from your friends and family and check with the Better Business Bureau. Talk to at least three or four mortgage lenders. Ask lots of questions and make sure they have answers that satisfy you. Make sure to find someone that you are comfortable with and who makes you feel at ease. Pre-qualifications are only a guess based on what you tell the lender and are no guarantee, whereas a pre-approval will give you a better idea of how big a loan you qualify for. The lender will actually pull your credit and get more information about you. Premium Properties has hundreds of experienced agents that are ready to help you find you a perfect home.
4. Looking For The Perfect Home
If you’ve made it this far I want to congratulate you because not many people do! Now, the fun starts. You’ll need to pull out some pen and paper for this step. Make a list of all the things you would like in your home. How many bedroom? How many bathroom? Pool? Single story or two stories? Once you’ve made a list of your must-have’s, don’t forget to think about the kind of neighborhood you want, types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Take into account your safety concerns as well as how good the rate of home appreciation is in the area.
5. Offer Up
Once you’ve chosen your home it’s time to make an offer on it. It’s good to know that most sellers price their home a bit high knowing that most buyers will offer a lower offer. A decent place to start is to offer about 5% below asking price. Ask your real estate agent for a list of comparables to see what similar homes have sold for in that area. The seller may make a counter-offer to which you can also counter-offer. But you don’t want to go back and forth too much. Somewhere, you have to meet in the middle. Once you’ve agreed on a price, you’ll make an earnest money deposit, which is money that goes into escrow to give the seller a sign of good faith. If you have any questions please make sure to communicate them with your real estate agent.
6. It’s Time
You’ve got your mortgage, closed the deal and now it’s time to move in! Whether you use a mover or not is up to you, depending on your financial situation and how much stuff you have to move; perhaps also, whether you have a lot of friends willing to help you move. Either way, you’re done with the home buying process!
Need some official home services? We encourage you to look at zurkel.com that offers local services rated the best in all of Florida!
Need some official home services? We encourage you to look at zurkel.com that offers local services rated the best in all of Florida!
Here at Premium Properties, we’re always looking for the best ways to help our clients. That’s why we are the best real estate company in Central Florida!
Any questions? Please feel free to reach out to us:
Premium Properties Real Estate Services
564 N Semoran Blvd Orlando, FL 32807
Call us (407) 380-2800 or visit www.premiumproperties.com
