Purchasing a home is one of life's biggest decision with many factors to consider. That's why I composed this home buying guide to help you make the right move.
Preparation is crucial when it comes to picking the right home for your needs. It's important to start researching early. I strongly recommend visiting real estate websites, looking through the real estate section of newspapers, and reading any local real estate publications. One thing to keep your eye on is a shift in asking prices. It's a good indicator of the strength your local housing market.
Ideally, the cost of your home should not exceed your yearly household income multiplied by five. Also, it's best if you make a down payment of 20% or more. That being said, 0% down options are also available. This is especially true during a strong market. I've helped many buyers find great homes with little to no down payment.
Before you get serious about your home search, it's crucial to know how much you can afford. The easiest way to find out is by getting pre-qualified for your loan. Your lender of choice can do this for you. He or she will first need some financial information. This may include, but not be limited to, your current income, investments, expenses, and debt obligations.
After reviewing your information, they'll provide you with a specific amount you can borrow. Based on this amount, you can start searching homes within your price range with confidence. Are you unsure about how big a mortgage you qualify for? Please call me at (816) 589-4701 for a complimentary consultation.
There are many lenders out there who can help you secure a home mortgage, but few who are truly reliable. If you are looking a mortgage consultant who is honest, hard-working, and will always represent your best interests, I strongly recommend Pamela Zerger at First National Bank.
A good real estate agent will guide you diligently through every step of the home buying process, and provide you with vital information about homes and neighborhoods- information that is not easy to obtain with a simple online search. The type of information that only someone with a great deal of local knowledge can provide. Additionally, I recommend you pick someone with exceptional negotiation skills. These will come in handy when securing you a fair purchase price.
I hope you'll give me, Sheila Vardakis, a chance to prove that I can be your ideal agent. Please get in touch, and give me a chance to prove that I have the skills, knowledge, and experience to find you the home of your dreams!
Once you get pre-qualified and find an agent to work with, it's time to seriously start considering which home to buy. During this stage, you'll likely look at a good number of properties. It can be cery helpful to keep a record of things you like and dislike about each one. This way, it's easier to compare them and make the right decision. I recommend taking pictures and video to help with your assessment.
It's not enough to evaluate each home you visit, but also the neighborhoods they reside in. Are surrounding homes in good condition? Is the neighborhood safe? Are there lots of services near by? These are all important factors for you to consider.
Once you find a home you like, it's time for your agent to negotiate a fair market price on your behalf. Price is usually based on the sale of comparable homes nearby. I'll study this closely to make sure you don't overpay. After you and the seller agree on a purchase price, the home goes into escrow.
Purchase offers are typically contingent on a successful home inspection. The inspection ensures there is no major structural damage, and identifies any problems that might need fixing. Your agent will help arrange an inspection after your offer is accepted by the home seller. Based on the inspection results, you may be able to negotiate a better price. It all depends on needed repairs. Furthermore, the inspection allows you to request repairs before agreeing to finalize the sale. Before the sale closes, you should do one final walk-through to ensure all repairs are completed.
Based on our needs, your mortgage officer will help you select the right type of loan. It all depends on your priorities. If you plan to stay in the home for a long period of time, a fixed rate is likely your best choice. Once you decide on a specific loan, your loan representative will arrange for a home appraisal to ensure the home justifies the mortgage amount. Additionally, your lender will work with a title company to ensure the home seller is the rightful owner of the property. This part of the process will require a good deal of paperwork, but take heart, you are close to the finish line!
To close on the purchase of your new home, you'll need to sign all required paperwork including title and loan documents. After your loan application is submitted, it typically takes a few days for the funding to come through. Once that happens, a check is delivered to the seller, and you are ready to move in. Congratulations!