| You're
Only 10 Steps Away From Buying a Home |
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| Step 1, Get Your
Finances in Order: Your credit reports are an
ongoing look at how you manage your finances. You must
know exactly what your credit reports say about your
financial history before you apply for a
mortgage, because the reports play an important role in
the mortgage approval process and in determining the
interest rate and other loan terms that a lender offers
you. |
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| Step 2, Get Familiar
with the Mortgage Industry: Finding the right loan
and lender is crucial to your home buying success. It's
up to you to determine which lender is best for your
needs, and it's always a good idea to have at least a
bit of background about the loan process before you talk
to a lender. |
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Step 3, Get Pre-Approved for
a Mortgage:
Do you know how much house you
can afford? Probably not, unless
you've talked with a lender.
Pre-approval helps you in other
ways. Consider this scenario. A
home seller gets two similar
offers. One is accompanied by a
letter from the buyer's bank
that states she is pre-approved
for a mortgage in the amount of
the offer. The other has no
supporting documents. Which
offer do you think the seller
will consider first? |
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| Step 4,
Perform a Comparative Market Analysis (CMA): A real
estate agent can perform a CMA for you. A CMA highlights
housing specific of a given location: what's currently
on the market, pending sales, and recently sold
properties. The CMA helps you determine the homes value
for a given local. |
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| Step 6, Start Searching
for a Home: The right agent will work with you to
find your dream home, by helping you narrow your search.
He/She can develop a list of properties based on your
preferences and needs. You'll probably spend time
surfing the Internet for homes. You might even plan
afternoon drives to preview neighborhoods. Those are all
excellent ways to see what's available. |
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| Step 7, Make an Offer:
The old adage 'every thing is real estate is negotiable
may not always work in the buyers favor. A Skilled agent
can be essential here. While emotions might cloud your
judgment you can depend on your agent to provide an
objective advise. |
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Step 9, Home Inspections:
A home inspection can help you
protect you interest. The walk
through is done usually just
prior to closing to helps you
determine if any problems or
repairs need to be completed
before the purchase is complete. |
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| Step 9,
Prepare for
contingencies:
Contingencies are terms that must be met before an
agreement is binding. Contingencies must be removed from
the contract before it can be executed. |
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| Step 10, You're on the
Way to Closing: Most of your home buying problems
are behind you now and you're on your way to closing,
also called settlement, the event that transfers
ownership of the property to you. |
