The American dream of home ownership is now in a better place. Mortgage companies have ease up on the requirements of borrowing money and interest rates are at 4%. What does this mean for you??
When a person is ready to make that dream a reality there
are certain steps to buying a home that must be followed. These steps ensure
that the person is prepared to actually own his or her own home, that the right
location and home are selected, and that the actual purchase of the house
proceeds with as few problems as possible. The process of buying a house can be
complicated, even for those who have previously owned a home. The following
guide will help navigate home buyers through the necessary steps.
Have A Down Payment Saved – it’s important to have money
saved up. (I’ll post another blog in full detail) a rule of thumb is 10% to 20% of the
home’s price. This would be for a down
payment, closing cost and inspections.
Get Pre-Approved Or Pre-Qualified - Before a person begins
the process of buying a house he or she will need to know what they can afford.
Most people are under the assumption
that these two options are the same, but they’re not! In fact, one gives you a
more accurate estimate of how much house you can afford. With
pre-approval letter, you will receive a conditional commitment from the lender in writing for
an exact loan amount, allowing you to look for a home at or below that price
level.
Decide On A Location - Location is key!! Do you want to live closer to family
or your job? Know the area you seriously
would love to live in.
Decide On A Type Of Home To Buy - The type of home that a
person prefers is another factor to take into consideration when determining
where to live. Things to consider include buying a new home versus a resale
home. Home types include single-family detached homes, semi-detached homes,
duplex homes, town houses, or even condos. When determining what type of home
is the best fit, a person should take into consideration the lifestyle that he
or she lives, current needs - such as rooms - and future needs of the family if
it should grow.
Choose A Real Estate Agent – suggestions would be to choose
a person that uses knowledge and experience to help you navigate local market
conditions. That is will to act as an advocate for the buyer during the entire home buying process.
Actively negotiate price and terms strictly on behalf of you. A person
that is competent to prepare necessary forms and written offers. Assist in
procuring property inspections, as well as provide advice regarding necessary
improvements and repairs. Be clear with your agent in
what you’re looking for in a home.
Visit Available Properties Once you select an agent the fun
begins. You need to make yourself
available to visit as many homes as possible. You also have to have a realistic
mind on what your money can buy. Be open
and flexible.
Lastly is making an offer the seller can't refuse.
The best part is Closing on your new home.
for more information please feel free to contact me at 678-587-7778 or carole.frazier@metrobrokers.com.
www.carolefrazier.com
