The American Dream of owning a house is a common one, but the reality doesn’t stray too far from the ideal. When a home has been chosen carefully, buying a house is an easy way for a family of any size to achieve wealth. Understanding the buying process is key to maximizing your returns. A prepared buyer is an informed one.
How do you buy a house? It’s more than just scrolling through websites and imagining homes. This includes researching, talking to lenders, agents and title agencies, as well as conducting interviews. Understanding the market is important, as well as finding the right neighborhoods to live in and gauging the demand.
Are you thinking about buying your first house? The 10-part series of blog posts will offer tips and guidance. We want to help you enjoy and profit from this purchase, while also understanding the process of buying. Our goal is to prepare you for the journey of buying your first house.
Determine Your goals. Understanding your long-term goals for yourself and your family is important.
- What is your goal?
- What can you spend?
- How do I find the perfect home within my budget?
Pre-qualification takes less than 15 seconds. You can do it in person, via video or email. If you are unsure if home ownership is for you, it’s a good idea to meet with a lender and explore your options. Many people have a problem with their credit. If you have been employed for two years, and you have good credit, it is possible to buy a house.
- Choose a lending institution that you can trust and provides excellent service.
- Pre-qualify in just a few minutes.
- Get a loan estimate that outlines the cost of your purchase.
Home Choice & Offers
- You can get recommendations for an agent from your friends, relatives and lender.
- Consider your budget, neighborhood, and amenities when shopping for a home.
- Consider all details of the offer when you discuss it with your agent. Consider all offer details. Prepare a counter-offer.
Home inspections and appraisals
- Perform a thorough home inspection before purchasing. Prepare to spend at least $500.
- Get the appraisal. All lenders require this appraisal to determine the value of your home.
Find Home Insurance
- Get recommendations for an agent from your friends and family.
- Ask questions and research policies. Work with your lender or agent to determine if you need additional coverage (such as flood insurance, personal property coverage, and jewelry coverage).
Close
- Closing is the transfer of ownership from the seller to the buyer. A few days before closing, you’ll get a Closing Disclosure. It’s important to read it carefully.
- You’ll receive the keys and sign all documents at closing. CONGRATS!
