Congratulations on making that decision to become a homeowner; the first step is considering what is most important to you in a home. The process in front of you may seem like a daunting task but once you narrow down exactly what you want in a home this process will be easier.
How Much Home Can I Buy?
Meet with a mortgage lender to find out how much you can afford to buy. By getting pre-qualified through a mortgage lender you will be able to search for homes you can afford. The lender will provide you with a checklist of items to bring for pre-qualification, but typically you have to gather information about your finances: W2 forms, tax forms, recent pay stubs and bank statements. The lender will also secure a copy of your credit report after you sign a standard permission form.
Where Do I Want to Live?
Finding the right neighborhood is just as important as finding the right style home for you. Your options will be vast but a realtor can help you preview different communities that best suit you.
What area do you want to live in?
What kinds of home interest you? A townhome, a single family, or perhaps a condo.
Do you desire a family oriented community or one with a more lively night life?
How Can I Find My Dream Home?
The wisest choice is to select a realtor to help you gain access to all the homes for sale that fits your needs and assist in negotiating a fair price. Additionally, a realtor is aware of incentives and programs that are offered, not to mention market activity and comparable area home values. Once you find your dream home your agent will work with you in putting together an offer to present to the seller.
Do I Qualify for any Home Buying Incentives?
You may be able to put more money toward your down payment or reduce your closing costs fees by getting money through a number of home buying incentive programs. Although some programs are only for first time home buyers there are others that have more flexible qualifications.
Closing the Deal
Once you have a signed sales contract it’s time to sit back and let the loan officer and underwriters take over. They will order an appraisal on the property, approve your loan and send you a commitment letter with terms and conditions of your loan. You should expect between 45 and 60 days between the time you sign your sales contract to the time you close on your home. After attending the closing/settlement meeting to sign all of the paperwork you'll get the keys to your dream home, Congratulations!
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