Tuesday, August 26, 2014

Buying a Home


Buying a home can be stressful if you're not prepared for what's ahead. My husband and I had never bought a house before and although we were blessed to have the help and support of our family, it is still a very big step and commitment that we felt we walked into blind. So what are the steps in buying a home?

Beginning the Process....
  1. Browse online for homes in your area.
  2. Research:
    • Safe areas in and around your town to live in by looking at crime reports, asking friends and family or coworkers. 
    • School systems - resale value relies prevalently on school systems and how good the education they provide is
    • Taxes and utility costs - depending on which side of town you live on, different utility companies may be used and different taxes may apply
    • Loan rates between different lenders
  3. Decide if you want to use a realtor or not (We used one because she helped us through this process)
  4. Decide what attributes are your "must haves" in your desired home (example: 3 bedrooms, fireplace, two car garage, etc.)
  5. Decide if you're willing to fix up a house, do minimal work or you want a move-in-ready home
  6. Get pre-approved buy a lender - the bank will most likely approve you for more than what you should really spend on a home. try using a home buying calculator to figure out how much house you can afford

Once you find a house....
  1. Make an offer
  2. Negotiate

Once the offer is accepted....
  1. Begin mortgage application
  2. Order an inspection on the house - NEVER skip this step!!!! 
  3. Bank runs credit report on you
  4. Order an appraisal on the house
  5. Title work gets started
  6. Obtain homeowners insurance
  7. Review home inspection
  8. Loan gets approved
  9. Closing is scheduled
  10. Settlement statement is reviewed
  11. Notify utilities of your upcoming move
  12. Closing occurs - Congratulations!!!
  13. You get yours keys!


Happy Living & God's Blessings!
J.M.

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