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....
- Browse online for homes in your area.
- 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
- Decide if you want to use a realtor or not (We used one because she helped us through this process)
- Decide what attributes are your "must haves" in your desired home (example: 3 bedrooms, fireplace, two car garage, etc.)
- Decide if you're willing to fix up a house, do minimal work or you want a move-in-ready home
- 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....
- Make an offer
- Negotiate
Once the offer is accepted....
- Begin mortgage application
- Order an inspection on the house - NEVER skip this step!!!!
- Bank runs credit report on you
- Order an appraisal on the house
- Title work gets started
- Obtain homeowners insurance
- Review home inspection
- Loan gets approved
- Closing is scheduled
- Settlement statement is reviewed
- Notify utilities of your upcoming move
- Closing occurs - Congratulations!!!
- You get yours keys!
Happy Living & God's Blessings!
J.M.
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