Is or will probably be the first question you have upon searching for your first home. Before getting into real estate, I was unaware of all the steps involved with purchasing a home. This is a very common question people ask.
Agents like myself, are here to guide you towards the first step of buying a home and being by your side throughout the entire process.
1. Credit Check:
The first step you'll want to take before actually searching for homes is to check your credit. What this does is ensures that there are no inaccuracies in your credit report. By the time you are ready to apply for your loan, this process will get you ready to secure a loan when buying your new home. Take care of any discrepancies before getting qualified. A mortgage lender will review your credit. Depending on the type of mortgage loan, they will require a minimum score of 620-640. Having a good credit score will affect your eligibility and your mortgage interest rate. The higher the better!
2. Get Pre-Approved:
Buyer's who are already pre-approved have a starting advantage when looking for a new home. Make sure to get your pre-approval soon! Contact a lender of your choice or you can visit www.cristalcellar.com and have them review your financial data to see how much you qualify for.
3. Pick your Agent:
Find the perfect agent that best fits you. Your trusted agent will help you through the home buying process from searching for your perfect home to negotiating the best terms and price, and everything else that occurs during escrow. Choosing the right agent will make or break you in the overall success of your home buying process. Pick one you trust and feel most at ease with.
4. Affordability - Real Estate Market:
There are online mortgage calculators that you can use to help you get a ballpark estimate for the amount of the mortgage payment you would be paying according to the purchase price of the home. Remember, this is an estimate not the actual mortgage payment.
Don't forget to do your research when looking for your new home. Including property taxes and the area of the neighborhood you're looking into. Some neighborhoods & new developments include HOA fee's & mello roos. Your real estate agent can provide you with this information as well.
5. House Hunting:
This is the time where you and your agent discuss just exactly what you and your family (or possibly just you) are looking for. Review over your needs and wants for your ideal home. This process will help your agent eliminate all the other homes that you would most likely not be interested in. Your agent will go over some properties with you, send them via email (etc.) and meet in person to discuss over these properties so you and your agent could tour these homes in person. This is where the adventure begins.
If you have anymore questions or would like to schedule an appointment to find out more, feel free to contact me.
I hope you enjoyed this read. Come back and visit the blog again soon!