If you are buying a new home for the first time, you may be wondering exactly what is involved in the process of closing on a home purchase.
You can start by asking these questions, which will help you feel confident when it comes time to finalize your new home purchase.
You always want to start off as a new homeowner with confidence that you can afford the payments. Start by determining how much of a mortgage you can fit into your budget.
As you do, be sure to also take into consideration other costs that come with owning a home. Are you planning to live in a community with an HOA? If so, then those fees need to be included in your budget.
You may also need to factor in the costs for remodeling if that is something that you plan to do after you move in. Repairs and home maintenance costs are an additional item to include in your financial plans.
You may have been saving for a down payment and working on your credit. However, this niggling question is often on people’s minds.
Before you start home shopping, you should seek pre-approval for a loan. This will give you the reassurance that you need before moving forward with the next step – searching for a home. Having a pre-approval in hand also shows realtors and sellers that you are serious about buying a new home today.
There are specialty loans available for veterans and ones designed for first-time home buyers. You can also choose from a 15-year mortgage loan or one that spans 30 years. There is also the question of whether or not you should get a fixed or variable rate loan.
Getting a loan requires multiple decisions to be made, and the best way to determine the right answer to each is to talk to one of our loan specialists. After taking a look at your financial standing and discussing your goals for the future, we can help you make the right choices.
As you walk through the house, get a good feel of the layout and make sure that it will fit your needs. You should also get information on the history of the house. For example, look into whether or not the house has sustained damage from events such as a fire or flood, so that you go into your purchase with a clearer picture of what you are buying.
Obviously, you want to make an offer on the house that you can afford and that will make sense to the seller. There are a few things that you can do to make yourself stand out.
Consider sending a personal note with your offer, noting a few things that you love about the house, along with your goals for the future. This simple gesture often tugs at the heartstrings of a seller and helps them picture you living in their former home.
As you go through the process of buying a new home, more questions are sure to arise. Be sure to write them down in your home buying journal, and remember to seek answers to each one before you close on your new house. We are here to answer those questions and guide you throught the home buying process.