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6 Quick Steps For Buying A Home!
- andre72214
- Apr 12, 2022
- 3 min read
In May 2021 my wife and I bought our first home! We were able to buy a home that checked off all of our must haves. We now live in the area we desired with our kids schools within walking distance of our house. BONUS: We purchased for less than list and under appraised value, plus the house came with a pool!
I've been in your shoes. Rewind the 6 months prior, were tough. Week in and week out we were viewing 3 to 4 homes with our Realtor®, put in countless offers just to have our offer rejected by an some outrageous all cash offer that was $30k+ over list price (no exaggeration). To say the least we were feeling defeated and were close to giving up on our house hunt thinking we'd let the market cool off.
Instead we followed these steps, remained disciplined (and VERRRRRY patient) and achieved our dream!
Now almost a year later, I'm happy to be in a position where I help people achieve their real estate goals. Whether buying a first home, a forever home, investment property, or something in between, these 6 Quick Steps For Buying a Home remain the same regardless of where you are on your journey to home ownership.
Save money for a down payment.
Apply for a mortgage loan and SHOP for the best rates.
Choose a Realtor®
Schedule inspections and appraisal.
AVOID MAJOR PURCHASES AND CHANGES TO YOUR CREDIT
Close and get the keys to your new home!
Save money for a down payment: I'll be honest, just save money!
There are many loan programs that can help get you into your new home (more on that in a minute). However, you will want to save for your down payment, as this will not only improve your approval chances but also will strengthen your offer.
Apply for a mortgage loan and Shop for the best rates: As stated earlier, there are many loan packages available. It is important that you read the fine print, ask questions, and understand the loan package that you are being offered. It's key to shop for the best available interest rate, ask about closing costs and services. This little bit of extra reading can save you THOUSANDS over the life of your loan.
*One place to start is: https://thamortgage.com (I hear they're great!)
Choose a Reatlor®: The key here is to find a Realtor® that you can trust and relate to. Your agent will be your best friend for the next 3 to 6 months of house hunting. Get to know them and how they best serve your interests. My Realtor® is now a close friend of mine who also inspired me to become a Realtor®.
Once you have chosen an agent get out a started looking at homes together. This will help your agent learn more about you and what you like/don't like in a home. They will also help you with making an offer and negotiating with the sellers agent.
WARNING: DO NOT FALL IN LOVE WITH THE FIRST HOUSE YOU SEE. DO NOT FALL IN LOVE WITH A HOME UNTIL YOU HAVE CLOSED.
Escrow: Once your offer is accepted and you are in contract you will want to make sure that you submit all loan funding paperwork ASAP. The sooner you submit the paperwork the better. Be responsive and look for a lender that keeps you informed (mine sent weekly video updates).
Avoid making any large purchases or any changes to credit. Also, make sure that if any larger than normal deposits are being made into your bank account that you have a paper trail, it is best to avoid having unusually large deposits made during escrow.
Live a "boring" life while your lender is processing your application.
Close on your new home: Congratulations! You are now the proud owner of your beautiful new home, ENJOY!
Stay tuned, Friday I will be giving tips for getting your offer accepted in today's sellers market.
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