| Your first step in the process of buying a home is to determine
how much you can afford to borrow. A basic rule of thumb is that
a lender will want your monthly mortgage payment to be no more than
29% of your monthly gross income.
Home buying programs are available from various organizations and
many local governments that offer special home buying programs to
help first-time home buyers and those in a lower income bracket.
Get it you may be surprised to discover what you are eligible for!
Begin your home search by focusing on the location where you want
to buy, and the amenities you want in a home. Determine how much
square footage you want, how many bedrooms, etc. Knowing what you're
looking for will not only help you focus your search but will also
help your real estate broker understand your needs so that
Mortgages and Home Buying Programs
There are many different kinds of mortgage programs
available. It is best to do some research about the pros and cons
of each program. A real estate broker can help you understand the
steps you will need to take, and can refer you to a reputable mortgage
broker or service. There are also special home buying programs available
from various organizations and many local governments that offer
special home buying programs to help first-time home buyers and
those in a lower income bracket. Get infori - you may be surprised
to discover what you are eligible for! Determine Your Search Criteria Begin your home search by focusing on the location
where you want to buy, and
the amenities you want in a home. Determine how much square footage
you want, how many bedrooms and bath you need, etc. Knowing what
you're looking for will not only help you focus your search but
will also help your real estate broker understand your needs so
that he/she can best assist you in the process. Shopping for a Home There are several avenues to take once you begin your
home search. Your real estate broker can supply you with listings,
based on your search criteria. You
may also look for property on the Internet, and then ask your broker
to set up an appointment to show you the hOL Reading the real estate
section of your local newspaper, or driving around neighborhoods
that interest you is also viable strategy. It is important to see
as many open houses as possible, so that you can develop an understanding
of the market, and get a solid idea of what is available in your
price range. The Home Inspection
Once you have made an offer on a home, you will need
to schedule a home inspection, conducted by an indepen( authorized
inspector. It is extremely import to hire a reputable inspector
so that you know exactly what you are buying. Do not hesitate to
ask friends, family, and co-workers for advice. If you are satisfied
with the results of the inspection, then you can proceed to the
Purchase and Sales agreement. If the inspector finds problems with
the property, you may want to negotiate with the seller to lower
the price, or to pay for certain repairs.
Appraisal Your lender will require you to get an appraisal of
the house you want to buy, to make sure it is worth the money t
you are borrowing. You may select your
own appraiser, or you may ask your real estate broker to help you
with this task.
Homeowner's Insurance
Lenders require that you have homeowners insurance, to protect both
your interests and theirs. Like everything else, be sure to shop
around for insurance that fits your needs. Settlement or Closing Finally, you are ready for the closing. Be sure to
read everything before you sign! You should have both your real
estate broker and an attorney present at the closing to ensure that
all is in order. |
