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BUYING A
HOME This may seem easy but it isn't always. Figuring out how to buy a home can be complicated, frustrating, and time consuming. Working with a
responsible and professional real estate agent who can walk you through the
basic steps of the home buying process and take care of the more complicated
steps for you can help make the home buying process a breeze.
Here are some of the basic steps that you should expect to go through when
buying a home...
1. Find a professional lender or mortgage broker - Ask friends and coworkers or
check online to find mortgage brokers in your area. It is important to trust
your mortgage broker to find you the best deal possible; make sure that you look
for a mortgage broker who will take the time to explain the financing process
thoroughly and really work for your best interests.
2. Decide what you can afford - This is when you figure out the size and type of
mortgage you can afford. Your mortgage broker will help you determine the
interest rate and the loan amount you can be funded based on your credit score,
credit history, and debt to income ratio. Keep in mind, that just because a
lending institution says that they will loan you "x" amount of money, does not
mean that you HAVE to buy a home for that much. Make sure that your budget
allows for savings and emergency funds - you never know what could happen and
you don't want to have every penny you earn going into your mortgage.
3. Select a Real Estate Professional - The wisdom and connections of a
responsible real estate agent can save you thousands of dollars as you buy a
home and save you a tremendous amount of headache; so, make sure to find one
that you can work well with and who will keep your best interests at heart.
4. Start shopping - Before you visit a single home, you should have a very clear
idea of what you are looking for. Make a list of and prioritize the elements
you are looking for - high ceilings, number of bedrooms and baths, proximity to
your work or public transportation, specific school districts, and so forth.
5. Make a bid - Finally, you have found the right home - now it's time to make
an offer. Bidding on a home is the trickiest part of the buying process. Bid
too low and you may lose your chance. Bid too high and you could be paying for
your mistake for the next 30 years. During the bidding process, you'll really
test the mettle of your real estate professional.
6. Settle on a price - Some people hate to haggle. If that's you, then you are
going to have to get over it. Sellers rarely accept your first bid.
7. Close the deal - Agreeing on a price is close but not quite the end of the
process. Your real estate professional will help you complete all of the
details.
Remember that your real estate professional and your lending institution should
take care of most of the work but there are still plenty of decisions that you
will have to make, tons of documents you will have to sign as you finalize your
mortgage, transfer the funds to the seller, receive the deed, and so on. Make
sure that you are a pro-active participant in the home buying process.
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