How to Get the Home You Want
Where do you start first when looking to buy a home? Before scheduling appointments to go shopping for a home it’s important to get ready financially and create a plan.
Get Pre-Approved for a Mortgage
Talk to a mortgage professional about your financial situation, savings/investment statements and credit history to determine your loan eligibility. It’s important to know how much you can afford based on your debt to income ratio, credit score and down payment to find the right home. Finding a lender who can issue a pre-approval vs. pre-qualification letter will aid to the bargaining power while amidst in negotiations.
Other questions to consider:
What type of financing would work best for a mortgage?
What is the minimum down payment for the loan?
What are closing costs?
How does your credit score affect the mortgage interest rate?
What steps can be taken to boost your credit score?
Are you looking to start the mortgage application process? I’ll help connect you with a local, mortgage professional. Use the contact form below to send me a quick note!
Establish a Budget
Whether you choose to finance the home purchase or pay in cash establish a budget. This will help narrow your focus to look for homes within this price range.
Schedule a meeting with Jolene
Meeting with Jolene will help you create a plan – style, size, amenities and other preferences – to help determine what kind of home is best suited for you while keeping you in line with realistic spending limits as determined by the lender. Her knowledge of the local market based on your affordability and the qualities you desire in a home will help achieve home ownership quickly.
Time to shop
Make a list of your ideal home’s must haves and deal breakers that fits your current and future needs. This will help eliminate homes and narrow your search that doesn’t meet your established criteria. And, don’t forget to think about resale! For many, a home is one of the largest financial investments you’ll make in a lifetime. Keeping the thought you might need to sell it one day in mind, consider the location and resale value of the home when looking at properties.
Now is the time to act!
To ensure a smooth transaction and minimize the volleying back-n-forth during negotiations, Jolene will look at the prices for comparable sales within the area to determine if the home is in a high-demand area or if there is plenty of competition and give a recommendation. By looking at sales in the surrounding area while accommodating closing dates and other terms for the seller, you’ll write a winning offer without overpaying!
Do Your Due Diligence
After coming to terms with the seller, retain a real estate attorney and schedule a home inspection with a licensed inspector.
A home inspection will allow the seller to address issues related to any deferred maintenance, defects in the home, and remaining useful life of major appliances and system mechanicals such as the furnace or water heater. During the inspection period, make sure all of your questions are answered as they relate to the home’s condition.
A real estate attorney will protect your interests by: reviewing the contract terms ensuring all deadlines are met, negotiating home inspection issues, contingencies and extensions, provide legal advice and counsel and attend closing.