Purchasing a home can be an exciting process, but there are several steps that are involved for a successful transaction. Below is a list for you to follow so that you can be best prepared. Consider these steps to help make the process go smoothly.
Consult a Mortgage Agent:
Hiring a reputable mortgage agent is the first step to take. A mortgage agent can help you with checking your credit score as well as pre-approve you for an amount for a loan. This information will inform you of the price range of homes that will be in your search. Your agent will also provide you with a pre-approval letter that you will need to accompany your offer.
Control Your Spending:
As part of planning to purchase real estate you will want to save your money. You will need to have money for a down payment, closing costs and other expenditures during the process. A mortgage agent can provide you with an estimate of what costs to expect depending on your situation. It is a wise idea to refrain from any large purchases during this time as that can affect your qualification for a mortgage.
Each town offers different amenities, culture and services so make sure to do your research and investigate which areas are right for you. Consider things like public transportation and your work commute as well as the price of the homes that are suitable for your needs. We can also help guide you and find the right areas to focus on based on years of experience and area knowledge.
Ordering a home inspection is important for having a better understanding of what the home may need for repairs. Not only does an expert know exactly what to look for with regard to current conditions, but this information can help you with budgeting for future expenses. Should any significant repairs be needed, this can sometimes call for further negotiation with the seller.
After your home inspection has been completed, the next step is to complete Purchase and Sale Agreement, commonly called “P & S.” This document identifies all terms of your offer including important dates and will be accompanied with your down payment funds. You may have further steps for financial approval, but this will be the next major step until your walk through which is followed by your closing.