What you need to make sure your home purchase goes as smoothly
as possible.
Look at Your Budget
Figure out your monthly income vs expenses.
A general rule to go by is that your total monthly home payments should not
exceed 36% of your gross monthly income.
Also your total monthly obligations (including your mortgage payment, taxes and
insurance) should not exceed 50% of your gross monthly income.
Apply for a Mortgage BEFORE you search for a home.
Before you begin shopping for your first home, apply for preapproval so
you have a good idea of what type of loan you qualify for and for how much. We would suggest a mortgage broker who works with many lenders and has a variety of products. Walking into the banking center where your checking account might may limit your choices, no matter how established the bank may be.
Apply for your first home mortgage loan, you may also qualify for a
special loan, such as a VA, FHA, or HUD home buying program.
Once Your Pre-Qualified for a mortgage
Find a List Realty agent who specializes in your home type and prospective new
neighborhood. You can find a List Realty Realtor above “Find a Realtor”
Search for the Ideal Home
Wish list should contain: Must-haves, Nice-to-haves, and Dream
features.
Look at neighborhoods and consider the distance to work and, if you have kids,
proximity to, and the quality of local schools. You can check school districts and crime rates above in the List Realty Menu under Buyers
Once you find the house you want, work with your agent to move quickly in
determining an initial offer, and make your bid.
List Realty agents will put pull comparable homes that have recently sold in the
neighborhood.
Once You Make a Deal
List Realty agents will work with you to schedule an appraisal, secure title insurance, schedule inspections and much more.
Its Time To Close
At minimum, 3 days before closing, you’ll receive the closing paperwork from your mortgage broker.
Including details of the transaction and the
terms of your mortgage.
Then, sign the final paperwork and…….. Congratulations, you are now a first-time homeowner!