Information For First Time Home Buyers
Welcome to agentjanie.com and congratulations on getting a head start on your search for a home. Buying your first home can and should be a very exciting time in your life. There are many factors to consider and it can be intimidating. Searching the internet and my website is a great place to begin. Using a Realtor® to guide you through the many steps involved in the home buying process can ease some of the stress. While the decisions are yours to make, it is my job (and I love my job) to help you with any questions you might have about choosing the right home, making an offer, the loan process, home programs that are available and many other facets of purchasing a home. Below are a few basic steps that will help guide you.
1. Deciding what you can afford.
This is a decision only you can make. There are many factors involved with getting the best loan. Income, credit rating, monthly expenses, down payment, and interest rate? These are all a factors in deciding what you can afford and are included in deciding what the price of your new home should cost. Not only will you have to figure expenses you already have but you will also have homeowners insurance and property taxes to add. What is your monthly income? You should include everything that you receive and can be verified. What are your monthly expenses? Again include everything that you pay out monthly. Credit rating? A good credit score has always been important. More so now than in the past couple of years. The bank or mortgage company will base its decision whether or not to lend you money and what the interest rate will be for your loan on your credit rating. Decisions you have made and make now can affect future options. A down payment will also be necessary. The amount may vary depending on the type of loan you decide on. But it’s best to be prepared and have cash available if needed.
2. Your rights as a homebuyer.
Fair housing? There are federal laws that prohibit discrimination. These laws are enforced by Department of Housing and Urban Development (HUD). These laws cover nearly all housing transactions including the rental and sale of housing and the provision of mortgage loans. {RESPA}Real Estate Settlement Procedures Act.
3. Shopping for a loan.
Shop around for home mortgages, not just interest rates. Talk to lenders about what your needs are and what you can afford.
4. Available home buying programs.
At times there are many programs available through federal, state and local agencies. These programs can help with purchase of your home.
5. Choosing a REALTOR®.
I would be honored to be your REALTOR®. As your buyer agent there is no fee to you associated with my services.
6. Shopping for your new home.
The fun begins! Shop for your home. Make a wish list. Do you want a condo, or a house? Do you want to live in a city or in a rural area? Do you want acreage or a small lot? How many bedrooms? Bathrooms? Do want one or two story? Take notes and pictures to help you remember your likes and dislikes about a property.
7. Making the offer.
Deciding what your offer will be is something you and your agent will want to discuss. You should be prepared to negotiate terms.
8. Why do I need a home inspection?
Home inspections are for you the buyer. Choose a reputable home inspector. They will be able to inform and discuss with you any problems that may be associated with the home, major or minor.
9. Shopping for homeowners insurance.
Homeowners insurance is required by lenders. Shop around until you find one that fits your needs.
10. Closing Day.
Finalizing the sale and signing the papers. Time to “close”. Take your time and read and understand what you are signing. Ask any questions you have. Get the keys. Enjoy your new home!!
