August 17th, 2018 2:45 PM by alan Martin
Buying a home is a big time in a person’s life. A home is not only a good investment, but also a place that is all your own. Although, the homebuying process can potentially seem intimidating and complex! Even second-time buyers can struggle with the process. However, buying a home should not be scary. Just follow these steps and don't forget, I'm always ready to help you!
Get Your Down Payment Together The first step is saving your money for a down payment. There are lots of different financing options when purchasing a home, and different loan programs available for different situations. Ideally, you'd like to have a good amount to put towards a downpayment if possible. Of course, the most logical thing to do is discuss your options with a lender and ask any questions you can think of.
Get Pre-Qualified Getting pre-qualified is the first step in the mortgage process. First you need to set up a meeting with a bank or lender to discuss your finances: debt, income, assets, and credit score. After a quick evaluation, which can be done over the phone or online, then the lender can give you an estimate of the mortgage amount you may receive. This first step in the mortgage process is easy, and usually free, but is just an estimate of what you might expect to get. Getting pre-qualified is important because you can also talk with a lender about your needs, questions, and goals.
Get Pre-Approved After a pre-qualification, the next step is getting pre-approved. You will have to go through an official mortgage application which will have an application fee. Then, your lender goes through a detailed financial background check. Once this step is complete, you will have a much better idea of the interest rate you will be charged. Getting both pre-qualified and pre-approved is very important before you start looking for your home. You will save a lot of valuable time searching for a home in your known budget, rather than searching for houses you think you might be able to afford.
Decide on Location When choosing a home, a lot goes into picking a location. What is it you're looking for? Closeness to your job? Do you want your kids to be in a certain school district? Maybe you want to be somewhere quieter as opposed to a big busy street. There are tons of things to think about, especially if you plan on being in this location for a good amount of time.
Pick a Type of Home Depending on where you are exactly, there are many different types of houses out there: condo, town house, patio home, duplex, one story, two story, new construction, and much more. Deciding what you want before meeting with a real estate agent will speed up the process. Find out what exactly you need from your home. Are you raising a family? Just need a place to stay in-between travel? Then, learn about the different types of homes to find one that best fits your needs.
Find a Real Estate Agent A good real estate agent will be an expert in the area and have experience in the Greater Orlando market. Once you explain what you're looking for and your budget, an agent will take you to the houses that fit your criteria. The right real estate agent will also be able to answer any questions and make the homebuying process more enjoyable. I'd love to be the agent you choose!
Find "The One" The house search can sometimes be difficult, even with a great agent by your side. Most likely, the first house you see won't be your perfect dreamhouse with every feature you want, for a price lower than you expected. I'm not saying it never happens, it's just not common. Sometimes you'll have to make sacrifices (hopefully on small things) and remember that there's a lot you can do to really make a house your own.
Make an Offer Once you find the home you've been looking for, we'll base your offer off what homes are selling for in that area. We'll then draft a contract, and the terms the buyer will need to meet to complete the transaction. We'll ensure all the contracts and legal matters are resolved.
Secure a Mortgage When your offer is approved you will need to secure your mortgage. If you have been pre-approved and pre-qualified then your mortgage application process should be pretty quick.
Get an Inspection Arrange for a home inspector to look over the property. Your real estate agent works with many inspectors and will direct you to one to check over the property. An inspector will check for problems within the home including: foundation, plumbing, roof, and much more. Hiring an inspector is very important.
Obtain Insurance Homeowners insurance will protect your property in the event of fire, thefts, and various liabilities. I would also suggest considering title insurance. This insurance will protect you from financial losses from defects in the property. Of course, this is something you'll want to discuss with an insurance professional.
Close the Deal Your real estate agent will work with you to make sure all necessary documents have been signed. Overall, the closing consists of closing costs and fees, but once you have paid the fees you are officially a homeowner!
I have experience as a Greater Orlando area real estate agent and I'd love to help you purchase a home. I know my experience, knowledge, and expertise will be a huge help to you throughout the entire process.
Please feel free to reach out to me at (407) 832-4888 or e-mail me at alan@frontlinefloridarealty.com.
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