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11 Steps Away From Buying a Home
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the market, it is inevitable that questions will arise. There are many things to consider when buying your first home. Some of the most important steps to buy a house are: Step 1: Learning the home buying process Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. Check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Many towns and cities offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home. Step 2: Find out the pre-qualified price range It is important to find out how much you can borrow before you start looking for a home. Talk with several mortgage lenders in your area and get pre-qualified for a particular price range. The mortgage lender will be able to help you determine how much you can borrow based on your annual income. In general, mortgage lenders recommend that all home related expenses, including the mortgage payment, insurance premiums and real estate taxes, do not exceed 28% of your monthly income. Step 3: Get Pre-approved for mortgage loan The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. You will need to supply proof of your income for the pre-approval process to move forward. Most lenders will want to see income tax returns from the past two years as proof of the income you are claiming. Step 4: House hunting After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor (find out why you need to find a realtor before buying a house?). Your mortgage lender will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The real estate agent and real estate company will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender. Step 5: Make an offer Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, your real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate. Step 6: Negotiation process If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the local real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before. Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home. Step 8: Work to close the mortgage loan After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan. Step 9: ome inspection prior closing Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues. Step 10: Hand over down payment After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents. Step 11: Collect the house key After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day! Andrew is the web owner of Home Buying Tips: How to buy a house, a website that provides complete guide on home buying, selling house, home mortgage, foreclosure, real estate investment and more. You can visit his website at:http://www.buy-and-sell-house-fast.com/
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Five Ways Buying and Selling a House Could Change The New York Times Real estate commission change shakes industry's foundation University of Miami: News@theU Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 The Realtors' Big Defeat The New York Times Central Texas housing experts talk impacts from $418M real estate settlement - 25 News KXXV and KRHD Central Texas housing experts talk impacts from $418M real estate settlement 25 News KXXV and KRHD What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale A luxury agent on how the NAR settlement will change his business The Washington Post National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA What Seattle-area homebuyers should expect after national settlement The Seattle Times Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider Settlement will affect Iowa homebuyers KCCI Des Moines Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times New rules on real estate commissions could change the housing market game LehighValleyNews.com Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Realtor group will pay $418M to settle commission lawsuits The Associated Press Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think - SFGATE Israeli real estate event: Legal complaints escalate NorthJersey.com Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is real estate the best investment in 2024? Racine County Eye How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Changes could be coming to fees related to home buying process Fox 46 Charlotte Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Manhattan Real Estate Update westsiderag.com Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Antigo Daily Journal A commission settlement may affect housing market 9News.com KUSA Agent Migration and the Power of New Mike DelPrete End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News 4 ways buying a home in D-FW may change after landmark Realtors settlement - The Dallas Morning News 4 ways buying a home in D-FW may change after landmark Realtors settlement The Dallas Morning News National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Jill Schlesinger: Real Estate Settlement - My Bellingham Now My Bellingham Now - 4 Ways a Settlement Could Change the Housing Industry The New York Times |
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