Understand your price range, evaluate financing options and get loan preapproval.
Household income, credit rating, current monthly expenses, down payment available and interest rate are all factors in determining your price range. Mortgage calculators are helpful, but they don’t factor in escrow payments and other variables. It’s best to shop around so you can find the best lender and financing options. Preapproval provides assurance to sellers that you will be able to honor your offer and can expedite the purchasing process.
- Explore area neighborhoods.
Each neighborhood has special characteristics that give it identity and value. While one neighborhood may be well known for historic homes, another might provide suburban living with easy access to downtown office areas. Spend time exploring various neighborhoods around town and decide which one fits your lifestyle best.
- Choose a house and make an offer.
Visit several homes in your price range and compare their locations and features – both aesthetic and functional. When you find a home that best suits your needs, we will work together to make an offer to the sellers. Once an offer is made, you often have 7-10 days to secure the loan. Once the price and terms are agreed upon and any contingencies are met, the closing process can begin.
- Schedule a home inspection.
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home and can help you avoid buying a home that needs major repairs. We will also examine the home right before closing to assure that its condition has not materially changed since the sale agreement was signed.
- Establish homeowners insurance.
There are various forms of insurance associated with home ownership, including title insurance, home owners’ insurance, flood insurance and home warrantees. I can help you determine which forms of insurance are needed. Proof of insurance is required for your loan.
- Finalize paperwork and closing.
At closing, the property is transferred from the seller to the buyer. The paper work will be prepared in advance by the closing agent, Title Company, lawyer, and lender. Once all papers are signed by the buyer and seller, the transaction is complete.
- Move in!