Thinking about buying your first home?
What an exciting time it can be, buying your first home. This is so much more than looking for a place to live. You will be investing for your future, so this isn't a decision to be taken lightly. There are so many things to think about, such as size, style, number of rooms, price, and so much more. There are a couple of things you'll want to do before starting to look at homes. One of the most important steps is getting pre-approved by a local bank or mortgage company. If you don't know where to go, then the next step is to find a Realtor, they will help you find a reliable lender. Choosing a Realtor is also a very important decision. It is important to find a real estate agent that is going to work for you. You have certain needs, and your agent will understand those needs. If you find the person you are working with isn't meeting those needs, don't think twice about finding another agent who understands you. A good agent will keep you posted with new listings as they come up, and will be available to show you those homes at your convenience. Your Realtor will be someone you can ask all your questions to, and no question is silly!
Once you have found a house you can call home, then you'll write an offer to purchase. The sellers may take that offer, or they may counter it, changing some of your terms on the contract. Once you have agreed upon all the terms, your agent will submit your contract to purchase your home to your lender. The bank will immediately begin the processing of your loan. They will order an appraisal to insure the home is worth what you are paying for it. At this same time, your real estate agent will order any inspections you choose to have done on the property. "What inspections should I have?" you ask. Well, you can have a full home inspection where one person will inspect the whole home. If there is anything questionable, you may then need to hire a professional in a particular area to do a more thorough inspection of the item in question. You can also hire individual professionals to inspect the areas of their expertise. This can be more costly if no problems are found, but less expensive if you end up needing some estimates and/or repairs done. What ever you decide, you can rely on your Realtor to guide you through in the right direction.
This will be one of the most stressful events in your life, but yet so rewarding when it is all over! Once you've gotten through the inspection, the appraisal, and the final loan approval, you can rest easy until the closing. At the closing your real estate agent will accompany you to either your lender's office, or possibly to a title company's office. You will have a lot of papers to sign, so bring your writing hand! Once you have signed, and the sellers have signed, then you will have a chance to ask any questions of the seller about the home. You will be handed your keys, and sent on your way!
Congratulations! You've just purchase your first home. 