Steps to Buying a Home
Get Qualified
It’s necessary to get qualified before starting the home-buying process. The process of getting qualified is vital and can be very easy.If you require a loan, mortgage lenders will look at your credit score, credit report, the equity of your current home, your debt-to-income ratio, past income tax filings, and possibly other factors that create your credit footprint. You, the customer, are free to choose a lender and begin the lending process. The two main parts of finding a lender are looking at rates the lender can offer you based on your credit profile. Some lenders offer incentives such as closing costs or just good rates. The second part is finding a lender that offers you the level of service you will be satisfied with, as you have the right to choose who to work with. You want a good communicator on the other end that you are comfortable with and acceptably responds to your needs. Some consumers use a bank they are already established with; however, a private mortgage company can often offer things a bank cannot. Researching on your own or asking your REALTOR® is a great place to start before deciding.Part of purchasing a home is being aware of costs associated with the home purchase (settlement fees and down payments, traditionally at least 3.5% of the sales price).
Find a Home
The next step is the home search: searching for homes that meet your budget and preferences and narrowing them down to the homes on which you will ultimately make an offer. The next step in the home search process is finding the perfect location to all the details, sizes, rooms and features you want in a home.
Property Types
New Build
Embarking on the journey of buying a newly built home is an exciting adventure. Witnessing your dream home come together, piece by piece, is a truly fulfilling experience. To make this process even more enjoyable and stress-free, it’s crucial to partner with a confident and experienced REALTOR® like Jill Law.Jill Law understands the intricacies of new builds, from the meticulous planning to the patient coordination of contractors and skilled workers. With her extensive knowledge, Jill ensures you stay on top of a cost-effective process without compromising on the desired end result.Navigating the complexities of constructing a home requires a trustworthy REALTOR® by your side. Jill Law will be there for you from day one, providing expert guidance at every step. Her deep understanding of the construction process enables her to address any concerns and provide valuable insights, ensuring a smoothly executed project.
Land
Embarking on the journey of purchasing a plot of land is an exciting opportunity to create your own unique space. However, choosing the right plot can be a complex task, with factors like size, terrain, location, and existing infrastructure playing crucial roles. Proper financial management adds another layer of challenge to the process. This is where a trusted and experienced REALTOR® can make all the difference.
Existing Home
When you’re ready to embrace the next phase of your life, an existing home offers a swift and efficient solution. By working alongside an experienced REALTOR®, you can streamline the process and ensure that your family’s needs are met within your specified budget, all without the wait associated with new home construction.
Distressed Properties
Venturing into the realm of distressed property purchases requires patience, preparedness, and sufficient capital. The process often involves lengthy waiting periods, along with a multitude of documents and procedures to navigate. However, the potential payoffs associated with distressed properties can be significant. On the other hand, if you’re a homeowner facing financial challenges, it’s essential to know that foreclosure isn’t your only option. There are alternative solutions available.
Option Period
During this time of the contract this is when you, the Buyer can hire inspectors to inspect all aspects of the home, from the interior, to the roof to the septic, electrical, pool, whatever features the house may have. Maybe the foundation if need be. The due diligence falls upon the Buyer and is also a time of consideration that if the current property isn’t the one for you; you can move on to another.
Contract Period
This is when the final title issues are dealt with (if any) and when all financing requirements are requested and met for the underwriting requirements. The survey is completed as is the appraisal to confirm the loan for the lender.
Closing
This is the final step in the home buying process. All documents are signed and the title company can then file all deeds and legal recordings needed to prove the transfer of title of the property to the new owner; You!! Congratulations! You have a new home or property!!!