Buyer’s Guide
Buying a home, especially your first, is both exhilarating and daunting.
All the steps and details can be overwhelming.
Here’s our step-by-step guide to purchasing your dream house.
Step 1. Getting Your Finances Ready
• BUDGET BEFORE YOU BUY
Live within your means and save, save, save. Bank the equivalent of three to six months living expenses for emergencies, then save up a 20 percent down payment.
• GET CREDIT READY
Pay bills on time. Pay off debt, including monthly credit card balances, and avoid taking on new debt.
• CONSIDER FUTURE COSTS
Insurance, homeowner association dues and regular maintenance will be part of your monthly budget as a homeowner.
• FIGURE OUT WHAT YOU CAN AFFORD
Research home prices online, then use an online mortgage calculator to figure your monthly payment. Mortgage lenders want your monthly payment to be no more than 30 percent of your income and your total debt including the mortgage to be no more than 36 percent of your income.
• CHECK YOUR FICO SCORE
You need a score of at least 620 to qualify for a conventional mortgage. A score over 760 will earn you the best rates.
• CHOOSE A MORTGAGE COMPANY
Ask your REALTOR® for referrals and read online reviews. Contact several lenders about fees, rates and terms, then apply for preapproval (not prequalification) with the one you like best.
Step 2. Let’s Go House Shopping!
• DECIDE WHAT YOU NEED AND WANT
Make a list of what you’re looking for in a neighborhood and a home.
• PARTNER WITH A REALTOR®
Get referrals for REALTORS® who have experience with the neighborhoods that interest you.
• TOUR HOMES WITH YOUR REALTOR®
Stick with houses that fit your budget.
• MAKE AN OFFER
Offer a reasonable price and terms that will win you the deal.
Step 3. Sealing the Deal
• START A MORTGAGE APPLICATION
Supply the necessary documents and respond promptly to your lender’s follow-up requests.
• ORDER A PROFESSIONAL INSPECTION
Consider the needed repairs the inspection finds, then negotiate for price concessions. Ask the seller to make the repairs or, if the problems are significant, terminate the deal.
• RESPOND PROMPTLY TO YOUR MORTGAGE COMPANY’S APPRAISAL
If the appraisal is lower than the sales price, prepare to renegotiate the deal.
• SECURE HOMEOWNERS INSURANCE
Send proof of insurance to your mortgage company.
• REVIEW HOMEOWNERS ASSOCIATION BYLAWS
Know the HOA rules you’ll have to comply with going in.
• REVIEW CLOSING DOCUMENTS
Ask a real estate attorney to explain anything you don’t understand.
FOR SELLERS
THINKING OF SELLING
When selling your house, my goal is to sell your property at top market value, quickly and painlessly. See how I can help get you more. When you make the important decision to sell a home, I am committed to going the extra mile.
EXPERTISE. SERVICE. SUCCESS.
REAL ESTATE AGENT
I work closely with you to ensure a smooth and seamless transaction, leveraging my experience for your benefit.
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