Purchasing a home is one of the biggest life decisions you will ever make. These tips will help you get started the right way!
There are many things to consider when buying your first home. Some of the most important steps to buy a house are:
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.
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.
Get Pre-approved for mortgage loan
The next step in buying a home is to get pre-approved for 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.
After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with us. 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 us when we get started. It is important to get pre-approved for a mortgage loan before beginning your home search. If we both know the amount of home you can afford when we start the process, it will make the search much more efficient and beneficial. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender.
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, In addition, we will guide you through the negotiation process and offer procedures 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.
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. We will guide through the negotiation process.
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.
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.
Home 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.
Collect the house key
After the closing of the loan, the fun part of home buying begins. You will receive the keys to your new home to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day!
So it's time to sell your home. Maybe you have a desire to live in a nicer home, or need to move for a new job or the necessity to get a handle on out-of-control costs. But whatever the reason for the decision, you've got a lot of work ahead of you before you're ready to actually sell your house on the market if you want to get the best possible price for your property. Is this your first time selling a home? No problem! Read our tips below that will show you how to sell a house.
Assess The Value Of Your Property
Pricing your home right is the key factor in selling it in a reasonable amount of time. Setting a price too high will make your home undesirable to buyers. Pricing it too low may, in fact, deter buyers who wonder what's wrong with it - or simply not get you a fair price for your property. Now is the time to do your research.
How much should your house sell for? In other words, what's the 'right' price? It's the price at which homes similar to yours in the same neighborhood have sold recently. We will help you price your home right the first time. After all, your goal is to sell your home, at the best possible price, in the least amount of time possible, isn't it?
Figure Out the Cost of Selling a House
If you've never sold a house before, you may not be aware of all the associated costs. You'll need to know about these costs in order to help you adjust the asking price on your house, as well as to help you estimate the profit that you'll realize on the house. If you're counting on the sale of your house to finance the purchase of another, this is especially important. These out-of-pocket costs may include:
- Advertising your home, if you're selling it yourself. This could easily run into hundreds of dollars, depending on the methods you choose.
- Realtor commissions - typically 6% of the selling price.
- Closing costs, including attorney and other professional fees.
- Excise taxes on the sale.
- Property taxes and any homeowner association fees.
Take Care Of Any Needed Repairs
If you've been putting off getting the driveway fixed, repairing the roof or any other needed repairs, the time to do it is now, before you put your house on the market. Some repairs, left undone, will prevent your home from selling at all and others will bring your asking price down. Replacing broken roofing tiles, loose gutter shoring and other minor but unsightly problems will make your house that much more saleable.
Get Your House Looking Its Best
Selling for the price you want depends on how appealing your house is. Take a good, hard look at your house, inside and out. Trim bushes, mow lawns, plant a flower bed. Something as simple as giving your siding and windows a good scrub down can freshen its look immensely. Clean, Clean, Clean!Here are some other things that increase the chances of your house selling quickly:
- A fresh coat of exterior paint, or just touching up the trim.
- Freshly painted interior walls.
- New carpet or flooring in common rooms like the kitchen or bathroom.
Have A Garage Sale
Get rid of all the accumulated clutter and pocket a little profit at the same time. That collection of kids' bikes in the garage may be a storehouse of memories to you, but to a prospective buyer they're just clutter - and they will make your garage look smaller. Clear away as much clutter as you possibly can. When you're ready to show your house, it should be as close to move-in condition as possible. The more easily a buyer can picture their own family in the house, the more likely they will be to buy!