10 Steps to Home Ownership

Are You Ready?
In addition to a down payment, you also need cash for closing costs.  Find out how much you have and how much you will need.  Several Loan programs help with these costs.  You may also be able to make this a negotiating point in the offer you put on a property.

Hire A Buyer’s Agent:
Be sure you’re working with a true professional and someone you feel comfortable dealing with.  A Buyer’s Agent insures you are being fully represented in a transaction.

Get A Loan Pre-Approval:
The real issue with real estate financing is not getting a loan, but to get the loan that’s right for you.  Meet with lenders to find out how much you can afford and find out which programs are available.

Look At Homes:
Before you look, list the features and benefits you want in a home.  Consider pricing, location, size, layout and extras.  Decide what’s most important and how much you’re willing to compromise.

Choose A Home:
Review your notes to narrow down the choices.  When you find the home of your dreams, your Buyer’s Agent, can help you be sure it is a good fit for you and your family.  It is also a part of your Buyer’s Agent job to help you consider all of the pros and cons of the property including its future resell value.

Get Funding:
The mortgage you choose will be determined by how much down payment you can afford, your credit rating, and your income.  Shop around with mortgage brokers, banks, credit unions, and insurance companies to fin the financing that works for you.

Make An Offer:
An offer is more than the price you’re willing to pay.  It also includes the terms and timeline of the agreement. Sellers may accept the offer, reject it or make a counter-offer.

Get An Insurance:
Shop around for title insurance, homeowner’s insurance, flood insurance, and a home warranty.  Ask your Buyer’s Agent which of these are required for your new home.

Closing:
This is the official meeting where the transaction happens.  A closing attorney or a title insurance company, depending on which state the property is closing in, will make sure all of the required paperwork is complete. Then it’s official.  You get your new keys and the seller is paid for the home.

What’s Next:
While you’re moving in, transferring utilities to your name, and checking out the neighborhood, be sure to enjoy your new home!