Set a BudgetThe first thing you want to do, before you even begin house hunting, is to set a budget. You'll want to consider down payment, monthly expenses, taxes and home insurance when setting this budget as they are typically included in your new monthly payment. Know your credit score before you begin searching for a home. Your credit score will determine the interest rate of your new home, and knowing your score can help you decide if now is the right time to buy.
Get Pre-ApprovedAlways, always get more than one loan quote to find the best interest rate for your mortgage. Different banks or mortgage companies will offer different loan feed, so shop around for the best rates as you would a home. View our mortgage calculator
Find a HomeOnce you've been pre-approved for a loan and you have a determined amount, you can start looking for a home. To do that, contact Tiffany Pack of Dream Key Real Estate. Not just any realtor or real estate agent will do. You want a realtor that has an extensive knowledge about the area and that can steer you from right or wrong. Make a list of needs and desires for your new home such as number of bedreooms, bathrooms, amenities and even locations.
Making an OfferTiffany can help you watch for pitfalls during this process. She can help you watch for signs of problems and can make suggestions to your regarding the offer. She can help you negotiate a lower price that sometimes includes concessions or closing costs. Her job is to protect you, the buyer, in the contract.
Home InspectionsThe home inspecition is absolutely crucial to the home buying process. Inspections will ensure that everything meets standards...from the foundation, ceiling, HVAC, electric, plumbing, and more. It is extremely important to protect yourself and your investment by getting a home inspection right away.
Home InsuranceLenders typically require a new home buyer to insure the house. This insurance covers the cost to fix any damages to the home in the future. The cost is dependent on the home's age, location, value and ultimately the insurance company you choose. Just as with the mortgage approval, you want to shop around. In most cases, you can easily get a same-day quote from an insurance agent. Tiffany's worked with most companies in the area and can guide you to those that may best suit your insurance needs.
The Closing ProcessAt this time you will sign all mortgage, other legal documents, and pay closing costs of your new home. Once this is completed, the home is legal transferred to you and you will have the keys to your new home!