The 10 Steps To Owning A Home
Deciding to Buy
Buying a home is one of the biggest decisions you will ever make. It is certainly a very exciting time, but it is important that you know all the facts and that you ensure buying makes financial sense to fit into your lifestyle.
Obtain Professional Assistance
It is always important that you get help and advice from a trusted real estate professional, whether you are looking to buy or sell. Your real estate agent should act as a consultant and guide you through the entire buying process, which includes answering questions about various topics, such as the neighborhood, market conditions, schools, and helping you get the proper financing you may need. At the same time, your agent should assist you in acquiring a pre-approved mortgage loan, through a qualified mortgage lender. This will show lenders that you are committed to purchasing a home and will help to make your financing arrangements a lot easier.
Start Your Search
You should always have a general idea about the type home you want before you begin your search. Your real estate professional will use all of their resources to find homes that fit your criteria. Your agent should also be able to advise you on booming markets and any good deals that are available. After visiting some homes, your search will be narrowed down, and you will be one step closer to finding your dream home!
Finding the Home of Your Dreams
Once you have found the home of your dreams, your agent will begin the process to get you moved in as quickly and easily as possible. The process begins with putting together an offer to the seller that is tailored to your needs. Once the seller accepts the offer, closing is usually held within 30-60 days from the offer date, but can vary significantly based on circumstances.
Negotiating the Offer
It is very likely that the seller may not accept your first offer, and therefore they will submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions, but your agent will be well-prepared to make this step easy and stress-free.
Arranging Satisfactory Financing
During the closing period, you will be working with your qualified mortgage lender to obtain the financing you require to finalize the deal. Your agent will also be involved in this step by gathering the necessary property information that the lender requires to help you get that much closer to the end. Your Agent can also help provide you with a list of qualified mortgage professionals that can assist you with obtaining the financing that you may require.
Closing the Deal
At the time of submitting your loan application you will be presented with closing cost estimates and the expected down payment (downpayments are 5% or greater, and closing costs are generally calculated at 1.5% of the purchase price). Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is. Things to consider are downpayment, land transfer tax, legal fees and disbursements, etc. Your mortgage professional can also assist you with calculating this other expenses.
Finally, the most exciting step in the home buying process, moving day! A little bit of planning here will help ease the pressure of moving. Your agent’s work doesn’t end here. You will be provided with a checklist of reminders to help make your moving experience a delight!
By this time, you and your agent should have developed a long lasting relationship that extends far beyond your moving day. Once you have moved into your new dream home, your agent will follow up with you to answer any questions you may have to help assist you with any issues or concerns that may have come up to ensure everything is just as you had planned!