Helpful tips to buying a home.
Buying a home can be a stressful and exciting event and knowing what you will be faced with before you take the leap of buying a home is helpful.
The Lawhead Team would like to share some helpful tips to buying a home.
- First you should ask yourself why you want to buy. Do you want to stop renting? Will a home make your family happy 10 years from now? Home ownership is definitely part of the American dream but it may not be right for everyone.
- Figure out your financial aspects of purchasing your home. A home is usually the largest purchase most people make and a home loan is usually needed in order to finance the purchase. Make sure to review your credit score before you start your home buying process.
- Depending on the size of your loan, you will have to come up with anywhere from 3.5% to 25% down payment when buying a home.
- Next you need to get pre-approved for a home loan. If you have been long-time customers of your personal bank or credit union, it is a good idea to approach them first for your home loan. These lenders are usually more inclined to show favor to a longtime customer in order to keep their business.
- Once you get pre-approved, you can start house hunting. Seek out a good real estate agent who knows the area you are buying a home in. Real estate agents can help buyers stay on track with personal and financial objectives while you are buying a home.
- When you find a home you’d like to put an offer in on, don’t be surprised if you enter a bidding war. During these times of low inventory, homes have multiple offers on them. Once the bid is accepted, contact your loan officer immediately. Your loan officer and real estate agent will coordinate the purchase and sales agreements, appraisal and review the title records.
- Once everything goes through, you will sign the loan papers and you will now be a happy home owner. Now it is time to move in and call your house a home.
Do you have questions about buying a home? Please contact The Lawhead Team.