10 Steps To Owning A Home

1.  Get Ready To Buy A Home

What type of home do you want?  What timeframe do you have to find a home?  Are you a first-time buyer?  What do you not have now that you want?  What community?  What school system?  What size lot?  Parks? Do you want association fees or not?  How many bedrooms?  How many baths?  Square footage etc.

Find out what price home you can afford.  You will need to consider closing costs and down payment.  Do you need to ask your lender about no money down loans?  Do I want the sellers to pay closing costs?  What are the advantages and disadvantages to the above mentioned options and loan programs?  How is your credit?  Try to pay your credit card bill, rent, car payments, and other dept on time a year prior to purchasing a home.

2.  Find a Menden Brothers Realty Inc. REALTOR®                 
Although looking online and through the paper is a good start, you will soon find out that those pictures are often better than the real property.  In order to view the properties and help with the complex process of buying a home, we recommend a Menden Brothers Realty Inc. REALTOR®.  Without a REALTOR® it is very hard to complete all the required forms, negotiate, figure pricing, and marketing.

3.  Get Loan Preapproval

By meeting with lenders ahead of time you will be well educated in different mortgage programs.  You will also be able to make a quick offer because you know if you can afford what you are buying.  In addition, a preapproval means a loan officer believes you can qualify for an amount or a specific home, strengthening you offer.

4.  Start Looking At Homes With Your Menden Brothers Realty Inc. REALTOR®

Your REALTOR® will show you what homes, within your search criteria, are available.  This will help target your search.  Then, your REALTOR® will set up showings, so you can view the actual property.  With both your knowledge and your REALTOR®'s knowledge you can decide what home is best for you.

5.  Select Your Home

A home is where you spend much of your time, so choosing one is a huge decision.  Once you select your home, it is recommended to get a home inspection.  The home inspection will help to find any problems that you missed in the showings.  You must make sure that you really can afford this home. 

6.  Get Your Funding

Many lenders require you to complete a written loan application and supply specific documents, such as pay stubs, rental checks, tax returns, and other debt.  You must decide what kind of loan is right for you.  There are many different options, therefore, it is a good idea to get started on this early.  You should also get a new good faith estimate, which shows the estimated cash you will need for closing.

7.  Make An Offer To The Sellers

You will have to decide on what your offer will be and then contact the seller.  You will need to sign a purchase agreement and give the seller earnest money. There is no set percentage amount you should offer.  This should be discussed between you and your REALTOR®. 

8.  Then What?

It is recommended that you get insurance.  Title insurance is a one time fee at closing that protects you in the event the title is found to be invalid.  Homeowners' insurance provides liability coverage and is required by most lenders.  It also cover a surprising amount of other items.  Flood insurance is generally required if you are in a flood plain area.  Home warranties from builders protect you against many items that the builder will repair. Home warranties from existing homes are typically one-year service agreements purchased by the sellers. 

9.  The Closing

The closing is where all the necessary paperwork is completed and signed.  The closing usually brings all the parties to the transaction together.  You will receive your keys and the seller will receive the payment.  Paperwork is also filed with the local property record offices.  Before the closing buyers often walk through the property to make sure it is in acceptable condition. 

10.  Finally

The home is yours, then what? File all those papers you received at closing.  Make sure all your utilities are changed over.  Clean the home.  Move all your stuff in.  Paint that room you can't stand and enjoy your home!