The home buying process can be a long one. However, it can be somewhat shorter if you are more prepared for everything that you need. Below are some of the things that may come up during your home buying process.
Your credit score and report will be checked.
When was the last time you looked at both your credit score and your credit report? Well, hopefully it was recently. The bank in which you get your mortgage from is going to look at this, and it will determine whether or not you can even get a mortgage, and if you are approved it will help determine what your interest rate will be for your mortgage.
Shopping for a mortgage company.
You need to find a mortgage that suits your needs. Some will just choose the first mortgage company they see, but it is usually best to do your research and fully know what you are getting yourself into.
Find a real estate agent.
You will probably want to find a real estate agent. You don’t have to pay their fees, instead, the seller of the home you choose pays their fees. There is really no reason not to have one. They can search databases to find your perfect home and they can negotiate on the home contract most likely better than you can as well since they are professionals at it.
Shopping for a house.
After you get pre-approved for a mortgage, then you can begin shopping. It is usually best to wait until you are pre-approved so that you can make sure you are approved for a mortgage and that you are shopping in your budget. Also, you don’t have to use what the bank gives you as your budget. Instead, create your own budget and shop BELOW what the bank is telling you that you can afford. Less debt is better 🙂
You will then make an offer on the home. There might be some negotiating thrown into the mix, but hopefully your offer on your dream home eventually gets accepted.
Closing on the home.
After your offer is accepted, this is where all the work really happens. You will need to do an inspection, an appraisal, find home insurance, and sign what feels like 1,000,000 papers. But it’s all good because in the end you will get the keys to the home!
Did anything unexpected happen when you bought your home? Share your story below!