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Step 1: Find the Right Lender
To find the right lender it’s best to shop around. Get recommendations from your friends and family and check with the Better Business Bureau. Talk to at least three or four mortgage lenders. Ask lots of questions and make sure they have answers that satisfy you. Make sure to find someone that you are comfortable with and who makes you feel at ease.
Once you have the right lender, make sure you at least get a pre-approval. Pre -Qualifications are only guesses based on what you tell the lender and are no guarantee, whereas a pre-approval will give you a better idea of how much of a loan you qualify for. The lender will actually pull your credit and get more information about you. You should get an pre approval before you start home shopping. That way, when you're ready to make an offer, it will make the sale go much quicker. Besides, your offer will look more appealing than other buyers since your financing is guaranteed. Remember that you don't always have to put down 20 percent. There are loans available with little to no down payment. An experienced home loan expert can help you understand all your loan options, closing costs and other fees.
Remember to ask your mortgage lender or mortgage banker lots of questions about which mortgage is right for you and your situation.
Step 2: Look for the Right Home
Make a list of the things you'll need to have in the house. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in?
Once you've made a list of your must-have's, don't forget to think about the kind of neighborhood you want, types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Take into account your safety concerns as well as how good the rate of home appreciation is in the area.
Step 3: Make an Offer on the Home
Now that you've found the home you want, you have to make an offer. A experienced real estate agent will find out how much comparables have sold for. Once you've made your offer, don't think it's final. The seller may make a counter-offer to which you can also counter-offer. But you don't want to go back and forth too much. Somewhere, you have to meet in the middle. Once you've agreed on a price, you'll make an earnest money deposit with your offer, which is money that goes in escrow to give the seller a sign of good faith.
Make sure you have a home inspection contingency in the offer. This will give you the option to make sure there are no BIG issues with the home, and give you a way out of the contract should the inspection discover major issues.
Step 4: Close on Your Home
Setting the closing date that is convenient to both parties may be tricky, but can certainly be done.
Be sure you talk to your lender to understand all the costs that will be involved with the closing so there are no surprises. Closing costs will likely include (but are not limited to) your down payment, title fees, appraisal fees, inspection fees, and points you may have bought to buy down your interest rate.
Step 5: Move In!
You've got your mortgage, closed the deal and now it's time to move in! Whether you use a mover or not is up to you, depending on your financial situation and how much stuff you have to move; perhaps also, whether you have a lot of friends willing to help you move. Either way, you're done with the home buying process! Just start unpacking and start enjoying your first home! Buying a home doesn't have to be a hassle if you're prepared and you know what to do and when to do it. Choose an experienced home loan lender and a friendly, knowledgeable real estate agent-they are the key to helping you have a smooth home buying experience!
The Nazaroff Team can direct you to a GOOD reputable LOCAL lender if you need direction on finding a lender.