how to buy a home in 10 Steps
You have determined purchase a home. It’s a huge decision, and you are feeling a little jittery. Friends inform you that it can be a thrilling, time consuming and nerve racking experience.
Buying a home will also be the biggest financial commitment you will ever make. You may want to be prepared as you make this decision. Here we have compiled a checklist of the necessary steps you will have to take when you want to purchase a home.
1. Determine what you want. You will need to do a careful analysis of your income, spending, and savings to determine what you are likely to afford and want as you begin to search for a house.
2. When you know what kind of house you can afford, check out real estate listings in the area of your choice and observe trends. Do this early enough.
3. Get prequalified for a mortgage. You will provide your financial information to a mortgage banker who will inform you of the mortgage amount that you qualify for. Narrow down your search after this prequalification to homes you can afford.
5. Check out homes that are within your budget. Do a physical inspection of the condition of the home. Take photos and videos of those you like and look at this at a later time.
6. Get a professional to assess the condition of the home by scheduling a home inspection.
7. Based on your needs, interests, and capabilities, work with your mortgage banker to select a loan suitable for you.
8. Get an independent appraisal done on the value of the home to be sure you are not being overcharged for the home you are buying.
9. Work with your lender and all other interested parties to ensure all the paperwork is in order.
10. Close the sale.