Buying a home is one of the most important decisions you will make. It is not just about buying a house; it is about finding a place to call your own.
We’ve put together a first home checklist to help you stay on track and avoid making mistakes that could cost you money or time.
Read the article below before making your home purchase.
The Ultimate First Home Checklist: What You Need to Know
The first home checklist is a list of things that you should know before buying a house. It includes things like:
- Property size and condition
- Schools in the area
- Your budget
- Mortgage preapproval
- Home appraisal and inspection
- Credit report
- Real estate agent
- Finding your home
Keep reading and check this helpful guide before purchasing a home.
What You Need to Know About the Mortgage Process
The first step in the mortgage process is getting pre-approved for a loan. This means you have been approved for a certain amount of money before you even start looking at homes or talking with lenders.
The next step is finding your dream home! Before making a decision, buyers typically consider nine homes in an average of eight weeks.
Once you find it, it’s time to talk with lenders about your offer on the home and what kind of loan they can offer you. You will also need to provide them with information about your income, assets, debts, credit score, etc.
The final step in the process is signing the procurement documents.
What You Need to Know About the Real Estate Process
The first step in the process is to find a house that you like and make an offer. You will need at least one competitive offer from another buyer to make an offer.
You can ask your agent for help or hire an experienced real estate agent with the skillset you need for this particular transaction.
The next step in the process is to get pre-approved for a mortgage loan.
What You Need to Know About the Closing Process
Around 3% to 5% of the home’s purchase price is the starting point for down payments on conventional mortgages. Closing costs can vary from one home to another, but there are some standard closing costs that every buyer should be aware of.
To avoid paying lenders’ mortgage insurance while purchasing a home, you would typically need to save at least 20% of the purchase price, or you may ask your parents to serve as a guarantor.
These costs include real estate agent commissions, title insurance, and property taxes.
Next Steps for Your First Home Purchase
Buying a house is one of the most significant milestones in life. It’s not surprising that it can be overwhelming to go through on your own.
We understand what it’s like to be a beginner in real estate. Luckily, this first home checklist has provided all the information necessary to help you make an informed decision and buy your first home confidently.
Visit the rest of our website for more real estate information!