Preparations for a Home Investment
One of the biggest financial steps that you will ever make in your life is buying your first home and since it is an important decision to make, it is equally important that you take time to prepare for every aspect in the process of acquiring your first home.
Before buying your first home, determine first if you are ready to buy a home by weighing down many aspects, such as: finding out exactly on the reason why it is time to buy a home, whether the reason is valid or whimsical; expenses which you will be incurring when you own a home, rather than just renting one, such as cost for repairs, utility costs, house taxes, insurance; checking on your financial status and preparedness, such as checking on your savings, emergency fund, whether you still have debts to pay, knowing your credit score status, so you can apply for a mortgage loan.
Make inquiry for a house loan
Don’t be in a hurry to own a home, but, instead, take time to do research for a house loan and try to get in touch with different people, such as a mortgage broker who can help you recommend on lending institutions, your local bank that can suggest the procedure in applying for a house loan, a credit union to help you know your credit score status, because, in this way, you are able to know first if you can qualify for a house loan, how much loan can you secure, which include the terms of payment that you have to be pay monthly, so that all these will help you to determine the price range of the house that you can afford to buy.
Look for a good realtor
When you have determined how much loan will be granted for you to buy a home, find a competent realtor, who can provide you with recommendations based on your home specifications and who can explain the real estate market procedures, so you will have a better decision to choose which among the house options offered to you will you make; therefore, inquire from friends, search online for local realtors, come up with a listing and call them up, until you can conclude on a realtor who you are comfortable with.
Request for a home inspector
When you have narrowed down your choice for the kind of home that you like in your realtor’s list of options, hire a home inspector to conduct proper appraisal of your chosen home, so he can check on any existing problems, such as presence of pests, molds, kinds of repairs to do, foundation problems so that when you are provided with the appraisal report, you can negotiate for a lower price to the home owner.
Wait until the escrow is done
To protect the buyer, seller, and the lender, an escrow procedure is requested and in this process, the escrow holder makes it a point to ascertain that all documents, money and other pertinent information are all handed over before closing the house deal, therefore, take time and wait until the escrow procedure is done.
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