Home Buying Process
As you begin to think about buying a home, you're probably acutely aware that this is likely to be your greatest investment ever (short of children or a good marriage), and you might be wondering if there's anything you really need to know as you go into this process. This is where your real estate professionals come in. With the help of a trained agent, you can come out on top of a closing that might otherwise have pushed your retirement ahead a decade! This happens all the time to buyers, who are left reflecting on the relatively small commission that would have brought a Realtor into the bargain to help them.If you'd like to know about the home buying process, we'd love to tell you all about it.
The Right Realtor
When looking for the right realtor you want someone who knows the real estate market and can provide a local perspective on the current housing inventory and pricing. At Steps Real Estate are agents will provide you with a strong thorough “needs-analysis” to ensure we can deliver the perfect home for you. Our agents will provide you with a clear understanding of the buying process and guide you every step of the way.
Meet with a financial consultant, preferably before you begin looking for a home. It’s always better to get a pre-approval than a pre-qualify before house hunting. A pre-approval is when you submit a loan application that has verified your income and information so you know the exact amount of the loan you qualify for. There are many different financing variables to consider like interest rate, length of loan, etc. Your Steps Real Estate agent can help guide you in the right direction when starting the process of getting a home loan.
Your Dream Home
You have met an excellent Steps real estate agent and you are ready to find your dream home. Allow your agent to guide you through a process to help you focus on the best choices for you. Some questions your agent might ask you include: How big do you desire your home to be? How many bedrooms would you like? How big would you like your yard to be? What size of a garage would you like? Do you desire to live in a specific location? What amenities would you like nearby your home? Do you need to live in a particular school district?
Make Your Offer, Negotiate & Inspect.
Once you have found a home you love, the next step is deciding on what to offer. Your STEPS professional will guide you on current market values, sharing with you comparable home values to help you decide what to offer in regard to price. In addition, you will need to consider other terms such as closing date, financing options, items included in the sale and timelines. During the negotiation your Steps real estate agent will thoroughly explain each point of the agreement. Once your offer is accepted and provided you have inspection contingencies, you can then perform due diligence to ensure the home you are buying is in the condition you understood as you were making the offer. During this period, you can conduct a full home inspection. It is important to feel confident in your purchase.
Close & Celebrate!
Once you have finished an inspection period, it is time to move through the final steps of the home-buying process. It is important during this final stage to stay in close communication with your financial consultant to make sure all documents are submitted in a timely manner. Also, the details of closing involve attention to scheduling. Your agent will help you set up a time to sign loan documents and help you coordinate the date and time of possession. This is an exciting time. Celebrate!.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.