Buying Your First Home
Purchasing your first home is an exciting process. Owning a home has many advantages, but you must be prepared for the journey. If you plan your purchase and know the correct steps to take, the result will be a joyful one. One of the first and most important steps is finding a real estate agent that you trust, knows the marketplace, and is knowledgeable about the various aspects of home ownership.
Many first time home buyers begin looking and getting a feel for the marketplace prior to actually viewing homes that are for sale. Searching online, driving by properties that are for sale, and doing research, first time home buyers garner personal knowledge about prices and what type of homes are for sale. The following steps will make the home buying process a pleasant one.
- Start saving your money. Down payments generally run between 3% and up of the purchase price. You will need to add an additional 2-3% for closing costs. Closing costs include documentation fees, title insurance, surveying fees, water tests, inspections, legal fees, and other costs relating to the sale.
- Make sure your credit is good and reduce your debt to income ratio. Pay off loans you may have outstanding, if possible. If there are negative items on your credit report, resolve them as soon as possible.
- One of the most crucial steps a first time home buyer takes is getting per-qualified through a bank or mortgage company. With per-qualification, you know exactly how much home you can afford. By knowing how much you can afford not only helps your real estate agent show you homes that are within your price range, but it also insures that you don’t fall in love with a home, only to later find out you can’t get a loan to buy it. Pr-qualifying also gives you a general idea of what your monthly mortgage payment will be.
- Your REALTOR should be able to help you make an offer that will be seriously considered by the seller. Again, your REALTOR should be knowledgeable in all aspects of the home buying process, from showing you homes, to helping finalize all the little details. Your REALTOR should also have an arsenal of professionals in their pocket to help with insurance, repairs, lenders, surveyors, and others. Your REALTOR should be me!
By following these simple steps, buying your first home should be easy and fun! Your home should be a place you where you take great pride in ownership. It is the one of the greatest American dreams, come true. Buying your first home is exciting. It should be a place where you make many happy memories, begin or grow your family, and where you will spend many enjoyable years. Call me to start the home ownership process today! (507) 381-8961- where it is always FREE to buy a home.