So you’ve finally decided it’s time to buy a home. You’ve probably read articles about how buying a home is better than renting – rental markets throughout most metro areas in the US are increasing rapidly, interest rates remain very low. Of course now that you’ve decided to make the biggest investment of your life a whole new set of questions are probably popping up in your head. Fear not, this article will answer any questions or fears of the buying process you may have. if not, feel free to contact me, I’d be happy to answer questions directly. Or you can ask your question though the comments section below. Here we go-
- Get qualified through a mortgage broker or lender – now this process may seem daunting but it’s not if you prepare. Do yourself a favor and get the necessary documentation all lenders will ask for in advance – last two years taxes, W2’s, last two pay stubs, 6 months of bank statements, all current debt like car loans, student loans etc. Talk to a few different lenders to get the best deal possible with the fewest costs as well as find a person you feel comfortable working with. Know exactly how much you qualify to buy a home but more importantly, know how much of a payment you are comfortable making every month. You will pay taxes and insurance with your monthly payment. You also want to figure in any HOA fees. Some loan programs like FHA or higher loan values have monthly mortgage insurance.
- Know how much money you will need for closing costs – Besides your down payment, there are several fees you will need to pay when you buy a home. Escrow, title, loan origination fees, home appraisal, home inspection, 4-6 months worth of taxes and insurance are all standard fees you will have to pay at closing. Your lender will be able to provide a “Good Faith Estimate” showing these fees. สร้างบ้าน
- Get familiar with areas you want to buy – the internet is a fantastic way to search homes for sale but it does not tell you the character of a home or neighborhood. Unless you know exactly where you want to live, take some weekends to drive around some of the homes you found on the internet in your price range. When you have an idea of the area(s) you would like to live then it’s time to-
- Contact a local Realtor – like I said, there’s nothing like the internet to look at homes for sale but when you have done all the above and are ready to get serious about home buying, it’s time to contact a Realtor. You may want to interview a few different ones until you find the one you are most comfortable. Buyers do not pay a Realtor a penny for their service, the Realtor is only paid by the seller after a home closes Escrow. A Realtor will assist in your search, negotiate the best price for your purchase, understands the language to explain all disclosures, negotiate having the seller pay for things the home inspector finds wrong with the home if any. They may also know of a “pocket listing” which is a home not yet listed for sale but coming on the market soon. If it’s in an area you like, you may not have to go through the hassle of bidding wars. He can put you in the MLS so you will know as soon as a home fitting your criteria comes on the market. perhaps most important of all, they will give you an objective voice to help relive the stress. Buying a home is not just four walls and a roof. Because of this, home buying is an emotional undertaking. And for most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you