A Simple Guide for First Time Home Buyers
Are you getting ready to become a first time home buyer, but when you discover how the process takes place, your anxiety level rises? Don’t worry; this is a normal feeling for anyone! That is why we’ve created a simple checklist made for first timers just like you to help application process go as painless and quick as possible.
- Get preapproved – The first step anyone should take is getting pre-approved by the lender before you start looking. Based on bank statements, tax returns, and pay stubs, your pre-approval will give you a better idea of how much housing you could afford. Not only would it help prepare you financially, but a solid letter will also shine to the seller. Consider this as a lifesaver if you are making an offer on a house that has multiple bids.
- Find the right Real Estate Agent – Not all realtors and agents are similar. Some realtors have a field they specialize in, like VA housing or bank-owned properties. Try to find an agent who specializes in first-time home buyers. They’re trained in common first-home buyer’s situations and can help ease your mind. Think of them as a coach during the whole process. Would you want a coach who knows what they’re doing, or faking it until they make it?
- Make an offer – Once you’ve gotten your ducklings in a row, it is time for the most important step in the process: shopping for the house. During this process, be patient if you don’t happen to find the house of your dream right away. It’ll take some time and patience on your part to find the right one. When you’ve found the house of your dream, it’s time to make an offer. Again, trust your realtor for this stage and have them help you make an offer the seller will not like to ignore.
- Time to go through the mortgage process – As soon as the seller accepts your offer, your loan officer will start working on your loan. From here on out, your loan officer will help you get settled into a program that’s fitted just for you and your financial needs. Your loan officer is also there to help guide you with final costs and any other financial questions about the transaction.
- Final inspection and close on your home – Before signing the final paperwork, get a proper home inspection from an accredited professional to ensure the condition of the property is good. Once finished, go ahead to the table and get ready to close in on your very first home.
Going through the checklist above can help you out as a first time home buyer to reach from point A to point B. As nerve wrecking this process could be, you could also survive and make it less painful at the same time. So don’t fret and don’t go into panic mode.With the help of the right people and team, your first purchase on a home could be a thing of the past.