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Roadway to Your New Home!
Step by Step House Buying Process:
1
Loan Pre-Approval
Before searching for a home, you should know how much loan (mortgage) you will be qualified for. To do so, the best way is to get accurate information on qualification through seeking advice from a mortgage banker. For instance, provide the banker with your information such as your annual income (W2, 1099) pay stubs and down payment. After reviewing all this information, the lender will tell you how much mortgage they can lend you, then you will know what price range house you should start looking at. when you get pre-approved and find your favorite house, they will also run your credit and will ask for your bank statements to verify your credit and financial situation.
2
The Search Begins
This step is an exciting part of the story. Your real estate agent will have you embark on touring homes with your preferred price range. In this stage, we advise you to take notes on all the houses you visit. Take notes on the houses’ information like how old the house is, prices, number of rooms, bathrooms, kitchen appliances, basement, etc. In the end, you will be able to make a logical comparison, and your notes will help you make a better decision on which house to get. Take as much time as you wish until we find you a house that you always loved to own.
3
Offer a Price
After finding the right house in a desirable location, your real estate agent will draft and negotiate a fair offer based on comparable market research, which is the home’s value in the same neighborhood, with the property seller. Agreeing on the price and conditions, it’s a bit more time consuming than the rest of the steps. Nevertheless, no need to worry because your contract will be ready for a signature after some negotiations.
4
Closing the Sale
Usually, a lawyer/ title company or third-party legal person is responsible for closing and transferring the property to you legally. In the end, you will sign all the necessary paperwork and will eventually receive the keys and become a homeowner. Congratulations! time to pack up and move into your own new house.