How
To Purchase A New Home
The following are some thoughts on how
best to approach the purchase of a new home.
Visualize
Your Dream Home
The best way to save time and energy is
to write down everything you are looking for in a new
home. Let your imagination go! Then call us to discuss
your goals.
Prioritize
Your Needs
After you have made your "wish list",
go through and prioritize each item. Picture your family's
everyday activities and habits. You'll get a clearer picture
of the home that will suit you best.
Put the
Pieces Together
Analyze the locations you're considering.
We can supply you with information on school systems,
taxes, shopping centers and cultural activities.
Pre-qualify
In order to save yourself time and possible
disappointment, a Mortgage Loan Officer or we will pre-qualify
your buying power. Find out what your mortgage limit will
be and how much of a down payment you'll need.
Pre-approval
Your Mortgage Loan Officer can pre-approve
your mortgage before you start house hunting. A pre-approval
is a guarantee that you can qualify for financing to a
maximum purchase price and loan amount.
Start Shopping
Now, it's time to start viewing homes
with us. Make notes as you tour each property, because
your memory can be unreliable after you've been through
several homes in a short period of time.
Make
an Offer
Once
you've found the home that's right for you, it's time
to write an Offer to Purchase. Writing the offer is an
exciting, emotional and complicated experience. You'll
be glad you have an experienced Sales Associate at your
side to help you through each part of the process. Your
Sales Associate will draft the offer and present it with
the listing associate to the home seller. They will discuss
the offer, and the sellers will accept it as written,
make "counter offers" on unacceptable aspects,
or reject it. The Offer to Purchase becomes a contract
only when accepted copies have been signed and delivered
to all parties.
Making
a Deposit
When
you submit an offer, be prepared to make a deposit. This
sum of money indicates your seriousness about the offer.
When the sale goes through, the amount of deposit will
be applied to the purchase price.
Order
a Home Inspection
A
professional home inspector is an essential step in the
home buying process. A professional home inspector will
see beyond the "cosmetics" and will survey all
parts of the house, including the structure, roof, exterior
and the major systems (electrical, plumbing, heating,
cooling and ventilation). Your Offer to Purchase should
include a clause stating that the sale is contingent upon
a home inspection. This contingency is meant to protect
you against major structural flaws, not the normal, everyday
"wear and tear" almost every home has.
Apply
for a Home Loan
When
you apply for your loan, your lender will give you a good
faith estimate of your closing costs. This document estimates
the amount of money you will need for closing. The Lender
will also order an appraisal of the property you wish
to purchase to confirm it is adequate security for your
mortgage. Once the lender has verified the information
you've submitted, reviewed your credit history and analyzed
your appraisal, then a commitment letter will be prepared.
This document is a promise from the lender to make you
a loan.
Attend
Closing Day
Congratulations,
today you will become a homeowner! Remember that our full
service continues right through the closing day. At the
closing, you will settle all the financial details, the
title to your home will be conveyed and usually you will
receive the keys to your new home.
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