YAY! Congratulations, you have decided to buy yourself a home. It is a big step to take and can be very stressful. We are purchasing our third home. I want to share with you the steps to buying a new home.
Educate yourself- There are classes you can take to learn the ins and outs of buying a new home. If you are a first-time buyer, you can take a course to help with lowering your closing cost. We took a course from FRAMEWORK, in hopes to save money on our mortgage insurance.
Calculate what you can afford- Write down all the bills you have now. Decide if you can get rid of any of those bills. Get yourself a financial chart to help you get started. Don’t worry about having a 20% down payment. Banks don’t need to have a 20% down payment to approve you.
Shop mortgage loans- There are so many places you can search for loans. You can go to your bank but this doesn’t mean you will get the best rate from them. Check quicken loans, they are great. Or if you are buying a new home they will set you us with a preferred lender to use for some incentives. REMEMBER this is just a PRE-approval stage.
Start house hunting- Probably my favorite part, but most stressful part as well. There are new houses come on the market every day, so don’t forget to look every day.
Negotiate house purchase- Always negotiate, sometimes you will have realtors say there are other offers but go with your gut feeling.
Home inspection- You got approved, now you need to schedule your home inspection. Make sure you go with an inspector that has a certified certificate. If you have a realtor, they can point you in the right direction with this. Make sure you make yourself a checklist to follow as well.
Final loan application- This is where the loan officer will go through all your finances more thorough and make sure you can afford the home you choose.
Closing- YAY! Last but not least, you made it to your closing day! It was a long process but well worth the wait. Now you get to move in and decorate.
I hope you enjoyed my list and if you have any questions please don’t hesitate to ask. If you would like me to add to the list let me know. Love ya, Mary xoxo
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