How to buy a house Pt. 1
| How to buy a house, Pt. 1 |
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| Written by Sky Minor |
| Sunday, 06 December 2009 19:07 |
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First Time home buyers or people who haven't bought in a while are understandably curious as to the procedure of buying Real Estate. Most people who have never done it think that buying a home is more simple than it really is. After they close, many first time buyers comment about how they had no idea the things would come up during the process, and that even the most researched first timer is humbled by confusion at some point. Home Buying is a ritual of sorts, one that is more complex than it first seems but with knowledge of the path ahead, it can be navigated with confidence and poise. Remember to ask your REALTOR any and all questions you have about anything. Here is an outline of the home buying sequence in order from start to finish and what buyers can expect at all points of the transaction. When the dust has settled, buyers are be ecstatic with their home and can walk off happy into the sunset.
1. Secure Financing. -The very first thing to do is get mortgage preapproval from lender current within 60 days. Have the down payment ready and don't leave your job or apply for credit from anywhere until your loan is closed. You'll get a Good Faith Estimate (GFE). . from the lender for closing costs so you'll know what the bottom line to bring in will be. Budget for Title and Escrow fees if it is not included in the lender's GFE. Typical buyer's closing costs are between 2-3% of the purchase price so make sure you have that amount in addition to your down payment. Don't move money around, keep it in one place until you close. If you have to move any money keep the paper trail because the lender will need to account for every dollar.
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