One of the first steps in the homebuying process is to fully understand your finances. It’s not as fun as looking at homes, but it’s important and necessary to help you determine how much you can afford.
Purchasing a home is one of the biggest, most important investments you’ll make. Lean on us for reliable and sound advice — including if buying is right for you.
HOME BUYING PROCESS
Typically, buyers put down 5 to 20% of the purchase price but this can be as little as 3%. Buyers putting down less than 20% are required to pay Private Mortgage Insurance (PMI) monthly until they build up 20% equity in their home.
Having the right people by your side will help make your homebuying experience more enjoyable and less stressful.
Before you begin looking for your new home, talk with your real estate agent about what you want in a home, why you want to buy a home and where you’d like to live. Also, consider sharing information about your lifestyle to help them assist you.
Buying a home is likely one of the largest purchases you will make in your life, and taking out a home loan is a common way to finance the purchase.
You’ve found the home you’ve been searching for and now it’s time to make an offer. Through this phase, you’ll work closely with your real estate agent. They’ll help determine a fair offer price while making sure you stay within range of what you can afford. They’ll also handle all contract negotiations with the seller’s agent.
Your home is one of the biggest investments you’ll ever make, and getting a professional evaluation of its condition and value prior to closing is critical.
Homeownership is right around the corner, but first, it’s time to lock down all the details and close the deal. Closing, also called settlement, is a meeting where the final documents are signed, the closing costs are paid, and ownership of the home is officially transferred to you. The average time to close a purchase loan is 35 days.