The Basics of Buying a Home
If you know what to expect, and you have a trusted team of real estate and mortgage lending professionals to guide you, finding and financing your first home can be an exciting and rewarding experience. Here's a quick walk through:
Obtain Mortgage Preapproval. Before you begin house hunting, learn how much home you can afford and strengthen your bargaining position with sellers. Preapproval affirms you are a serious bidder who means business.
Find the Right Home. Determine your own needs and speak to family members who will also live in the house. Create a wish list of the features you want, and take notes as your agent shows you homes.
Make an Offer. Your real estate agent presents your offer to the seller. It is accepted, countered or rejected. When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.
Have the Home Inspected. Hire a professional home inspector after the offer has been accepted. A good home inspection provides an in depth look at the basic systems of the house to reveal any safety hazards and give you a chance to reconsider the deal.
Have the Home Appraised. An appraisal, required by your mortgage lender, is a formal written estimate of the home's market value. Typically, the appraisal cost is several hundred dollars, but it could spare you from overpaying for your home.
Buy Title Insurance. Title insurance guarantees that the property you are purchasing is free of liens or confusion in rights of ownership. The policy insures against any losses to the property that result from the defects in the title or deed.
Close on Your New Home. Ownership of the property is transferred. A closing agent coordinates and distributes all the paperwork and funds, according to the terms agreed upon and you become the proud owner of your new home.
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The Basics of Buying a Home
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