First Time Buyer | WHAT YOU SHOULD KNOW

Homeownership is a wonderful thing - and let me tell you, it is attainable, realistic, and can absolutely be cheaper than renting

Here's a few of the many PROS on Buying a house:

  • You get to do whatever you want, whenever you want. No landlords you need to answer to, and most importantly - no rent money being thrown in the garbage!
  • You get the ability to customize to your highest imagination.
  • You're putting your hard earned money towards something that will pay you back
  • Your monthly payment can be lower than a 1 BR apartment!
  • You can rent out rooms in your home for roommates or friends and make $$ over and above your mortgage, depending on the home!
  • Need I say more? (ehhem: yard for your new puppy?)

FINANCIAL DETAIL | PRE-APPROVAL IS SIMPLE!

Many first time homebuyers wait on homeownership because they think perhaps they won't qualify for a mortgage--when in reality, they do! If you're simply curious to see 'how much home' you could afford with your pre-approval today, call me and I can send some great resources your way. It is a great step to meet with a loan officer with no obligation for pre-approval. It's a simple, quick and easy process and lasts for an average of 6 months!

If you do get pre-approved, you'll want to be sure you are consistent with your spending before finding your perfect home or condo. It's best to hold off on large purchases until after you get the keys to your new place to keep your credit steady and mortgage payments low!

SIMPLIFIED STEPS TO THE HOME BUYING PROCESS

  1. Obtain a pre-approval letter from a lender of your choice! There are many options including mortgage companies, banks, credit unions, etc. 
  2. Find a REALTOR you LOVE! (me!)
  3. See homes that fit your wants and needs. If your criteria is set, we will likely find your perfect home in 2-5 Showings! Technology is GREAT and allows us to be picky online, and go to see the ones you absolutely LOVE!
  4. Find the winner and make an offer with your ALL-STAR REALTOR (me!). 
  5. The seller will either reject, accept, or counter your offer.
  6. If the seller accepts the offer, next comes the inspection - a recommended home purchase contingency phase - where a licensed home inspector will find out a lot more about the house, feel free to attend the inspection if you'd like and is OK with the Inspector! Inspectors are trained to point out every item large and small in the home they come across.
  7. Negotiations regarding inspection can be completed, but keep in mind the seller can say no, so stay keen on large projects rather than the little fixes to make sure you get your perfect home!
  8. Your REALTOR and other entities working on your behalf will be sure each stage is going as planned and update you on any action items as the stages progress towards the closing date. The title and mortgage company will take action and make sure the home all adds up and has a clean title to transfer to you on the date of 'closing' where you officially purchase the home. 
  9. Take it easy, enjoy life; at this stage most of the work is being accomplished by your loan officer and the Title company; be sure not to make large purchases until after closing! Furnish any documents required by each entity. 
  10. Walk-through your home with your REALTOR (me!) one day prior to the closing on your home and...Close on the home and move in to your future! 

Any questions or need loan officer recommendations to get started? Contact me at GabrielaLucia@kw.com I am happy to help!

P.S. I offer FREE First Time, Second, and Million Time Home Buying Sessions to help understand the process and answer any questions you might have! Just email, text, or call today to schedule yours! 

 

 This list is a simplified overview of the buying process for visual and understanding of the general steps to purchasing a home. Of course, there may be other steps depending on your circumstance, including gathering documents for your mortgage and title companies, etc.