Home Buyer’s Basic Guide For The First Timers
Being able to buy the house of your dreams could both be exciting and at the same time daunting. Though buying a home might seem like the wisest investment that you can make, thinking things over to make sure that you are indeed ready for it must be done to avoid regrets. Whether you are feeling reluctant on buying a home or just want to get your hands on professional advices, we have compiled different tips that will help you find the right home.
Ensure that you have save enough
Though down payments for buying a home has a small rate, know that a bigger down payment means getting a better rate at your mortgage. You might also want to set aside a little something that you can use for renovations and any other needs of your new home. Setting aside some cash for repairs is the most ideal thing to do so that you can right away address any repair needs of your new home.
Find some help
There are a lot of government programs that aims to help anyone that is looking to buy a new home, and seeking out one would be the first available option. If you do not have this within your locality the next option that you can have would be to find a reputed mortgage lender and process everything firsthand before looking for a real estate agent. Make sure that you are going to calculate all of the expenses involved such as the property taxes, mortgage, new housing expenses, homeowner’s insurance and homeowners association fees before going ahead with the purchase. After the calculation has been made, make sure to check it against you monthly gross income since the FHA (Federal Housing Administration) recommends that these total should not exceed 43% of your monthly gross income.
When looking for houses to buy, one needs to make an immediate offer on the available houses for sale. Make sure that the offer you are going to make is something that you can afford and do not be pressured to make large offers since you are the only one that will carry this burden at the end of the day. Finding a reliable real estate agent that will help you scrutinize the amount of money needed for the house would be of great help to you so that you would be able to come up with the best offer. After an agreement with the seller has been made, a good faith deposit is required on your ends in order for the transaction to proceed to escrow which could take a month to finish. Once that has been processed, it is now time for you to take the house off the market list along with a contract that you will buy it if upon inspection you will not find problems that are too serious to handle.