Buying a home can be a frightening prospect for any consumer, whether it's your first home or your fifth. With so much at stake — your savings, your credit rating, your financial freedom – it can be difficult to sign on the dotted line, even if you want that home in the worst way.
So how can you determine whether or not purchasing a home makes sense for you? What's the easiest way to examine the whole picture, from emotions to economics? With these 7 steps for success, you’ll be on the right path to homeownership:
Seven Steps for Success:
A mortgage broker or direct lender can let you know what specific loan programs would be best for you, as well as help you understand what criteria are considered to qualify you for the right home loan. You should be aware, however, that while many lenders can pre-qualify you, you might want to instead obtain a pre-approval, which is a financing commitment from the lender that will carry much more weight with your seller than would a pre-qualification.
Make sure you also inquire about the costs and time involved with any loan, as they will differ for each Lender. After settling on the right financing for your needs, the next step is finding a home that also qualifies for the desired loan. By the time you've done your homework and completed the suggestions in this report, you will have an excellent overview of how to find and buy your dream home. And you'll have plenty of confidence to back up your decision to buy that special home, too.
Step One: Establish Your Needs & Wants
Begin your search for a perfect home by making a careful assessment of the kind of a home you need and want. I recommend that you take the time to do this in writing. Take the time right now to be as specific as you can about your particular requirements.
Step Two: Determine How Much You Can Afford
Set up a budget for yourself. Decide how much you can really afford to invest monthly for your house payment. Make sure you’re being realistic; most Lenders want your payment to be no more than 45% of your total monthly income.
Step Three: Get Pre-approved By a Lender
You can save yourself a lot of time and heartache by getting a pre-approval in writing from a Lender before you start to search for a home. Completing this step in advance will also give you an edge over other buyers during the offer process.
Step Four: Find the Right Real Estate Agent to Help You
You can learn a lot about an agent by just letting them "agent talk" to you about how they help buyers. Within a few minutes, you will probably be able to determine if their style is compatible with yours. Some questions you may want answered include:
Ask as many questions as you can upfront. By finding a good agent, you will save yourself considerable time and effort.
Step Five: Find a Home That Meets Your Needs
While you may have heard about the exciting challenges of finding a house, nobody would ever claim the process to be easy. The following are some tips to assist you in finding the right property for you:
Step Six: Make A Purchase Offer on the Desired Property
Before your real estate agent can help you make an offer to buy the home that you want, it’s imperative to know beforehand exactly whom your agent represents. Since some agents work only on the seller’s behalf, that same agent may not be able to advise you what a fair offer to make is. By looking at what homes are selling for in the area and how long they are taking to sell, you should be able to get a good idea of value.
Step Seven: Save As Much Money as Possible on the Transaction
Here are four ways to keep you monthly payments low:
Now that you have finished this report, it's time to go out and find the home of your dreams ! I am here to be your guide!
© 2017 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Information deemed to be reliable but not guaranteed. Real estate listings held by brokerage firms other than Realty One Group are marked with the ARMLS logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Only IDX residential listings are displayed on this site. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. Information last updated on 2017-06-23.
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