When Buying a Home:
Your first step in the process of buying a home is to determine how much you can
afford to borrow. A basic rule of thumb is that a lender will want your monthly
mortgage payment to be no more than 29% of your monthly gross income.
Mortgages and Home Buying Programs
There are many different kinds of mortgage programs available. It is best to do
some research about the pros and cons of each program. I can help you understand
the steps you will need to take, and can refer you to a reputable mortgage
broker or service. There are also special home buying programs available from
various organizations and many local governments that offer special home buying
programs to help first-time home buyers and those in a lower income bracket. Let
me help you get informed - you may be surprised to discover what you are
eligible for!
Determine Your Search Criteria
Begin your home search by focusing on the location where you want to buy, and
the amenities you want in a home. Determine how much square footage you want,
how many bedrooms and baths you need, etc. Knowing what you're looking for will
not only help you focus your search but will also help me understand your needs
so that I can best assist you in the process. I need to know not only what you
want but because of the prices what you really need.
Shopping for a Home
There are several avenues to take once you begin your home search. I can supply
you with listings, based on your search criteria. You may also look for property
on the Internet, and then ask me your agent to set up an appointment to show you
the house. Reading the real estate section of your local newspaper, or driving
around neighborhoods that interest you is also a viable strategy. As a Realtor I
attend all showing with my clients, It is
important to for us to see as many houses as possible, so that you can develop
an understanding of the market, and get a solid idea of what is available in
your price range. I know that the when we walk into the right home you will know
it.
The Home Inspection
Once you have made an offer on a home, you will need to schedule a home
inspection, conducted by an independent authorized inspector. It is extremely
import to hire a reputable inspector so that you know exactly what you are
buying. Do not hesitate to ask friends, family, and co-workers for advice. If
you are satisfied with the results of the inspection, then you can proceed to
the Purchase and Sales agreement. If the inspector finds problems with the
property, you may want to negotiate with the seller to lower the price, or to
pay for certain repairs.
Appraisal
Your lender will require you to get an appraisal of the house you want to buy,
to make sure it is worth the money that you are borrowing. They will send one to
the home with me.
Homeowner's Insurance
Lenders require that you have homeowners insurance, to protect both your
interests and theirs. Like everything else, be sure to shop around for insurance
that fits your needs.
Settlement or Closing
Finally, you are ready for the closing. Be sure to read everything before you
sign! You should have your attorney read over the Purchase and Sales Agreement
before the closing. I will be with you at the closing to ensure that all is in
order.
Terry Twombly a Jack Conway and Company Realtor 508-212-6511
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