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Step1 Get Your Finances in Order |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
Your credit reports are an ongoing look at how you manage your finances. A competent broker can review your credit report with you and tell you what your credit reports say about your financial history as you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.
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Last Updated ( Wednesday, 23 August 2006 )
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Step2 Get Familiar with the Mortgage Industry |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
Finding the right broker or lender is crucial to your home buying success.
It's up to you to determine which lender is best for your needs. A brokers job is to find the best possible loan available to you, however many are limited to a few lenders.
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Last Updated ( Wednesday, 23 August 2006 )
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Step3 Get Pre-Approved for a Mortgage |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
Do you know how much house you can afford? Probably not, unless you've talked with a broker/lender.
Pre-approval helps you in other ways. Consider this scenario.
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Last Updated ( Wednesday, 23 August 2006 )
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Step4 Determine Your Wants and Needs |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
Buying a home isn't as difficult as you might think, even if you're short on funds, but the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at houses.
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Last Updated ( Wednesday, 23 August 2006 )
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Step5 Learn to Work with a Real Estate Agent |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
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Real estate agents represent buyers, sellers, or both--and in some states they can work as neutral facilitators for either party. It's essential to understand agent duties and loyalties before you make that first phone call. When a offer is made o a home, the Realtor is bound to present this to the buyer. |
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Last Updated ( Wednesday, 23 August 2006 )
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Step6 Start Searching for the home you want |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
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Your agent will give you multiple listing sheets to study. I'm sure you'll also pick up House For Sale magazines and read classified ads in your local newspapers. You'll probably spend time surfing the Internet for homes. You might even plan afternoon drives to preview neighborhoods. Those are all excellent ways to see what's available. |
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
There's no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout the United States, so the mechanics of making an offer and its specific contingencies depend greatly on your location.
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Last Updated ( Wednesday, 23 August 2006 )
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Step8 Home Inspections and Other Tests |
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Written by Tamara Schmitt
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Thursday, 24 November 2005 |
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In some states, home inspections are accomplished before the final purchase contract is signed. In other states, inspections take place after an offer is finalized. No matter when you do them, it's critical to decide which inspections and tests you want to perform. |
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Last Updated ( Wednesday, 23 August 2006 )
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