Home Buying Guide Affordability/Mortgage Calculator
Things to Consider Before Buying a Home
Calculate what’s realistic for you before considering so that your able to live within your budget. It’s important to consider your available funds after the monthly cost of your home to account for repairs, upgrades, other family expenses, travel, entertainment and emergencies. Once you know your range, We can help you make the most out of your money.
Check Your Credit
Your credit is crucial when applying for a loan; the better your score, the lower your interest rates will be. Check all three major credit reporting companies: Experian, Equifax, and TransUnion as the information in each report may vary slightly. Make sure you make copies of your credit report and check your score well in advance of applying for loans.
Find a Lender
Most people need to take out a loan when buying a home, and you’ll want to be prepared to make an offer when you find that perfect home. It’s important to be sure that you’re approved for a loan before you start looking at homes so you don’t miss out on any opportunities. If you need help finding a lender, We can recommend trusted lenders near you.
Finding the right home can be time consuming, but it’s important to consider everything before you decide. What’s the commute like to work? If you have kids, what are the schools like in the area? How many bed and bathrooms will you need? Do you prefer a newer or older styled home; single or two-story homes; single-family, condominium or town house? Do you prefer suburbs or city living? What parking requirements or public transportation proximity needs do you have? All are important factors to take into account during the home finding process. We are dedicated to helping you through the entire home buying process. Once we find that perfect home, We will prepare a written purchase offer. Our experience, research and analysis knowledge in market evaluation, can help you arrive at an offer that both fits your budget and has the best chance of being accepted.
Once Your Offer is Accepted (also referred as being in escrow)
After your offer is accepted, the closing process will begin and ends with the recording of the purchase with the Bureau of Conveyance. During escrow, you’ll have an opportunity to have the house professionally inspected, review title, order insurance, request repairs or credits, and review mandatory documents.
Signing and Closing (Recording)
Once all of the contingencies have been met, you’ll sign your loan documents, legal disclosures, tax records and more. Both parties will receive a HUD-1 Settlement Statement, which is an itemized list of charges and credits to the buyer and seller. Closing occurs two (2) business days after the last party (generally the buyer) signs their documents. On closing day, sellers will receive a check for the proceeds they earned from the sale and buyers will receive the keys to their new home! Congratulations, you’re a homeowner!
Now that you’ve found your perfect home it’s time to make moving arrangements. If you plan on utilizing a professional moving company, We can recommend reputable, local movers. Don’t forget to fill out your change of address forms and inform the utility company of your move!