Are You Ready To Buy A House? Home Buying Tips

Going through the home buying process as a first time home buyer can be intimidating. Do you think you’re ready to buy a house? Here are some really helpful tips, collaborated by a variety of professionals, to help you take the right first steps.

Take a first-time home buying class

Did you know there are many resources which you can use to learn about the home buying process in detail? In fact, many mortgage officers will encourage you to attend one of these classes before you even apply for a mortgage. Here are a few things you will learn:

• How to get prequalified and preapproved
• How to find the right real estate agent
• How to shop for your home and make an offer
• How to obtain insurance and what kind of insurance you will need
• When to have the home inspection and appraisal
• Details of the process from beginning to closing

As you go through a class or seminar, some lasting as long as 8 hours, you will learn about each topic in detail. Don’t let the amount of information intimidate you, just take it one step at a time. Also, don’t forget that a good real estate agent will help you with each step as you take them.

The Paperwork for your financing

One task that many first-time home buyers are not prepared for is the amount of paperwork they will need to gather and provide for the financing. Not only will you need proof of income, but you will need proof of everything as it pertains to your finances. A good loan officer will tell you that the key to getting through this phase is organization.

In many cases, this phase is when many home buyers lose track of the little important things. For example, someone forgot to tell the home inspector that the water in the home runs on a well. Now you also need a water inspection and that takes longer – but you were supposed to close in a few days! So now closing could be delayed because a little detail got left out and had a big impact. Effective communication between your loan officer, your real estate agent, and your home inspector will make all the difference.

How to look for a home

You’ve been preapproved! Congratulations, it’s time to start looking for that dream home. Each individual approaches the actual home buying process differently. For example, you might look at homes that are outside your preapproved amount with the intention to negotiate on the price. Others might want to look under their preapproved amount. Some will wait until their real estate agent sends them listings, other will look for them on their own. There is no right or wrong way, just your way.

An important feature of your real estate agent will be assisting you in deciding on whether to make an offer on a home or not. They will provide pros and cons that you may not identify and also provide insight from a unique point of view. Your real estate agent will help you negotiate, if that is an option, and even help you understand resale value. Don’t take this for granted, it will make the process significantly easier. Lastly, your real estate agent will walk you through each step of the process until your closing day.

Every agent’s goal is to assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.