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Home buying infographic template free1/16/2024 ![]() ![]() Once you make an offer, you can work with your real estate agent to have the home inspected. One thing we tell first-time home buyers to remember is that your first home doesn’t have to be your dream home! Most people sell & upgrade after six years or so-the point here is to get on the property ladder, not rush straight to the top. Don’t move faster than what makes you comfortable, but if your real estate market is hot, good properties are likely to get snatched up before your eyes. ![]() There are a lot of considerations here, and this part can really drag on if you’re indecisive. By now you’ve probably looked at a lot of properties, and you’ll want to be careful in setting your top priorities when home shopping. You can also access one-on-one home buyer coaching any time you need it.Īrmed with all the information you have, a mortgage pre-approval, and your real estate agent’s help, you’re ready to start narrowing down your options. ![]() This step might seem daunting, but if you start with a pre-purchase education course like we recommended above, you should be more than prepared. You will fill out a mortgage application, your credit reports will be reviewed, and you’ll get an official interest rate and approved loan amount. Pre-qualification gave you a realistic home buying budget now pre-approval gets the application process rolling. Once you figure out what kind of loan you want and which lender you want to work with, it’s time to get pre-approved. Remember that mortgage financing comes in lots of different flavors, so shop around for a lender, comparing their interest rates & terms, customer service, and reputation. Now you’re ready to start the official mortgage process. He or she might also have recommendations for a good home lender you always want to compare multiple offers for a mortgage, so definitely take your agent’s recommendation and add it to your list.ĥ. A real estate agent will know more about the neighborhoods you’re looking at than anyone else, and will be able to refer you to great home inspectors, insurance companies, contractors, and more. Seek out the services of a qualified real estate agent, who will help you find the right home for you. When making a purchase as large and important as a home, it’s important to work with professionals. Plan to give yourself some financial breathing room, and borrow less than you’re being offered. Generally, we don’t think borrowers should always borrow the maximum amount available lenders will often give you an amount that is mathematically possible, but higher than homeowners can comfortably afford. You’re just getting a financial institution or mortgage company to tell you what your realistic price range should be. The pre-qualification is not a guarantee that you will get the loan, nor does it obligate you to work with a particular lender. Then the lender gives you an idea of how much you can afford. This process should be free of charge, and can often be done online. This is a quick estimate of sorts you tell a lender you’re thinking of buying a home and provide some basic information. Once your credit reports are ready, you can get pre-qualified for a mortgage. Check out our free Consumer Guide to Good Credit for help with the process. If you do find problems, there are ways to get the reports corrected and/or updated. Your goal should be to make sure the credit reports are accurate, up-to-date, and reflect positively on you. Before talking to a lender, you should get copies of your credit reports for yourself, and look them over for any errors or outdated information. This includes a thorough examination of all of your credit reports & scores. The steps outlined below will be explored in much greater depth, and those who complete the course will be much better prepared to embark on the home buying process.Ī mortgage is a big loan, and will require a lot of paperwork to get. New homeowners will be given access to services specifically for First-time Home Buyers, like down payment and closing cost assistance.Įven people who have owned a home before can benefit from this HUD-approved education. Anyone buying a home can benefit from a home buyer education workshop. This is a very important first step that too many people skip, or wait until too late in the borrowing process to complete. We want to give you a quick overview of the process, including some important steps you should do at the beginning of the process. The home buying process can be overwhelming, especially for first-time home buyers. We’re sharing this home buying process infographic to help you get started!Ĭlick here to share this infographic on your blog or website! ![]() If you’re a first time home buyer, the home buying process can be difficult to navigate. Melinda Opperman Consumer Tips Homeownership Infographics ![]()
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