In the Money: Buying a House - Part 1
Here is a quick article with 10 tips on how to buy a house!
Start your research early: as soon as you can start reading real estate listings.
Determine how much house you can afford: lenders typically recommend staying within 3 to 4 times your annual household income.
Get preapproved and prequalified for your mortgage: before you start looking for a home it’s good to know how much you can actually spend.
Find the right real estate agent: real estate agents can provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public.
Shop for your home and make an offer: start looking at homes in your price range. Also, check details like plumbing, electrical and etc.
Get a home inspection: typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need repair. You can withdraw your offer if the home requires major structural repairs.
Work with a mortgage banker to select a mortgage that works best for your particular financial situation: every home buyer has their own priorities when choosing a mortgage. Some people are more interested in keeping their monthly payments as low as possible whereas others are interested in making sure that their monthly payments never increase.
Have the home appraised: an appraisal will let all the parties involved know that you are paying a fair price for the home.
Coordinate the paperwork: your lender will arrange for a title company to handle all of the paperwork and make sure that the seller is the rightful owner of the house you are buying.
Close the sale: at closing you will sign all of the paperwork required to complete the purchase, including your loan documents.
Disclaimer: this is intended for informational purposes only and should not be construed as personalized investment, legal or financial advice. Please consult your investment, legal and financial professional(s) regarding your unique situation.