The first step in the home-buying process is making some key decisions about how much can you afford, what time of home do you want, location and so forth. If you are renting and in a position to take advantage of low interest rates, many times purchasing a home is more affordable than renting.
Purchase a Home
Getting prequalified for a home loan is a great way to guide you on your home search. Pre-qualification is an estimate of what you might be able to borrow. You will provide your lender with information about your income and assets, and sometimes will submit to a credit check. Your lender then gives you an estimate of your loan amount and loan program.
Now it is time to search for a home. If you choose to work with a licensed REALTOR, they will be able to assist you in your home search needs.
Things you should consider when looking for a home:
Location: Such factors include the type of neighborhood, school district, area and neighborhood amenities, etc.
Style of Home: There are many styles of housing such as condominiums, single-family homes, etc. You need to decide what best suits your lifestyle.
Home Features: Determine how many bedrooms, bathrooms, stories, you may want or need. You will also need to consider the size of front and/or backyard, number of garages and other aspects of the home. After you have found your home, you will need to submit an offer to the homeowner – this is typically done through a Realtor. They are experienced in the art of negotiations and will assist you in all the aspects of the home buying process from contract to close