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Home Buying in 6 Steps PDF

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Mahid Samad
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149 views1 page

Home Buying in 6 Steps PDF

Uploaded by

Mahid Samad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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HOME BUYING IN 6 STEPS

1 5
Get Ready for Home Make an Offer
Ownership - Ensure the property is inspected by a licensed home
- Build a good credit history inspector
- Get mortgage pre-approval - Acquire title insurance
- Find out what type of mortgages you quality for - Make sure the title is clear, or make your offer
- Consider hiring an attorney to review all contracts and contingent upon title clearance
agreements associated with the home buying process - Read all contracts before signing—make sure you
- Save up for a down payment (typically 10-20% of understand all of the terms, ask questions
property’s value; if FHA-qualified, then possibly less) - Place a competitive bid and be prepared to make a
- Consider closing costs which can include taxes, counter-offer
attorney’s fees, and transfer fees - Keep your credit score stable and in-check by waiting
- Consider utilities and monthly bills, such as to purchase any big-ticket items until long after the

2
homeowner's assessments closing
- Only one offer will result in a sale, so be prepared to

6
Find a Real Estate move on if your offer is not accepted

Professional Closing and Life After


- Get a referral from friends, family, and work
colleagues, or search realtor.com® and look for real the Big Purchase
estate yard signs and advertisements - Protect your new asset by obtaining insurance such as
- Ask the real estate professionals you interview about homeowner’s, flood, disaster, and fire
buyer's representation contracts and agreements; - Weatherproof your new home
make sure you understand the terms - Maintain files—digital or print—for all warranties,
- Explain your needs and expectations to the real insurance documents, contracts, etc.
- Keep original closing documents in a safe place,

3
estate professional you choose to work with
preferably outside the home (such as a safety deposit

Find the Right Property box)


- Set up utilities bills in your name, maintain files
- Determine what is important to you, such as - Implement desired aesthetic changes such as
particular schools, neighborhood amenities, monthly painting, minor construction, and re-flooring
mortgage payment, public transportation, - Set a move date and hire movers or plan a move party
walkability, etc. with your friends
- Make sure you include home owner’s assessments, - Get to know your neighbors and explore your new
utilities, and taxes when calculating the monthly neighborhood

4
mortgage payment - If you're happy with the work of your real estate
professional, be sure to recommend her/him to
Finance the Right friends and family

Property
- Contact your mortgage broker or lender
- The lender or attorney will run a title search to ensure
there are no clouds on the title
- Make sure you understand the financing terms—ask
the lender for clarification, if needed

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