Thinking of buying your first home or one that better suits you and your family? Here are three important steps in the home buying process you don’t want to skip:
- Get a mortgage pre-approval. Nearly nine out of every 10 buyers finance their home purchase. Knowing how much home you can afford is a crucial first step before you start shopping for a home. A mortgage professional can provide you with this information before you begin your search. You’ll also find out how much cash you’ll need to have at closing. Your downpayment depends on the type of mortgage you are able to get. Some government-backed loan programs have a downpayment requirement as low as zero to 3 percent.
- Consult a real estate professional. Seeking the advice of a real estate professional can be a great way to go when buying a home. An agent can help you navigate the entire home buying process, including touring homes, comparing properties, making offers and preparing to close on your home.
- Get a home inspection. A pre-purchase home inspection is a vital part of the home buying process. Make your offer contingent upon one. Without a home inspection, you’re depending only on the home seller to let you know about any defects or issues. They may not realize some of their home’s issues. No one wants to find out that a roof needs to be replaced or a furnace is faulty after they close on a property. A home inspection is not going to find every single thing that may need to be replaced or repaired on a home, but it will give you a better idea of whether you face costly home repair bills down the line.
