I get it. You’re looking for a guide to help you take the next step in buying a new home. We’ve laid out a simple, straightforward plan to help you understand everything from budgeting to bidding on your first home so that you can be well prepared from start to finish. All you have to do is follow our simple step plan.
Step in your Buying a New Home
- Your first step is to find a real estate agent you trust.
- Take a look at the local and national market information to understand what prices are like in your specific area.
- You and your agent will calculate the payment or price range you can afford and create a plan to reach that goal.
- Search for homes from the general area you want.
- Make sure to take the advice of your agent who has experience in buying residential property in your area.
- Find the homes that meet your needs, and make an offer on the one you want most.
- Get financing lined up, even if it means taking out a home equity loan or getting a mortgage with a higher interest rate because it will mean more significant savings later when you have paid off some or all of the house.
- Be aware of delays or problems that might cause the deal to fall through, such as appraisals and inspections.
- Once everything goes through, then you’re home free.
- Move into your new home with pride.
In addition, if you are thinking of having a mortgage and you’re dreading the application process? It doesn’t have to be that way. Take the stress out of buying your dream home. In this guide, you can improve your chances of getting a mortgage today.
Getting Started with Your Mortgage Application
As you search for a mortgage, the task can seem overwhelming. That’s why we’ve compiled a list of easy-to-follow steps for getting started:
- Find out your credit score so you know where to start.
- Determine or calculate how much house you can afford.
- Narrow down your list of potential lenders; get referrals from friends or co-workers.
- Search online for a lender who fits your needs by getting personal service, competitive rates, and low closing costs.
- Get detailed information on different types of mortgages and the interest they carry.
- Please make sure all parties have done their homework, then negotiate a great deal. After the agreement is signed and lenders have verified your information.
Are you starting to plan for a home purchase? Want to figure out your monthly mortgage payments ahead of time? This calculator can help you estimate the monthly mortgage payment for any home loan. You can enter a term (the length of your loan), interest rate, and amount of your mortgage loan (principal amount). The result will be the monthly payment based on these figures. Also, if you want to see how the interest rate will affect your mortgage payment, you can enter an interest rate range and see how that changes your estimated monthly payment.
thank you for sharing. will keep this in mind for when me and my husband would finally start looking for a new home.
We’re in the process of building our first family home. We didn’t have to go through an agent because the property was donated to me by my parents and we only have to negotiate with a contractor. But we almost bought a unit house through an agent. She was the worst. It’s good that that sale didn’t push through because the house didn’t fit the required specifications by the government loan agency. That agent was horrific.
so true, having a real estate agent is so helpful, they know the process and less hassle pa in processing all the documents needed.
This was very handy as someone who’s about to be a homeowner. Got to learn everything i need to for this exciting journey!
thank you for sharing this! will study this, so when in the future i have something to look back to when we prepare to buy our home