The Road to Homeownership
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Determine price range
Step one is figuring out your budget for a new home. The best way to do that is to meet with a mortgage professional who will review your income, assets, and credit history in order to pre-approve you for a loan.
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make a wish list
Imagine your ideal home then make a list of everything you envisioned, such as the number of beds/baths, the style of home, and location. Then break that list down into high-priority items you can’t live without and lower-priority things that would be an added bonus.
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Start Searching
Once you know how much you can afford and what you’re looking for in a home, it’s time to start your search. And the best place to start is online. You can start your search here at - Compass
Questions before you buy?
let’s look at 6 questions to consider
Narrowing down your big-picture homeownership goals will point you in the right direction.
How’s your financial health?
Which type of home will best suit your needs?
Which specific features do you want your ideal home to have?
How much mortgage do you qualify for? and How much home can you actually afford?
Who will help you find a home and guide you through the purchase?
FAQs
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Negotiation -
When making an offer on a home, your real estate agent will negotiate on your behalf in order to attain the best terms for you. This can include negotiating the price, repair costs, timelines, and contingencies.
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Contracts
This is the legal contract a buyer and seller enter into once the buyer’s offer has been accepted by the seller. It outlines the terms and conditions of the sale and is signed by both parties.
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Earnest Money
This is when you agree to pay a percentage of the home’s asking price into an independent account to show the seller that you’re serious about buying. In return, they agree to take the home off the market. When the sale closes that money is put toward the down payment or closing costs.
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Home Inspection
Once the Purchase and Sale Agreement is signed, a home inspector is hired to examine the home’s health, safety, and major mechanical systems. If any issues arise from an inspection, the buyer may be able to renegotiate their offer.
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Title Report
This is a report for you and your lender detailing the history of the home you’re buying to ensure there are no legal barriers to purchasing it.
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Escrow
Escrow is an impartial third-party process in which documents and funds are deposited by buyers, sellers, and lenders to facilitate the closing of a real estate transaction.
