Have you decided to not renew the lease on your apartment and finally buy a home? Being a first-time homebuyer can be very intimidating, which is why it helps to know the timeline that you can expect for purchasing a home. Knowing the timeline can help you have reasonable expectations and not be caught off guard by parts of the process.
Hiring An Agent
The first thing you'll likely want to do is hire an agent to help you look for a home. While you can do the searching on your own, there will come a point where you eventually need an agent to kick off the purchasing process. Having a realtor that you have been working with from the beginning can help things go smoothly, so ensure that you've found the right realtor for you.
Getting Prequalified For A Mortgage
The next step is to get prequalified for a mortgage through a local lender. Prequalification is not going to let you know what your exact mortgage payment will be, but it will tell you general ranges of what you can expect. It involves giving basic financial information to a mortgage lender who will let you know what loan amount you likely qualify for. This will help guide your search so that you are not looking at homes outside your budget.
Scheduling Showings
You'll eventually find homes that you like and want to see in person. You don't need to wait until the seller schedules an open house since your realtor can help schedule a showing of the home. This gives you some time to walk through the home and see it in person, which can help you decide if you want to make an offer on the home because it's the one that you want. There is never any pressure to make an offer during a showing, or even let the seller know if you like it or not. They are a very casual way to get a closer look at a home.
Making An Offer
Find a home you like? Your agent can help you make an offer on the home to potentially buy it. The agent helps with negotiating with the seller in case you are making an offer below list price or competing with other buyers in a multiple offer situation.
Selecting A Mortgage Lender
If your offer is approved, you will move forward with selecting a mortgage lender. You'll provide them with info about the home, the negotiated purchase price, and they'll start to move forward with the mortgage approval process.
Reach out to a real estate agent today to start learning about the homes for sale in your area.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!