…before you make an offer on a property, it is a good idea to have a good grasp on the following issues:
The Financing Process
The process of buying your first home can be one that brings great joy; it can also bring out great fear in a person. There are so many things that you have to keep up with, and so many decisions that you will need to make on a split second. There are several things that you will need to discuss with your Realtor when it comes to the financing process.
Understanding Closing Costs From the Buyer’s Viewpoint
If you are thinking about buying a house, you will need to be prepared for the closing costs that are typically involved in any real estate purchase. Darryl would be happy to take you through the typical closing costs that you can expect. Granted, a lot of potential first time buyers will use a housing tax credit, which can help them make the down payment.
Simply, the best way to estimate your closing cost is to calculate 1.75% to 2% of the purchase price, and don’t forget that your first mortgage payment will be due on closing as well.
Emotional Buyer Mistakes
If you are a first time buyer, then you know that people make mistakes all the time. It is best to learn from others who have made mistakes to help you not repeat the same ones yourself. If you are able to look back and see where others have made mistakes then you will be able to avoid the same pitfalls.
Basic Buying Guidelines
1. Think Long Term
2. Check Your Credit
3. Buy what You can Afford
4. Down Payment Alternatives
5. Location Determines Schools, thus potential resale buyers.
6. Use a Realtor
7. Pre-approval, Pre-house-hunting
8. Do your homework
9. Get a home inspection