10 Steps to Home Ownership
- Planning - One of the keys to making the home-buying process easier and more understandable is planning. Planning helps you anticipate requests from other professionals and discover valuable shortcuts in the home-buying process.
- Choose a REALTOR® - interview several REALTORS® before selecting one professional. The interview is a good opportunity to consider such issues as training, experience, representation, and professionalism.
- Get Pre-Qualified - Start the mortgage process well before bidding on a home to determine how much you can afford. Be prepared to complete a loan application and provide supporting documentation. Meet with lenders face to face to review all loan options and to find the program that best meets your needs.
- Start looking at Homes - It's important to list the features and benefits you want in a home and focus on the homes which offer the most desirable features in your price range.
- Choose a home - Finding the right home can be complicated. A house is shelter, but a home is where you spend much of your life. It's where you live, relax, entertain friends, and raise your family.
- Make Your Offer - Don't focus on price alone. Terms of the offer are also extremely important and can represent thousands of dollars in additional value for buyers. Your REALTORS® will you guide you through the complexities of the offer and negotiate the offer reflecting the terms you summarized.
- Secure Your Financing - Have all requested information to your lender for the final approval stage. A final approval will specify the amount and type of loan that's been approved and be free of any additional conditions.
- Due Diligence - Once your offer has been accepted by the seller, it is important that the buyer take reasonable steps in investigating all material facts related to the property. Such investigations include home inspections, local information, title research, the ability to obtain property insurance, and HOA rules and regulations. Your REALTORS® is a valuable source in recommending experienced professions.
- Final Settlement / Closing - This is a brief process where all of the necessary paperwork is signed to complete the transaction and title to the property is transferred from seller to buyer. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests.Â
- Enjoy Your Home - Purchasing a home involves contracts, loans, taxes and a little bit of stress, but you've done it and the home is yours. Now you can begin to enjoy being a homeowner and living the American dream.