Homebuyers’ Quick Tutorial – 7 Steps to follow while buying a home
- Author Frampton Martin
- Published May 19, 2010
- Word count 484
Are you planning to buy a home? You should know that there are a number of factors that you need to consider while purchasing a home, especially if you’re a first-time homebuyer. Here is a homebuyers’ quick tutorial that will make you aware of the steps that you need to follow while buying a home.
7 Essential steps in a home buying process
7 Steps in a home buying process are discussed below.
-
Raise score is necessary – You should order your credit reports and check your score as soon as you decide to purchase a property. If your score is not good, then it may become difficult for you to take out a home loan with favorable terms and conditions. So, before shopping for a home loan, increase your score, if necessary.
-
Know about the market price – You’ll have to make a down payment on your home when you take out a mortgage loan. It is advisable that you make an idea regarding the current market price so that you can calculate the down payment amount. In addition to this, brief knowledge of market price will also help you to assess whether or not a property is overpriced.
-
Plan your personal finance – It is needless to mention that a homebuyer has to make a huge financial commitment when he/she decides to obtain a mortgage loan. So, take into account your income and expenditure and make a budget plan so as to save the down payment amount. You should also calculate your monthly mortgage payments in order to assess whether or not your financial condition will permit you to make the payments on time.
-
Get mortgage pre-approval – Getting pre-approved for a mortgage will help you to close on the purchase quickly. Pre-approval is also necessary as not all mortgage lenders want to work with a first-time homebuyer.
-
Decide what you want – Before beginning your search for a house, you should decide what features you want in your new home. It is advisable that you decide your priorities as per your affordability.
-
Search for a house – Inform your real estate agent about your priorities (such as, a swimming pool, the number of bedrooms, etc); it’ll help the agent to search for a house with the features you’re looking for. You should also mention your priorities regarding the neighborhood; for example, whether or not you want your home near an amusement park.
-
Arrange for home inspection – As soon as you find a new home, arrange for a home inspection before negotiating on the price with the seller. An experienced home inspector will find out deficiencies and submit a report, on the basis of which, you can negotiate on the home price.
Apart from following the above steps, a homebuyer should also purchase adequate home insurance coverage so that he/she doesn’t suffer from financial losses due to theft, disaster or other unexpected circumstances.
Frampton Martin is one of the financial writers associated with the Homebuilder-guide.com. With his in-depth knowledge and vast experience, he has been able to leave a mark in writing and advising on all Home-buying issues. His remarkable guidance and support has improved the website into a global hub for the home buyers.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Is a Farm in Tennessee the Life for Me?
- Searching for Homes in Lawrenceburg, TN: Why it’s a Great Place to Live
- 1031 Exchange
- I Was Weeks from Losing My Home — Here’s What I Wish I Knew About Foreclosure Rescue
- The Next Luxury Housing Train Stops in Thompson's Station Tennessee
- SolarWave Group Portugal: Vale do Sol
- Foreclosure Insight #2: How to Negotiate with Your Lender and Avoid Foreclosure
- Foreclosure Rescue: A Lifeline for Struggling Homeowners
- Exploring Homes for Sale in Columbia, TN
- Exploring New Homes for Sale in Tennessee
- Hickman County, Tennessee: The Undiscovered Country
- What is Brick and Mortar Tinting?
- Fast Instant Home Cash Offer—No Realtor Needed
- How to Find a Good House Extension Builder: A Homeowner’s Guide
- How to Choose the Best Real Estate Drone Videography Service in CA
- Top-Tier Real Estate Videography in NV: Boost Your Sales with Stunning Visuals
- Whu buy an apartment in Manilva
- How AI is Reshaping the Luxury Real Estate Industry
- Living In Harmony
- Luxury Cabin Homes: The Galactic Timber Reckoning Unleashes an Infinite Apocalypse.
- A Global Tour of Luxury Homes: The Pinnacle of Extravagance.
- Distinctive Roofing in Godalming - Tradition, Craftsmanship, and Modern Innovations
- Security And Anti-Theft Features Of WPC Door Frames
- HMR Waterfront: An Exceptional Real Estate Hub in Karachi
- How Technology Will Transform the Real Estate Industry in 2025
- Ras Al Khaimah Property: A Rising Investment Hub with Unmatched Potential
- Real Estate Online: Transforming How You Learn, Sell, and Succeed
- 5 Reasons Why You Need a Mobile Notary for Real Estate Closing
- Fresh Paint for a Fast Sale: Here's Why You Should Paint Before Listing
- First-Time Renters in Mississauga: Essential Tips for Success