| There
are some basic steps that are part of every home purchase.
1.
Gather your financial information. You will want
to list your sources of income, amount in savings, your
monthly expenses, any other short or long term debt, and
other cash-flow considerations. This will be needed to obtain
financing.
2.
Contact a loan officer. In today's market, you
don't just "take out" a loan, you will "shop"
for a loan. Contact a few mortgage brokers or lending institutions
to obtain the best interest rate. Then you should get
pre-qualified, or better yet, pre-approved.
A Seller will be more interested in your offer if they know
that you are qualified or approved for the amount of the
purchase.
3.
Determine a comfortable monthly payment. Your loan
officer will tell you the amount that they will lend you.
Using a mortgage
calculator, determine the monthly principal
and interest payment that you are comfortable with.
4.
Contact an experienced REALTOR from MAINGATE. Your
licensed and trained REALTOR will act on
your behalf, fairly and honestly, representing your interests
in the transaction. And remember, the Seller pays the commissions,
not the Buyer. So we work for you and the Seller pays for
it!
5.
Search for potential properties. Using the amounts
from your loan officer and your mortgage calculator, look
for homes in your preferred areas that not only are in your
price range, but match your preference of number of bedrooms,
number of baths, with or without a pool, style of construction,
age of home, proximity to schools and work, etc. Your MAINGATE
sales associate will provide you with a list of homes that
match your preferences, or you may search from the privacy
of your own computer using our MLS Property
Search.
6.
Make an offer. Once you locate the home that you
would like to purchase, your MAINGATE sales associate will
help you come up with an appropriate offer. Using a Comparative
Market Analysis, the sales associate will determine
a standard market value of the home based on recent sales
of similar homes in the neighborhood. This is similar to
the appraisal that will be required by the lending institution
as part of your loan process. The accepted offer will become
the actual contract.
7.
Contract to closing. Once your offer is accepted,
the wheels go into motion. You will need to select and schedule
a home inspector and a termite inspector. And you will need
to secure homeowner's insurance. Meanwhile, your sales associate
will communicate with the lender and the closing agent to
prepare all of the documentation. If any repairs are needed
and called for as part of the contract, you will want to
contact and schedule a repair person or contractor to make
the needed repairs.Your sales associate cannot select or
recommend an inspector, contractor, or insurance agent for
you, but a list of these and more are offered by the local
Board of REALTORS and available from your sales associate.
8.
Closing. All of the hard work has been done. The
closing agent will have put together "the package"
of closing documents, with support from the loan officer
and your sales associate. Once at the closing table, the
Sellers and Buyers will sign the appropriate loan and title
documents. Once the transaction is closed, you are the proud
owner of your new home !
For
specific questions about the home buying process, ask your
MAINGATE sales associate. |
