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BUYING A HOME
Buying a home is never easy! Today's real estate market is constantly changing and buyers are faced with a lot of new purchasing challenges.
It's important to work with experienced real estate professional that can help you successfully navigate the process and close on your dream home.
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Determine your budget: Before you start looking at homes, you should have a clear idea of how much you can afford. Take into account your income, expenses, and any other financial obligations you have.
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Get pre-approved for a mortgage: Once you know your budget, it's a good idea to get pre-approved for a mortgage. This will give you a clear idea of how much you can borrow and help you focus your search on homes that are within your price range. For more information about mortgages click here:
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Hiring a real estate brokerage & agent: Different brokerages specialize in different aspects of real estate. When selecting a brokergage, choose the one that aligns most with your home-buying goals. A good real estate agent can help you find the right home and guide you through the buying process. Look for an agent who has experience working with first-time homebuyers and who understands the local market.
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Hiring an attorney: Not all states require real estate attorneys, but it is recommended for your protection. You have the right to engage a real estate attorney at the beginning of any transaction, and you must provide their information to all parties before you begin your home search.
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Start your search: Once you secure your budget, brokerage, and real estate agent, you can start looking at homes. Make a list of your must-haves and nice-to-haves, and be prepared to compromise on some things. Your agent representation will help guide you through this.
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Make an offer: When you find a home you like, your agent will help you make an offer. Your offer should be based on the condition of the home, the local market, and your budget.
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Get a home inspection: Before you close on the home, you should have a professional home inspection. This will identify any issues with the home that may need to be addressed before you move in.
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Order an appraisal: For a lender to fund your new home purchase, you must get a professional appraisal. This determines the true value of the property to provide collateral against the loan. This helps protect both you and the lender.
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Close the deal: Once the home inspection is complete, you can close the deal. This involves signing a lot of paperwork, so be prepared to spend some time at the closing table.
The True Costs Of Buying A Home
It can be difficult to truly understand how much money it costs to purchase a home, especially if you are a first-time home buyer. That is why it is essential to work with the right real estate agent and lender who can accommodate to your personal budget. Here we have broken down the basic components & fees to consider when buying a home:
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Loans: There are a few different types of loans that home buyers can qualify for, which is determined based on a variety of factors. Lenders will look at your credit score, debt-to-income ratio, amount of money in savings, and either 2 years of work history or 2 years of bank statements if you are self-employed. Lenders also want to see between 3 to 6 months of reserves to ensure credibility and show that you have the means to pay them back. All of these things will play a part in deciding if you qualify for Conventional, FHA, or VA loans.
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Down Payment: Can cost anywhere between 3% to 20% of the home's purchase price. The buyer is always responsible for the down payment, and cannot use seller credits. However, many states do offer first-time home buyer down payment assistance programs, often in the form of additional loans. Contact your lender for specific program details and qualifications.
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Buyer's Agent Fee: Can vary depending on what brokerage you work with. Typically, most brokerages require a retainer fee due upon closing, which can be a flat fee or percentage. You can also negotiate for seller credits when putting in an offer on a home (up to 6% which can go towards the buyers broker fee, closing costs, or both).
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Closing Costs: Are a combination of lender fees and title fees paid at closing. These may increase or decrease depending on title company and lender you work with. You can also negotiate for seller credits when putting in an offer on a home (up to 6% which can go towards the buyers broker fee, closing costs, or both).
The Importance of Working With Experts
Buying a home can be stressful and confusing. This is why it's important to hire the RIGHT REALTOR® that is working to protect you throughout the process.
Our team of Dream Home Specialist™ are experts with providing you with:
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Ability to listen to your housing wants and needs
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Knowledge & skill of what to look for in a home, possible red flags
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Connecting you with top lenders that offer first time home buyer programs and down payment grants
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Access to trusted professionals such as home inspectors to ensure the safety of the property
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Get A Loan To Fit
Your Budget
Get Pre-Approved With Voyage Home Loans, LLC. Our affiliate, Voyage Home Loans, LLC will help you find a loan with a monthly payment that fits your budget.
They offer FHA, Conventional, VA, USDA and many more. Voyage Home Loans, LLC also has access to first time home buyer programs and grants to save you money.
Voyage Home Loans LLC NMLS #2454986 Licensed in Indiana and Florida. All Loans are subject to credit approval. This is not a commitment to lend. Voyage Home Loans, LLC is an affiliate of Skyward Realty, LLC
First Time Home Buyer Workshops
Are You A First Time Home Buyer?
Don't worry, we're here to help.
Take advantage of our first time home buyer workshops.
We offer in person, online or study at your own pace.
START YOUR HOME SEARCH HERE
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