Dream Home Partner’s Checklist for Buying a Home
Searching for the perfect house to fit your family is more than just looking at pictures on the internet. Let us show you the steps for the home buying process.
Talk to the Bank
When you’re ready to buy a home, your first step should be to talk to a bank. The finance professionals will check your credit score, examine your current debt-to-income ratio, and discuss the loan options available to your situation. This pre-approval process will give you an idea of how much you can afford in a house and what the monthly payments will be.
Get Your Finances in Check
Your pre-approval letter provides you with proof that the bank is willing to lend you a certain amount of money when it’s time. Lenders will be monitoring your accounts and like to see 2-3 months of reliable income and spending to give them an idea of your habits.
Home Sweet Home
Now that you know how much of a home you can afford, it’s time to begin the actual search. Do you prefer a quiet cul-de-sac or do you have kids and want to be on a street where they have someone to play with? Perhaps you’re looking for a good school district? All of these factors play into the neighborhood you’re looking for.
Once you discover your preferred neighborhood, scope out the homes for sale. Once you’re inside you can truly check out the amenities, test the pipes, and get an idea for if the house feels like a home.
Make A Purchase Offer
With your agent’s advice, you can make a fair offer based on the home, neighborhood, and market value. Plus, by making your purchase offer stand out, you could end up the winner in a multi-offer situation.
If your purchase offer is accepted, you can then schedule a home inspection. Done by licensed professionals, a home inspection checks the vital parts of the house. This report provides you with a no-frills assessment of the home, and any issues that could arise in the future.
After the home inspection, it’s important to get everything together for the closing. During this time, your lawyer or real estate agent may have additional forms for you to sign. You’ll be in contact with the lender to ensure they have the correct information for your finances. At the same time, you should set aside funds to cover the closing costs. This is money owed in addition to the down payment.