When it comes time to purchase a home it is vital to be conscience of the task at hand and its importance. Purchasing a home should be done with caution, preparation and with the assistance of a licensed real estate professional. The purchase of a home, for most people, is the most expensive purchase they will make. Whether this is the first time you are buying a home or the fifth there are preparations to be made, steps to be followed and caution to be had throughout.
The very first step in the home purchase process is known as the preparation stage. Buying a home is not something that can be done on impulse. The first part of preparing to buy a home is to know what the real estate market is like around you. Is it a buyer or sellers’ market? Are homes mainly be sold as is or in tip top shape? What do the sales projections look like for the area or neighborhoods you are concentrating on?
During the preparatory phase you will also want to look at your finances. It is important that your credit score is accurate and reflects up to date information on your debt. You will also want to have a detailed report of income as well as expenses. Your debt to income ratio along with savings will help mortgage lenders to determine your preapproval amount. During this stage you should find a mortgage broker or lender that you trust and would like to work with. This may take some research on your end. Remember not all lenders are created equally. Find a mortgage lender that is thorough in providing you detailed options along with the pros and cons of each available mortgage. Finding the best terms along with a low annual interest rate is imperative in helping you to finance the purchase of your new home.
After you have followed the necessary steps in preparing to buy a home you actually get into the actual buying phase. This is when patience as well as diligence come into play. Many people interested in buying a home consider this the fun stage of buying a home. Your realtor will pull from a list from the IDX records, MLS listings and other sources to find homes that meet your criteria. It is essential that your criteria be broken into a few sets including things the home must have for you to purchase it and those luxuries that would be nice but that aren’t critical deal breakers. Once your realtor has found you the perfect home and you decide that this is the one step three can occur.
During phase three of the buying process you will submit your offer, have your offer accepted and close on your new home. Of course this is simplified a bit. A lot of work is done behind the scenes between your mortgage lender, the title company and the real estate agency. There is a lot that needs to be processed and solidified before the home is yours however after a few hours signing papers the house will be yours.
Lake and Land Real Estate is Livingston County’s premiere realtor out of Pinckney, Michigan serving homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Hamburg, Pinckney and Howell. Information can be found at http://www.lakelandmi.com