Many people do not know that using a Realtor to assist you in buying a home is generally free for the buyers. Our commissions are typically paid from the seller through the sale of the home. We can help you find your dream home and complete the paperwork along the way.
Don’t skip this step. Getting pre-approved is fast, easy and free. A written pre-approval includes a completed credit application and a certificate guaranteeing you a mortgage to a specified amount. With one in your pocket, you won’t waste time looking at homes you can’t afford.
Steps for Buying a Home
1. Hire a Buyer’s Real Estate Agent – This costs you, as a buyer, nothing and benefits you greatly.
2. Get PreQualified/Preapproved
3. Look at Homes for Sale
4. Write a Purchase Offer
6. Make an Earnest Money Deposit
7. Open Escrow/Order Title
8. Order Appraisal
9. Comply With Lender Requirements
10. Approve Seller Disclosures
11. Order Homeowner’s Insurance Policy
12. Conduct Home Inspections
13. Issue Request for Repair
14. Remove Contingencies
15. Do Final Walk-Through
16. Sign Loan/Escrow Documents
17. Deposit Funds
18. Close Escrow
Not enough money for a down payment?
Don’t give up. It may not be the problem you think. Here are five tips that might make owning your dream home a reality.
Ask lenders about zero-down lending programs.
Search for mortgages online. Call all of the banks and mortgage companies listed in the yellow pages and ask about options. Ask your real estate agent for referrals to lending institutions.
Maintain a good credit rating.
Zero-down loans typically require a satisfactory credit history. Get a copy of your credit report and check for inaccuracies. Resolve any problems as soon as possible.=
Talk to your county’s housing department.
There may be federal or locally- backed financing programs with a zero-down option. Take advantage of these.
Check with your employer about financial assistance.
In some fields, like teaching or law enforcement, professional organizations offer financial assistance for home purchases.
Visit with the owners of the home you want to buy. Are they willing to carry the loan? Sometimes, if you commit to pay more than the asking price – or pay a higher interest rate – sellers carrying the loan won’t require a down payment.
First-Time Home Buyers
Dreaming of owning your first home? Tired of shoveling out rent for a home or apartment that doesn’t feel like yours? Take heart, changing from renter to homeowner may be easier than you think. We’re here to help.
Where do you start?
First of all, learn the financing basics. Get pre-approved and become a smart shopper.
When you buy your first home, making monthly payments probably won’t be a problem. After all, you’re already paying rent to your landlord each month. It’s coming up with the lump sum needed for a down-payment that may seem impossible. Fortunately, there are options to make buying your first home a happy reality.
Programs for first-time home buyers. There are several local or federal government programs that help first-time buyers get into the housing market. Ask us about these options.
Your lender. Your bank or credit union may help as well. Are you debt-free and own something free and clear, like a car? Your lender may lend you the down-payment by securing it against this asset.
Private contracts. Look for a seller to help you buy and finance your home. Some sellers are willing to carry the contract themselves and will waive the down payment. You may only have to pay the monthly mortgage installments.
Need financial solutions?
Credit or tax problems. Do you have problems with your credit rating or owe money in taxes? Buying your first home is still a possibility. Check with your lending institution about options, such as paying a higher down- payment.
If necessary, contact a financial advisor or tax resolution service.