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Step 1
Start by requesting a copy of your credit report. Carefully examine it for errors, and clean it up before you talk to a lender. Are you currently renting? Check your lease for an early release clause. If you'll be subject to penalties, try to time your closing with the expiration of the lease.
If you qualify for financing based on a dual income, will you be able to survive on one salary in order to fulfill a long-range plan, such as one parent staying home to raise a child? Once you've answered these questions, establish a plan. Then direct the process with reference to the plan. Don't let the process dictate to you.
Step 2
Understand the home buying process. Home buyers need to ask questions. Lots of questions. Based on my expertise I can explain the entire home buying process-from viewing homes to negotiating, to financing, to escrow and closing-in detail.
Step 3
Stay within your budget when searching for a home. What can you do to avoid becoming enamored with homes that are out of your price range? Monitor your expenses for a couple of months. Then, based on your findings, develop a budget that truly reflects your lifestyle. I can provide you with insight into new home expenses and taxes. Then revise your budget.
It's smart to ask your lender to pre-approve, rather than pre-qualify, you for a mortgage. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application-including verifying employment information and financial disposition-then clear you for a loan of a determined amount. Having your loan pre-approved gives you a sizable advantage: Your new status as a cash buyer makes you more attractive to the seller.
Once you learn how much of a home you can afford, stay within your budget. Just because you've been approved for a certain amount, doesn't mean you'll feel comfortable with monthly payments at the high end of the range. Ask yourself if you can live with these payments. Do they fit your established budget? If not, rethink your spending limit. Your new home should give you great pleasure, not hold you hostage.
Once you relay your price range to me, I will arrange for you to view properties within that range only. By restricting yourself, you'll avoid disappointment later on.
Step 4
During the home search think with your head, not your heart. Curb appeal can be a powerful force. It's the buyer's kryptonite. By disengaging the mental faculties, it leaves you the home buyer emotionally vulnerable. To counter its effect, you must be objective. Brutally objective!
Look at many homes, including an assortment of types of homes. When you view a property, list the positives and the negatives. Make certain your furniture will comfortably fit into the space. Visit at various times of day to see how much natural light floods the rooms and check for changes in traffic patterns, especially at local rush hours. Have an inspector or engineer pick apart the property. And recruit a friend to view the home and provide you with objective feedback. Ask if he or she can picture your family living there and discuss the whys and why nots. Jot down the points for later review.
Also, think about how long you plan to own the house. Would it be difficult to resell? List the negatives. Could you eliminate or reduce them? Your FREE Home Buying Guide will give you this information, request it.
Step 5
Investigate the area in which you are thinking of buying. Don't stop your inspection at the property line. Examine the surrounding area. Is it safe, well maintained and moderately quiet? Is it convenient to work, schools and shops? Ask about zoning and that lovely forest of vacant land across the street. Could the highway nearby be widened in a couple of years? How far is the train? Within ear shot? If you're not familiar with the area, ask friends and colleagues about it. Do your research.
Step 6
Understand the financing. Here's where it helps to be a quick study. Home buyers have to contend with an assortment of mortgage types and the associated jargon. As your real estate agent, I can be a great resource.
Get every detail in writing, in particular, the lock-in rate, points and fees. And request a copy for your file. You should also request an estimate of your closing costs, which generally run between 3% and 6% of your loan. Inquire about prepayment penalties. Have the lender attach an addendum to your contract that specifies that no penalties will be imposed for prepaying the loan. This step could save you a good deal of money.
Before you get to the table, read all the documents related to the purchase of the property, As your Buyers Agent I interpret them for you and provide you with feedback. You're signing a binding, legal document. Make certain you understand the conditions of the loan. Click here for loan assistance.
Most of all, remember to use me, your Buyers Agent as a resource. I can clarify any issues for you. I am here to educate & guide you, and protect your interests.
Best of all you don't have to pay me a comission!
Tell us about the home you would like to purchase
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| Kean Rolston |
Email At: |
| Coldwell Banker Bullard Realty |
info@homesbykeanrolston.com |
| 1070 Iris Drive |
Phone: (770) 483-3939 |
| Conyers, GA 30094 |
Cell: (678) 313-9431
Toll Free: (866) 238-7103 | | | |