9 Steps for Buying Your First Property

Click aqui para español- >9 pasos para comprar su primera propiedad

By Carolina Loreto, Realtor®

Buying a home is an exciting process, but it can also be overwhelming. If you want to buy your first property, here are some steps to consider. In future issues, we will talk more in depth about each step.

Decide what neighborhood you want to live in. Familiarize yourself with housing costs in the areas that interest you.
Get your finances in order. Consider your income, debt, and savings. Check your credit score. A high credit score can help you get a low-interest rate.
Decide what type of loan is right for you. Different types of loans have advantages and disadvantages. They include conventional loans, FHA, VA, Jumbo, and others, which we will explain in upcoming issues. Talk to your mortgage lender for guidance in deciding which is best for you.
Get pre-qualified and pre-approved for your mortgage. The ideal time to obtain these documents is when you're ready to begin your search. Your lender will consider your income, expenses, assets, debts, and price range. A pre-approval letter shows sellers and real estate agents that you are a serious buyer who can obtain financing
Get a Realtor® or Real Estate Agent to work with you. It is essential to find a trustworthy agent who will provide information on the neighborhoods that interest you and is knowledgeable about the buying process and negotiations.
Make an offer. If you have found a house that meets your criteria, it’s time to make an offer. During these negotiations, your real estate agent is your best ally.
Inspection. The inspector will check the home for any defects that need repair. The inspection is essential because it allows you to renegotiate the terms or withdraw your offer if the report reveals significant problems.
Valuation of the house. The lender arranges for the home’s appraisal, which may affect the granting of the loan. An assessment estimates a home's worth based on a property's condition, comparable sales in the area, and public records.
Closing the sale. Your lender must provide the closing disclosure at least three days before closing.