As you start to reach life goals and get your life on track, there are even loftier goals that you may seek. If you have a steady job, good credit, and little money saved away, you might consider buying your own home. There are pros and cons to owning property, but if you have determined that this is the right step for you, that’s great! I will provide some tips to help you through the buying process on this page.
Getting Started
First off, you want to make sure that you truly want to buy a home and that this is the right option for you. Consider factors such as:
- Timing. Is this the right time for you and your family to own a home? Is the housing market up or down?
- Location. Are you ready to settle down in one place? Have you determined where you’d like to live permanently?
- Is your credit score in a good place?
- Do you have a steady income and a solid job?
- Is your debt under control?
- What can you afford to pay in terms of a mortgage, house repairs, property maintenance, etc.?
- Do you have enough money to cover a down payment?
- Do you have enough money for closing costs, a home inspection, a home appraisal, and other buying costs?
These are some questions that you should ask yourself before you jump into looking at properties.
Mortgage Pre Approval
If, after considering the above questions, you still think that you are in a good position to buy a home, the next step is getting pre approved for a mortgage. The vast majority of people choose to get a loan so that they can purchase property, instead of buying it outright.
Meet with a mortgage lender. They will take into account your savings, debt, income, credit score, and more, to determine how much money they are willing to lend you. You can use this estimate going forward as you look at homes with a real estate agent.
There are many different types of loans that you might consider. Each has their own pros and cons, so it is important to consider what will be the proper fit for you. A few common options include:
- VA loans.
- FHA loans.
- USDA loans.
- Conventional loans.
Real Estate Agents and House Hunting
Once you are pre approved for a loan, it’s time to start house hunting! A real estate agent can be very helpful in this process because they can help find properties that fit your criteria, they can work with the seller on your behalf, and they can advise you on how to proceed given their experience. Keep in mind that it is also possible to buy a home without the use of a realtor, but both options are things that you should consider.
Now it’s time to look around at different properties and find something that is the right fit for you!
Making an Offer
Once you find the property that fits your needs, you can make an offer on the house. You can submit an offer letter with your offer. At this point, it is not uncommon for the seller to provide a counter offer. You can continue working with the seller to find a compromise that you are both satisfied with.
Once the seller accepts your offer, you should get a home inspection. A home inspection will show you any hidden issues with the property that you need to be aware of. If there are hidden costs, you need to factor these into your budget. If you notice issues with the home, you could ask the seller for a credit so that you can get money to put towards these fixes. Or, you can ask that the seller make repairs before selling to you.
It is also a good idea to get a home appraisal done on the property. Many mortgage lenders will require a home appraisal so that they know the monetary value of the home.
If you are ready to move forward, schedule a final walk through before your closing. This can ensure that the property is left in good condition by the seller.
Your Closing
The final step in buying a home is the closing. At the closing, both the seller and the buyer will sign documents related to the home. You will also sign documents related to your mortgage. Once the closing is complete, you will officially be a homeowner!
Your Fresh Start
There are so many ways to get a fresh start and reach your goals in life. Buying a home is one of them. Getting a Connecticut pardon is another. If you are searching for your fresh start, it can be made easier by a Connecticut pardon. Becoming a homeowner can impress the Board of Pardons. Contact our office for more information.
