Buying: Where Do I Start?

Pre-Qualification

ALWAYS, get pre-qualified first!

What is a pre-qualification letter?

A conditional commitment before actually finding the home you want to buy.

 What is a loan commitment letter?

It is a firm commitment to make the loan.

Renting Vs. Buying

Renting offers a lifestyle that's almost maintenance-free...but consider that renting offers you NO EQUITY and NO TAX BENEFITS.

If your rent has average $700/month for the last 10 years, you've spent $84,000 with NOTHING to show for it.  Isn't it time you invested in yourself instead of your landlord?

What Do You Want in a Home?

How large of a home do you need?

What style of architecture do you prefer?

What type of lot do you prefer?

Which area of town to you want to be in?

What features do you want?

What kind of floor plan do you want?

New vs. Pre-Owned Homes

New homes generally have more space in the rooms where today's families do their living.  Very often there is more closet and storage space.

However, many homes built years ago offer more "character" and tend to have larger yards.  Taxes on some older homes may also be lower.

What Should I Bring When Viewing Homes?

Notebook and pen for note-taking

Tape measure for checking room size, clearances, etc.

Camera

Home Inspection?

For your own safety and to make sure you're getting your money's worth in the home you buy, using a professional home inspector is highly recommended.

 A home inspector will check such things as your home's plumbing, heating and cooling systems, electrical systems, look for structural problems, etc.

Earnest Money

Earnest money is a monetary commitment that shows the seller that you are serious about buying their home.

This money will be held in a special escrow account.  If your offer is accepted, your earnest money will be included as part of your settlement costs as a credit to you.  If your offer is not accepted, you'll get back all of your earnest money.

Do Things in a Timely Manner

Do everything required by the lender ASAP to insure a timely closing.  Turn in any documents needed ASAP.

Set up your insurance policy.

Conduct your final walk thru inspection a couple of days before closing with your buyer's agent to make sure the house is in the same condition or better since you put a contract on it.  Make sure all repairs agreed to are done and are satisfactory.

Make sure you bring your drivers license to closing.