Eight Steps to Buying Your Home

Step 1 - Decide to Buy

• Although there are many good reasons for you to buy a home, wealth building ranks at the top of the list. We call home ownership the best “accidental investment” most people ever make. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. Base your decision to buy on facts, not fears.

Step 2 - Hire Your Agent

• The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Seven main roles of your real estate agent.

Step 3 - Secure Financing

• While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home. Six steps to Financing a Home :

Step 7 - Closing

• The final stage of the home buying process is the lender’s confirmation of the home’s value and legal status and your continued creditworthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each is progressing, but your work is pretty much done. You just have a few preclosing responsibilities: Stay in control of your finances. Return all phone calls and paperwork promptly. Communicate with your agent at least once a week. Several days before closing, confirm with your agent that all your documentation is in place and in order. Obtain certified funds for closing. Conduct a final walk-through.

Step 8 - Protect Your Investment

• Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch. Attention to your home’s maintenance needs is essential to protecting the long-term value of your investment. Home maintenance falls into two categories: Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style. Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.

1 - Decide to Buy

• If you are paying rent, you very likely can afford to buy. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run. The lack of a substantial down payment doesn’t prevent you from making your first home purchase. A less-than-perfect credit score won’t necessarily stop you from buying a home. The best way to get closer to buying your ultimate dream home is to buy your first home now. Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way.

2 - Hire Your Agent

• Educates you about your market. Analyzes your wants and needs. Guides you to homes that fit your criteria. Coordinates the work of other needed professionals. Negotiates on your behalf. Checks and double-checks paperwork and deadlines. Solves any problems that may arise.

3 - Secure Financing

• Choose a loan officer (or mortgage specialist). Make a loan application and get preapproved. Determine what you want to pay and select a loan option. Submit to the lender an accepted purchase offer contract. Get an appraisal and title commitment. Obtain funding at closing.

7 - Closing

• Stay in control of your finances. Return all phone calls and paperwork promptly. Communicate with your agent at least once a week. Several days before closing, confirm with your agent that all your documentation is in place and in order. Obtain certified funds for closing. Conduct a final walk-through.

8 - Protect Your Investment

• Handle your first tax return as a homeowner. Find contractors to help with home maintenance or remodeling. Help your friends find homes. Keep track of your home’s current market value.