How to Buy a House. Are you eager to hold the keys of your brand new house in your hand? Well, then where do you stand right now?
Have you hired a realtor?
Do you have money saved for the down payment?
Do you have a steady job that will allow you to make the mortgage payments?
Have you researched online on how much a house will cost, specifically the type you are looking for?
Have you researched the neighborhood you want to live in?
Before you get the keys to your house, you have to do many things. To make it easy for you, we have broken down the house buying process in ten easy steps that will help you understand how to finance and find the perfect home.
How to Buy a House
Step #1
Start Your Research
From the newspaper to websites and magazines — read everything about Orlando’s real estate. Look at the current market trends to find out how the housing market is doing.
Step #2
Get Your Finances in Order
If you haven’t saved for the down payment, then have a look at your finances to find out where you can cut back to get the money. Typically, a 20% down payment ensures the seller that you are a serious buyer and increases your chances of getting the house.
Step #3
Get Preapproved and Prequalified for Mortgage
Can you afford a house? To know about this, contact your mortgage banker and provide him with your financial details. The banker will then tell how much they can lend you. To get preapproved, you will have to provide the lender with your bank account statements, paycheck stubs, and W-2 statements
Step #4
Hire a Realtor
Now that you know that you are financially ready to buy a house, hire an Orlando realtor who has high-quality listings.
Step #5
Tour Several Houses
Don’t just settle on the first house you see. Tour at least 5 houses and look at the following things to make sure there are no major repairs needed:
- Plumbing
- Electrical system
- Basement
- Garage
- Windows
Step #6
Home Inspection
If you have shortlisted a house, hire a home inspector to find out if the house has any major repairs. Negotiate with the seller if he is willing to reduce the asking price if any major repairs are found.
Step #7
Select Your Loan
Select the terms of your mortgage payments.
Step #8
Home Appraisal
Are you sure that you are paying the right price for the house? Hire a home appraisal to find this out.
Step #9
Coordinate the Paperwork
The title company will handle all the paperwork and make sure that the house you are buying is legally on the market and being sold by its rightful owner.
Step #10
Close the Sale
With all the paperwork in order and the house appraised, you can now sign on the dotted line and get the keys to your new house.
Congratulations! You are finally a homeowner.
Get in touch with a qualified Orlando real estate agent by visiting Megan Dowdy Realty. The company’s mission is to provide its clients with the best house buying experience possible. To get in touch with them, call at 407-509-9279.
