Buying a house is a huge investment and an exhausting one at that. The process is lengthy and confusing, which is why you should always start with an Orlando realtor by your side. An expert will help get you through the steps by explaining the process so things don’t overwhelm you. This ensures you won’t be hit by surprises that might push you out of your budget.
The following chart will briefly explain the home buying process, and then you can look at the steps in depth below it:
|Home Buying Steps||What’s Involved|
|1||Deciding on What You Want||Do you want a single-story or a double-story house? What features are you looking for in a house? What kind of facilities should be available nearby?|
|2||Get Financially Ready||Must have a steady job (Should be working in the same company for more than 2 years, credit report, save for a down payment (5% to 20%) and pay down debt.|
|3||Get Pre-Approved||Contact a lender and provide your financial records to get a pre-approval letter.|
|4||Finding the Right Home||Hire a real estate agent and find the house of your dreams.|
|5||Extending an Offer||Come up with an offer with your real estate agent to approach the seller.|
|6||Inspections and Appraisal||Get the house inspected and appraised so that you can find out the true value of the house. You can then re-negotiate with the seller.|
|7||Closing||Visit the title company and sign the paperwork.|
The Home Buying Process
Step #1 – Deciding on What You Want
The first thing you need to do is decide on what type of house you want. Since you will be staying in this house for a while, think about your plans. From the house structure to the neighborhood and nearby facilities, consider everything.
Step #2 – Get Financially Ready
To get a loan on favorable terms, you not only need to have a “Good” credit score but also reduce your debt and save for at least a 20% down payment.
Step #3 – Get Pre-Approved
Getting pre-approved will tell you how big of a house you can afford. This will also give you an idea of your monthly mortgage payments.
Step #4 – Finding the Right Home
Now that all your finances are in order, you can start searching for your dream house. You will have 90 days for your search as the pre-approval letter will expire after that.
Step #5 – Extending an Offer
Once you have found the house, you can bid an offer on it. If you find yourself in a bidding war, stick to your budget.
Step #6 – Inspections and Appraisal
When your offer is inspected, a lender will order an appraisal to ensure the loan amount you have applied for matches the house’s value. A house inspection is then done to assess the condition of the house. If the appraisal reveals a low value, you can re-negotiate with the seller.
Step #7 – Closing
Before signing the papers, do a final walk-through to ensure the repairs you asked for have been completed. After the money is transferred to the seller and you have signed the title paper, you get the house keys in your hand.
And this is how the home buying process goes! Reading about it might seem less daunting to you too but there are dozens of small steps involved in the middle that can only be handled by a real estate agent. If you are looking for quality house listings, then visit the website Megan Dowdy Realty. Consult their professional Lake Mary realtor to find what type of Orlando real estate you would qualify for. For further information, call on 407-509-9279.