Buying a home intimidates most people. However, with a little up-front planning, it's not all that complicated. I like to supply buyers with a road map of the whole deal so they'll know exactly what they can expect. Here are my nine steps to purchasing a home.
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Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at GEORGE@mgmloans.com. |
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Step 1 – Prepare to buy a home
Before you start searching for a home, there are several things you need to take into account. When you start your search, you'll probably want to put together a list of items you need, plan for what neighborhoods and school districts you'd like to live in, and start planning your budget. A good rule to follow is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Speak with a real estate agent in CALIFORNIA
This is where MGM Mortgage Inc. Coronado Realty can help. I'd be happy to plan a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the ANTELOPE VALLEY area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
I'll also help you get started on your loan. There are some great mortgage professionals in LANCASTER, and I partner with a lot of them, so you can rest assured that you're in great hands. They can assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin looking for homes on the market that are a good fit for you. I'll research most of the houses and remove the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we view the homes, I'll call attention to positive features, as well as negative ones. And I'll ask you to tell us about things you like and dislike. It's pretty common for buyers to revise their must-have list as we view homes and some things become more important than others. If such is the case, I'll search the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Know the housing market
My understanding of the LANCASTER home market is a valuable advantage in your search. I am mindful of all the school districts and neighborhoods, and I will alert you to some neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful examination.
When we tour houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be careful and make sure you ask plenty of questions, as any real estate agent in LANCASTER will convince you they truly know the home market. If things don't add up, contact me at 661-948-6440 or e-mail me at admin@mgmloans.com, and I'd be happy to answer any questions you may have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in LANCASTER. When we do, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as obtaining financing, completing the home inspection, and a clear title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer. It's extremely common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get financing
After the contract is finalized, you'll start working with your lender to close the loan. If you're already pre-qualified, this shouldn't take long at all, but you should to keep in close contact with your mortgage lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application. The estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and comfortable occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply call me at 661-948-6440 or send me an e-mail.
