Article 2 I Want To Buy A Home Now What
Dated: September 30 2020
When you decide it is the right time to start looking for your new home here are some questions to get you started.
1. When do you want to make your move? From the time you find the right house to purchase and when you close on the home can be 45 days or more. This does timeframe does not include searching for the right home. It is a good estimate to figure 3 months or more from the time you start searching till move-in day.
2. What amount of money do you need for closing and what monthly payment can you afford. Look at your budget and figure out how much you are comfortable spending each month on your loan payment, taxes, and utilities. Closing costs include tax escrows, state transfer tax, loan down payment and loan costs. Closing costs can run between 5 and 7% of the purchase price of the home.
3. Thinking about what type of home you would like. Do you want a ranch with all the living space on one floor or would you prefer a two-story home? Do you want a yard, pool, garage, a home in a neighborhood or a more remote location?
4. Deciding where you would like to live. Does your future home need to be in a certain school district? Do you need to be close to a highway for your commute? Is being close to a park or shopping important for your lifestyle? Where your home is located is one of the most important factors to consider when you start to look for a home. There is a reason the phrase “location, location, location” is often brought up when discussing real estate.
Once you begin to answer these questions the next step is to talk with a lender. You may already have someone in mind that can help you with a mortgage, if not I work closely with several lenders who I highly recommend. Not everyone is approved for a mortgage the first time they apply but the lenders I work with help my clients with a plan to clear up any issues and give a timeline as to when they might be approved. Sometimes it is a simple fix that takes a few days or weeks, other times it can require months to fix credit issues. Even if you are not approved upon your first application for a mortgage, the lender will give you an idea of what price range you will be approved for.
A loan application takes about 10-15 minutes to complete with a lender. It can be done in person, over the phone or through an app. There are some simple questions the lender will ask about your employment history, the amount of debt you have, and income information. The lender will the decide if they should pull your credit from the three credit monitoring companies. If all goes well, you can expect to be approved in about an hour.
Please don’t hesitate to call or email me for additional information about the buying process. My goal is to provide you with practical information as you consider your next move. And, when you’re ready to make your move, I’ll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!
If you have more questions about buying a home or any other real estate related questions, please feel free to call or email me.
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