The Home Buying Process
When buying a new home for the first time, many people go into the process completely unaware of what it entails and about what to expect. Having an idea about what is involved in the home buying process can demystify it and make it easier to handle. If you're thinking about buying an Omaha home, you should take a look at the following overview of the home buying process. It will help you get a basic understanding about what the home buying process actually entails.
Examine Your Financial Situation
If ever there is a time to order copies of your credit report from the three major credit bureaus, this is it. Take a good, hard look at your current financial situation and make sure that no mistakes or surprises appear on your credit report.
Figure Out What You Can Afford
Make an honest assessment of what kind of mortgage payment you can afford. Calculate your take-home income and subtract your regular bills and expenses from that number. You should be left with a rough idea about how much "wiggle room" you will have.
Educate Yourself About Mortgages
Read up on the different types of mortgages, fixed rate versus variable rate loans, the differences between mortgage brokers and loan officers and other key things.
With your finances in order, get pre-approved for a mortgage before looking for a home. That way, you'll have a concrete idea about what you are qualified to purchase.
Decide What You Want/Need
Break down the characteristics of your perfect home based on what you want, versus what you need. There's an important distinction!
Using the Internet and the help of a qualified agent, begin your search in earnest. Narrow things down based on neighborhood, type of house and average price.
Make An Offer
With any luck, you will find an ideal candidate in a relatively short period of time. When you're sure about it, make your offer. Consult with your REALTOR® to determine an appropriate offer, and be prepared for a bit of back and forth in many cases.
Although inspections aren't always mandatory under law, they should never be bypassed. Structural damages, pests and other things that can compromise the quality of your new home can be brought to light with a proper inspection, saving you thousands.
Prior to closing, additional appraisals should be done on the home that you are buying. These will help you nail down what kind of deal you are getting, and allow you to see the "big picture."
Congratulations! It's time to close, or settle, on your house. By this point, you should feel confident in your decision and ready to move onto this exciting new chapter in your life: home ownership. Now the real fun - including moving in - begins!