4 Steps in buying a home. Home-buying Checklist

Posted by Tamborrel Properties on Thursday, June 15th, 2017 at 6:03pm.

 

1. Estimate What You Can Spend on a Home

Sizing up your finances early can prepare you to find the best home loan. Use a few standard guidelines to gauge your homebuying power:

____________  Estimate two and a half times annual income.
____________  Calculate 28% of before-tax income for monthly housing debt (mortgage payments, property taxes,insurance and any maintenance costs for a co-op or condominium). 
____________Get a rough estimate of how much you can afford now with our How Much Can I Borrow? Calculator. 
____________Start gathering relevant financial papers needed for your application and be one step ahead of the game.


2. Get Pre-Approved

A pre-approval is a letter from a lender to give homebuyers a specific loan amount and loan type. You can
get pre-approved before or after you have found a home to buy.However, many buyers find that they have
increased negotiating clout if they are already pre-approved when they conduct their home search.

__________ Check your credit report, if needed, to make sure there are no surprises.
__________Apply for pre-approval.

3. Find the Right Home

House hunting can be fun and exciting, but you have to do some homework to find the right
home for you.

___________ Investigate neighborhoods and schools.
___________ Conduct a cost-of-living comparison if planning to buy in a different geographical area.
___________ Prioritize desired home features. Get started with our Wish List
___________Choose a realtor
___________ Make an offer and negotiate a final price.
___________ Have the home inspected.

4. Close the Purchase

If you’ve followed the steps above,these final stages of the home purchase should go smoothly:/p>

__________ Find the best mortgage in houston for you. 
__________Organize your documents and information before you apply. Follow our post: How to get a Mortgage Loan in Houston
__________ Apply for a mortgage formally to obtain a mortgage commitment letter. For homebuyers with pre-approvals,this will be a formal application. 
__________ Close the loan. A realtor,settlement agent,or attorney generally walks homebuyers through the process of meeting contract contingencies and scheduling settlements.
__________Move in and celebrate

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