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What do you need to know to prepare buying a home? Whether a first time home buyer or not, here are a few things you need to know to start the process.
1. Check your credit score
Do you know your credit score? The higher your credit score, the lower your interest rate. You can receive a free credit score online. Your lender will be able to tell you ways to improve your credit if needed.
2. Calculate your budget
Do you know what you can afford? Don't forget to calculate in expenses such a gas, groceries and miscellaneous expenses.
3. Get Pre-Approved!
This is a big step! Getting pre-approved let's you know for a fact what you can afford without guessing. The lender will give you an amount they will approve you for, so you and your agent know what houses to be looking at. Having a pre-approval also shows sellers that you are a serious buyer. Some properties require a pre-approval to look at the property. You will need the pre-approval to submit an offer on a property. The lender will also be able to talk with you about loan types and you can determine what is right for you.
4. Find an Agent
If you are looking to buy a home, a buying agent does not cost you anything! You read that right, a buyer's agent is a FREE option for you, so why not use an agent? An agent that is working for you, does the negotiations, paperwork & so much more. The agent is there to assist every step of the way. That is something I would LOVE to help you with!!!
5. Start Looking for a Home
Your agent can send you a list of homes in your price range to begin looking through. Start culling through the list and narrow it down to some favorites. Once you have done that, drive by and take a look at the neighborhood and home in person to make sure that is an area you would like to live.
6. Begin Looking with your Realtor
Contact your realtor with the homes you would like to see. Your realtor can setup appointments to take you to see the homes. Sometimes you just know and the home of your dreams may be found immediately and other times it can take weeks or months, but the home of your dreams will come. Be Patient!
7. Found the One?
Once you find the home you love, the next step will be to make an offer. Once your offer is accepted, you will be under contract. Inspections, surveys, and appraisals will be in the future, after all of these are done and all lending steps are complete, all will be good to close.
8. Closing Day & Moving Day!!
You did it! The process of going from an accepted offer to closing normally take 30-45 days. With the help of your realtor, lender, & others, closing day/moving day will happen. You will officially be a homeowner!!! Congratulations!!!
If you are ready to find the home of your dreams, I would love to help make this dream a reality. Contact me to start the process today!
903-235-3931 Meredith Smeltzer, Realtor, Texas Real Estate Executives