Buyers : To-Do List
For First-Time Buyers
1) SAVE MONEY FOR (Estimate a Range) :
Down payment ( Starting in 3.5% for First time Buyers)
Closing costs. (2% - 5% of purchase price)
2) IMPROVE CREDIT SCORE
Stay current on bills
No major purchases
Don’t cancel any credit cards
Higher credit score = lower interest rate
3) CONSULT A MORTGAGE BROKER
If you are embarking on the home buying process, consider working with mortgage loan experts, like Brokers. They can be a good option to help streamline getting the right lender for your home purchase and how much you would be qualified for.
4) GET A MORTGAGE PRE-APPROVAL LETTER
Pre-approval is the process of determining how much money you can borrow to buy a home. To get a pre-approval letter, lenders look at your income, assets and credit score, to determine what loans you may be able to get approved for, how much you can borrow and what your interest rate might be.
5) DECIDE - What you want in home:
Town or county you want to live in
Price range
Number of Bedrooms and Bathrooms
Size of the house (square feet)
What features you want (Central A/C, Type of Flooring, Fireplace, Basement, SPA, Pool, etc…)
6) FIND A RELIABLE REALTOR to assist you in your process
When you’re buying or selling a home, finding a real estate agent you can trust might just be the most important decision you make. After all, they’ll be helping you manage a transaction that’s worth hundreds of thousands of dollars!
7) VISIT HOMES
Take photos, make notes.
8) NARROW CHOICES
Visit neighborhood during day and at night to gauge traffic, noise, etc
Test commute
Consider resale value
9) MAKE AN OFFER
Common contract contingency opt-outs:
If home appraises for less than mortgage
If inspection reveals flaws owners won't fix
If you lose your job before the deal closes
10) SCHEDULE HOME INSPECTION
A home inspector will look at a house’s HVAC system, interior plumbing and electrical systems, roof, attic, floors, windows and doors, foundation, basement and structural components. Then provide a written report with results.
11) MAKE FINAL WALK-THROUGH Check-List
Make sure that the Utilities are turned on before Final Walk-Thru
Test light switches, sockets
Check that windows and doors work
Test faucets, drains, toilets
12) CLOSE AND MOVE IN!
* Realtor Since 2003 *
Phone/ Whatsapp: +1 973-946-2321
