The home buying process is rather involved for every buyer, but depending on your circumstances, it might be inherently more difficult for you. Even if your situation presents no special needs at all, however, the number of steps involved in buying a home may surprise you. Skip one, and it could cost you thousands of dollars or worse – the chance to purchase your dream home.
Mortgage Loan Pre-Approval
Pre-Approval is a lender’s initial agreement to fund your mortgage for a specific dollar amount. In order to complete this step, a lending institution looks at your earnings and credit report, along with other documentation, to determine whether or not they’re likely to give you a loan. Unfortunately, pre-approval doesn’t guarantee financing, but it helps to target programs that fit your situation to a T.
Selecting A Buyer’s Agent
In certain states, like South Carolina, there are real estate professionals dedicated solely to buyers. It’s to your advantage to work with an exclusive buyer’s agent because he or she will be more concerned with getting you a fair price than driving up profits for the seller. A buyer should always use a different agent than the seller of the home so you know someone is watching out for your best interests.
Offers And Inspections
Found the perfect place? It’s time to begin the negotiation process by making an initial offer. The offer document contains much more than a purchase price. You can ask for the sellers to cover your closing costs, make repairs or small renovations, or even leave their appliances behind. Your real estate agent will help you work out the best offer for you, based on the property and the financing you’ve secured.
Once you come to an agreement, it’s time to schedule inspections. A general home inspection detects problems throughout a house, while system-specific inspections – for plumbing or roofing, for instance – are essential for uncovering hidden expenses before you commit to a sale. Poor inspection results are cause to adjust your offer or entirely pull out of a deal.
Depending upon your state, closing includes various tasks. Title inspections, home appraisals, and a final review by the lender are common. It’s during this stage that many homebuyers get themselves into trouble. Midland Mortgage Corporation can help secure your funding by giving you personalized closing advice you won’t hear anywhere else.
Protect yourself and your home buying plans by getting to know more about the mortgage loan process.