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For first-timers, the home buying process can make your head spin. Buying a home is a big step and a serious investment. But, before you get overwhelmed by it all, it’s important to understand what’s ahead of you. Here are four steps to home buying to help make it easier to navigate.
Before you can buy a house, you must have preapproval for a mortgage loan. A loan officer will look at your financial big picture to help you understand what you qualify for and can afford.
Finding a realtor, or buyer’s agent, is one of the most important steps to buying a house. This person will represent you throughout the process, help you find houses that fit your wants and needs, and advise you from making an offer through the closing.
When you find a house that feels like the one, the next step is to make an offer. This involves signing a contract that your agent will submit to the seller’s agent, and the negotiations can begin. They’ll either accept, decline, or send back a counteroffer.
Once the obligatory inspections and appraisals are complete, the paperwork finalized, and a final review by the lender, you’ll get to the closing. At the closing, you’ll sign a lot of paperwork to finalize the loan process and secure your funding. The house is now yours, along with the mortgage.
The above is a very basic step-by-step guide to the home buying process. For more information, a timeline, and to get started with a mortgage preapproval, contact the experienced team at Midland Mortgage Corporation.