What are the steps in buying your first home? The homebuying process is a bit different for every sale, but still includes a few major steps. Knowing how to prepare for these steps will help you not only in buying a house, but in being a successful homeowner for years to come.
Here are some of the major steps to consider:
Find a real estate agent
You might know that buying houses is a complicated process. While most homebuyers opt for taking the journey on their own, having a trusted real estate agent makes things much more simple.
Real estate agents can help guide you through the entire homebuying journey, ensuring you find the best house, answer questions that are important to you, provide valuable advice and negotiate with sellers.
Plan for the down payment
Once you have determined the amount to spend for your down payment, you will determine how to save for it. A small down payment will require less cash upfront and will require mortgage insurance, which adds to your long-term costs.
If it is your first home, consider checking out first time homebuyer programs. There are many forms of financial aid, such as down payment assistance and help to lower your monthly mortgage payments.
Find the right mortgage for you
Your choice of mortgage matters, both in scoring the home of your dreams and in affording it long-term. Before determining what type of mortgage to apply for, it's vital to understand their advantages and disadvantages.
The most common mortgage categories are traditional loans and FHA loans. Traditional loans are mortgages you get from a bank or other lender, while a FHA loan is backed by the Federal Housing Administration. Each has their own requirements for eligibility and approval to consider.
Don't forget the rest of the homebuying process
Once you've made your financial plans, it's time to find your dream home. Work with your real estate agent on your house hunting, as they can help you find the features, size, location and purchase price you're seeking.
Once you find a home and make an offer, next comes negotiation, home inspection, home appraisal and eventually paying your closing costs. Closing on a home is another aspect of homebuying that a real estate agent can streamline with confidence.
Whether it's finding the right home loan or figuring out homeowners insurance, there are many steps in the homebuying process. While it can be a complex real estate transaction, following these basics - and working with a qualified real estate professional - will make your journey quicker and smoother.
About the Author
Jamie Jamieson
Professional Association National Association of Realtors (NAR) New York State Association of Realtors (NYSAR) Hudson Gateway Association of Realtors/ Hudson Gateway Multiple Listing Service Education I hold an A.A in Italian Studies and an A.S in Accounting as well as being one of few students accepted into the Cambridge University International Student Study Program abroad as a returning student in 2011. Community Involvement I am proud to serve on the Home & School Board for St. Augustine School in Ossining and maintain the role of a Girl Scout leader. I am an active member of the community assisting in a variety of fundraising efforts. Personal I am a young and energetic agent who prides myself on providing personalized service with honest representation whether you are buying or selling your home. My expertise of the river towns, attention to detail and excitement for real estate are a few of the many assets I will bring to you. I will utilize my eagerness and market knowledge of the area to build lasting relationships with all of my clients that will extend far beyond the closing table. Be at ease from start to finish with my help. In my spare time, I love exploring the Hudson Valley with my husband, three children and our dog, Pippin. I love scoping out the infinite restaurants, farmers markets and other fabulous activities this exciting county has to offer. Experience Before joining William Raveis Legends Realty Group I started my career with Hudson Homes Sotheby's International Realty team. Prior to real estate, I had a remarkable 15+ year career in Restaurant Management/Hospitality including Ruth's Chris Steakhouse, Rivermarket and several establishments in Newport, Rhode Island. My experience in that field provided me with the foundation of excellence in customer service. Areas Covered All of Westchester County and parts of Putnam County.