Tips for Buying a Home
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be moving into your own home!
Seven steps to buying a home
- Figure out how much you can afford
- Call the Mortgage Wizards to get pre-qualified
- Shop for a home
- Make an offer
- Get a home inspection
- Shop for homeowners insurance
- Sign papers
Step 1: Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculators on our website can help, but it is best to call us to find out for sure.
Step 2: Call the Mortgage Wizards to get pre-qualified
Get pre-approved for your loan through Mortgage Wizards. This is how you will learn “how much” home you can afford to buy. You will then be able to narrow your home search. Moreover, Sellers want to be sure that you are a qualified buyer. In order to make your offer standout from the others, it is necessary to have a pre-approval letter accompany your offer.
Step 3: Shop for a home
Choose a real estate agent. Mortgage Wizards can refer you to qualified agents.
- Wish list - what features do you want?
- Homes for sale
- "Fixer-uppers"
- Manufactured (mobile) homes
- Build a home
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.
Step 4: Make an offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Step 5: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Step 6: Shop for homeowners insurance
All Lenders require that you have homeowners insurance. Be sure to shop around.
Step 7: Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
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