Buying a home for the first time is at the same time exciting and overwhelming. In most situations, it feels like a game of hurry up and wait. Things move super fast, and then at a snail’s pace. The process can be quite frightening for those who don’t understand it. This first time home buyer guide is designed to take away the fear and replace it with knowledge. After reading this, the michigan real estate market will be easier to understand.
Before the search for a dream home begins, it’s important to get your finances in order. Don’t do anything that might lower your credit; this includes purchasing a new vehicle, or being late on payments. Save up enough money for your down payment, plus some. The down payment is not the only expense associated with the home buying process. The buyer must also pay for the appraisal and you will want an inspection. Without an inspection, you may find yourself buying a home with problems that you’re not ready to handle.
Contact a mortgage company in order to get a pre-approval letter. A pre-approval letter lets home owners and their Realtor know that you’re serious about buying. This letter also shows the amount that you are approved for. This letter is not a promise that the mortgage will be approved, it just means that at the time of the application the chances were good that it would be.
Work with a Realtor. There is no cost to the buyer and the Realtor has a wealth of information and resources to help with the process. The Realtor does everything from finding houses for a buyer to look at to writing up a buyer’s offer.
Don’t skimp when it comes to hiring an inspector. The inspector works for the buyer, and is there to find potential problems so that they aren’t an unpleasant surprise down the road.
Be patient. From the time of the offer to the time of the closing, months can pass by. This is normal and nothing to be concerned over.
Finally, the closing date is not written in stone. It can and often does change. It’s simply the way the system works.
Now with the help of this first time home buyer guide, potential buyers are better prepared to begin the search for their perfect home.