In life people come to a place of wanting to settle down. The desire to put down roots begins to materialize and typically translates to dreams of homeownership. Owning a home means stability, safety and wealth for oneself and family. It's a symbol of hard work, determination and focus leading to a sense of pride and confidence. One can easily envision the end goal of being handed keys to a new home, decorating the space and enjoying it with those who matter most, but there are a couple initial steps that will ensure a successful homebuying experience.
Find A Great RealtorBuying a home is usually the largest and most important purchase a person will make in their lifetime. It's essential to work with an experienced professional for extra protection and guidance. Begin by asking friends and family who have purchased a home recently for recommendations, or research active realtors online, looking for experience and excellent reviews.
A well-seasoned realtor has gained invaluable experience through helping many clients buy and sell homes and will have a team of lenders, escrow title agents and home inspectors that they work with frequently and know and trust. According to Realtor Magazine, realtors help guide people through the home search with an unbiased eye, helping to meet buying objectives while staying within budget, and are a great source when you have questions about local amenities, utilities, zoning rules, contractors and more. Realtors have access to the most powerful home search tools and are also privy to off-market and coming-soon listings before the public knows about them. A broker will bring excellent negotiation skills, handle necessary paperwork and communications, and will be up to date with ever-changing laws, regulations and all the ins and outs.
Lenders and FinancingA stable job, funds for a down payment and a decent credit score are all that most will need to qualify for a mortgage. Finding a great lender is paramount as they'll help homeowners acquire a loan in the amount of hundreds of thousands of dollars. Again, rely on recommendations from a realtor, friends, family or online research. A preferred lender is integral to find from the beginning, even before house hunting. It's important to have a clear understanding of what a buyer can afford from the get-go, and through initial communications a lender will determine an estimate of what is possible. If more preparation still needs to be done, they'll help prioritize steps such as credit repair, proving income, saving for a down payment and closing costs. They'll provide a realistic budget, what monthly payments will be and how much cash will be needed to bring to the table on closing day. Walking you through the entire process they'll be in steady communication throughout the entire process.
A home purchase can be a very emotional and stressful experience. An excellent realtor and their team has seen it all before and can be a rock during the hard times, offering very important insights and advice during these critical times.