First Time Home Buyers

Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. But first-time homebuyers actually enjoy some special advantages created to encourage new entrants into the real estate market.

Pre-Qualification: Meet with a mortgage broker

Pre-Approval: Your budget is formed. Sellers always ask for proof of funds or a pre-approval letter. While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. Ask your mortgage broker for pre- approval costs.

Lists of Needs: i.e., the number of bedrooms for your family, a one-story house, LOCATION.

Representation by a Professional: Hiring your own real estate agent, Kyle Denlinger. His ultimate goal is to provide his clients with utmost professional experience and to form a trusting bond for years to come.

House Searching: Visualize the house empty & with your decor. Does this home really meet your needs?

Making an Offer: Include inspection & mortgage contingencies in your written offer. Have the property inspected by a professional inspector

Inspection/Negotiate: If the home inspection reveals serious defects that the seller did not disclose, then you’ll generally be able to rescind your offer and get your deposit back. Alternatively, you can negotiate to have the seller make the repairs or discount the selling price.

Under Contract: If you reach an agreement, you’ll make a good-faith deposit, and the process then transitions into escrow. Things that you’ll be dealing with and paying for in the final stages of your purchase may included: having the home appraised, doing a title search to make sure that no one other than the seller has a claim to the property, obtaining private mortgage insurance if your down payment is less than 20%

Closing: Closing basically involves signing a ton of paperwork in a very short time period. Other closing costs can include loan origination fees, title insurance, surveys, taxes, and credit report charges.

Congratulations, New Homeowner!