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First-Time Buyers To-Do List
October 6th, 2015 11:07 AM

Barbara's Blog:

There are more former renters now looking to purchase a home for the first time. Here is a list and resources that may be of help:

  • Save for the down payment, closing costs and escrow for insurance and taxes.
  • Improve credit scores by staying current on bills, not making major purchases, and not canceling any credit cards.
  • Calculate what you can afford; most real estate websites provide a mortgage calculator to give an estimate.
  • Get mortgage pre-approval and shop for the best deal. Choose primary and backup lenders and get the best mortgage advice.
  • Decide what is most desirable in a home.  Here is a great checklist to use:  hud.gov/buying/wishlist.pdf
  • Choose an experienced and knowledgeable realtor who knows the area well.
  • Visit homes and take photos, make notes and create a home shopping checklist. hud.gov/buying/checklist.pdf
  • Narrow choices by visiting neighborhoods during the day and night to gauge traffic, noise, and test the commute to work.
  • Make an offer.  Here are the common contingency opt-outs:  If a home appraises for less than the mortgage; if the inspection reveals flaws the owners won't fix; if you lose your job before the contract closes.
  • Schedule a Home Inspection
  • Make a final walk through to test light switches, sockets, windows and doors, faucets, drains and toilets.
  • Close, move-in and ENJOY your new home!



Posted in:Real Estate
Posted by Allen Doeringer on October 6th, 2015 11:07 AMPost a Comment

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