You have crunched the numbers, thought about your lifestyle and made the decision to make your dream house a reality. The procedure of purchasing a home can be complicated and demanding; it requires a lot of time and effort. By knowing what is expected you can minimize the uncertainty and confidently find your way to owning a home. These six steps can help make the home buying process easy and help you make the best choices possible.

💯 What Credit Score is Needed to Buy a House?

One of the major requirements considered by lenders in the mortgage application process is the credit score. Your credit score decides whether you will be moving into your dream home or finding another overpriced rental. Credit scores range between 300 to 850. This number is based on whether you pay your bills on time, your overall debt, length of time you’ve had accounts, and whether you have applied for new credit recently. According to the Federal Housing Administration (FHA) policy of 2017, a minimum credit score of 500 to buy a home with an FHA loan in 2018 is expected. However, many lenders require a score of 620 to qualify for a home loan.

💰 How Much Money Should I Save to Buy a House?

When buying a house, fees and expenses can add up quickly. To know how much money you require to save to purchase a house, ensure you know the down payment, closing costs and other pre-paid expenses such as taxes and homeowners insurance. The down payment depends on which lender you use and the cost of the house you purchase. Generally, try to have a 20% down payment on-hand to buy a house. Closing costs can be 2-3% of the amount of your loan. These costs vary depending on location. When prospective home buyers think about how much to save, the amount may seem unachievable at first. By setting realistic financial goals and cutting down expenses, you can create a clear plan for purchasing a house.

👥 Why Choose a Real Estate Agent to Buy a House?

To make your home buying experience less stressful, find a real estate agent to assist you. Their knowledge of the home buying process, negotiating skills, and wide understanding of areas you want to live will save you time and money. Because of their access to homes that are just coming on the market, you’ll have a greater chance of catching the perfect property before someone else. When you share your wish list with the real estate agent, they will narrow down the viewing choices and save you time by only showing you what fits your requirements. Choose an extremely experienced real estate agent to expertly coordinate all the processes and act as an advocate for your interests.

🏡 How to Search Homes for Sale

By now, both you and your real estate agent know what you want and need in a home. Equipped with your price range and knowledge of the local area, look at listings online and properties your agent provides. Start touring homes in your price range. It might be helpful to take notes on all the homes you visit. You will see a lot of houses and it can be hard to remember everything about them, you might take pictures or video to help you remember each home. Make sure to check out the little details of each house and also evaluate the neighborhood.

💲 How Do I Make an Offer on a House?

Once you have found a home that fits your search criteria and budget, the next step is drafting a written offer letter. The offer includes the purchase price you are willing to pay. You’ll also include terms and conditions you are looking for in the deal. Your real estate agent will assist you with information on market details on recently sold homes in the area. This information will help ensure that your offer is adequate and that you do not pay more than what would be required.

🔍 What Happens After an Offer is Accepted?

Once the offer has been accepted, an inspection of the house and a homeowner’s insurance is required. Arrange for a home inspector to inspect the house. The agent can help locate a reliable inspector. The inspection should include the foundation of the home, plumbing, electrical systems, roof, walls, and visible insulation. The buyer will then need to purchase a homeowner’s insurance for the property. This will protect it in the event of a fire, theft, or other possible liabilities. Once the inspection is done and a homeowner’s insurance cover obtained, it’s time to close the deal. Before the closing date, the buyer should verify with the agent and lender, that all of the documents are signed, and terms met. If not, it should be taken care of immediately to make certain there are no last-minute problems. On the closing date, closing costs and fees should be paid.

Your real estate agent is the best source of information about the local community and real estate topics. Give Zen 5 Home Team a call today at 720-335-5372 to learn more about local areas, discuss selling a house, or tour available homes for sale.

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