The first step in purchasing a home is the mortgage pre-qualification. This will show you how much you can afford based on your income, debt load, and property value. If this amount goes over what you want to spend, then it’s time to look at other homes or reduce the size of your dream home.
One important thing to consider is that many buyers are getting their financing through a mortgage broker because they offer lower rates than banks do. A lot of people also get their down payment from family members or an inheritance which means less money out-of-pocket for them!
The second step is house hunting and making offers on properties with a real estate agent who specialises in residential properties.
Once you find a property that you want to purchase, an inspection will be needed in order to make sure the house does not have any structural damage or other problems that would cost more than expected during repairs. Oftentimes there are offers on properties without inspections and these could end up being costly mistakes! A home appraisal is then performed so that the lender will know how much it’s worth.
Lastly, you would want to make an offer on a property and get mortgage pre-approval before presenting your offers to sellers with your attorney. This is so you can be sure that all of these pieces are in place beforehand so there won’t be any problems down the line.
How to purchase your first home:
-Find a mortgage pre-qualification company through the web or bank and get an estimate of how much you can spend. They will ask for information about your income, debts, property value, etc.
-House hunt with a real estate agent that specialises in residential homes (instead of commercial)
-Once you find a property that you want to purchase, an inspection will be needed in order for the house not to have any structural damage or other problems that would cost more than expected during repairs.
-A home appraisal is performed so that the lender will know how much it’s worth and can base their decision on whether to lend you the money to purchase this property.
-You would want to make an offer on a property with your attorney and get mortgage pre-approval before presenting offers to sellers so there will be fewer problems down the line.
For more information about purchasing your first home, contact us today!