8 Tips for First Time Home Buyers | Home Buying Process

1
8 Tips For First Time Home Buyers Home Buying
Process
Buying A Home Can Be Exciting And Daunting Task
At The Same Time
www.zeroc.co.uk
2
START SAVING NOW Buying your first home can be
one of the biggest financial decisions. Start
savings for the deposit. Even small savings
weekly or monthly can be supportive in the long
run. You have to pay to the realtor, the
attorney, the appraiser, etc.
EDUCATE YOURSELF Educate yourself on the various
steps of buying a home. The steps involve talking
to lenders, finding a realtor, online searching,
previewing the home, making an offer, finalizing
the deal etc. Don't buy based on emotional
decisions, instead make a smart
investment. Educating yourself increases the
chances of buying a perfect home in your budget.
www.zeroc.co.uk
3
CHECK YOUR CREDIT PROFILEA good credit status is
an important factor for home ownership. Improve
your credit card status to increase the chances
of approval for home loan. Mortgage Lenders
consider your credit record when you're applying
for a home loan. Build a reputable credit card
score by paying it back or, time.
EXAMINE HOW MUCH HOUSE YOU CAN AFFORD Calculate
your total income in a month. Check your debt -
figure if it is a good debt or bad debt. Examine
to save for down payment or pay off debts based
on your personal situation Use mortgage
calculator to estimate monthly payments. You have
to pay for taxes insurance, home maintenance,
monthly expenses etc.
www.zeroc.co.uk
4
GET PRE-APPROVED FOR A MORTGAGE If you have time
and expertise, contact mortgage lenders otherwise
hire mortgage broker Search for a mortgage
brokers online ask from family or friends, read
reviews. Speak to mortgage brokers and choose a
professional licensed broker. Discuss your
requirements and financial situations Choose a
type of mortgage. Get the best interest rates and
program from broker suggestions.
FIND YOUR DREAM HOME Find the right real estate
agent or browse online listings and check local
newspapers. Choose a location, type, price,
architecture and size of home. Take into
consideration the prices of the property will
increase or decrease in future? Will you have
access to school, market, park, restaurants and
hospital etc? Check for crime rate, traffic etc
in the area.
www.zeroc.co.uk
5
REAL ESTATE Research each home you are
interested in. Have the home appraised. Do home
inspection check for repairs and installations
required. Negotiate on the basis of repairs
required or will it be included in the
sale. Properly examine each property documents
agreements. Ask for re-negotiations from the
agent or do it yourself. Get the utilities
transferred from the seller to you.
CLOSE THE SALE Keep your down payment amount
ready. Sign all the papers required for making
the purchase only after discussing with an
expert. Get the home keys once your loan is
funded and seller gets the cheque. Move to your
first home and get it insured.
www.zeroc.co.uk
6
ZeroC 1A Liscombe Street Poundbury, Dorchester,
DT1 3DF Phone [phone]