First Time Homebuyers can find the support and advice they need from the Start Packing Team from RE/Max Realty/Findlay
The Start Packing Team can help you figure out how much you can afford. What you can afford depends on your income, credit rating, current monthly expenses, amount available for downpayment and the lending institution’s interest rate.
Organize your documents. Mortgage lenders request two recent pay stubs, the previous two years’ W-2s, tax returns and the two most recent months’ bank statements.
Figure out your down payment – 10% is the minimum in most cases, but 20% will help you avoid private mortgage insurance (PMI) payments. When first time buyers are utilizing regional or national programs/assistance these guidelines may vary.
The homebuyer’s credit score is among the most important factors when it comes to qualifying for a loan. To get a sense of where your credit stands, go to AnnualCreditReport.com to get your free credit report from each of the three credit bureaus.
Compare your assets and liabilities. When you examine this ratio, how much home can you actually afford? Lenders will frequently allow buyers to borrow more than may be comfortable. Feel free to ask the Start Packing Team’s advice. We won’t push first time homebuyers into a house with payments which could become a struggle to maintain.
What type of home best suits a first time homebuyers needs? The answer rests in the answers to the Start Packing Team’s many questions! First time homebuyers have several options when purchasing a residential property – traditional single-family home, townhouse, condo, or multi-family building. The Start Packing Team can help decide which type of property will best help you reach your goals. Are you concerned with school districts and taxes? Home association rules and fees may be important to you, too. The Start Packing Team will ask first time homebuyers all the right questions to make sure the correct home is purchased!
What specific features will your ideal home have? It’s good to retain some flexibility in this list. But first time homebuyers are making one of the biggest purchase to date. The Start Packing Team wants this purchase to fit both your needs and wants as closely as possible. Your list should include basic desires, like two-story or ranch, all the way down to smaller details like number of full and half baths and a kitchen with an island.
The challenge of buying a home for the first time can seem so daunting. It’s tempting to either just go with the first house that falls in your price range or continue to rent. The Start Packing Team can help you demystify the process and get the most out of the purchase. First time homebuyers need to examine what to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.
Who will help you find a home and guide you through the purchase? The Start Packing Team WANTS to help you! A real estate agents with Re/MAX Realty/Findlay, we will help you locate homes that meet your needs and are in your price range, then meet with you to view those homes. Once you’ve chosen a home to buy, the Start Packing Team will assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. Our expertise can protect you from any pitfalls you might encounter during the process.
When a first time homebuyer is ready, the Start Packing Team will present the offer to the seller’s agent; the seller will either accept your offer, decline or issue a counter-offer. The first time homebuyer can then accept, or counter until a deal is reached or both parties decide to call it quits. If an agreement is reached, a good-faith deposit is generally required and the process then transitions into escrow. Escrow is a short period of time (often about 30 days) where the seller takes the house off the market. There is a contractual expectation that the first time homebuyer will buy the house. That is, provided the buyer doesn’t find any serious problems during the inspection.
Regardless of the apparent condition of the property, there’s no substitute for having a trained professional inspect the property. The Start Packing Team wants nothing more for the first time homebuyer than the quality, safety and overall good condition of your potential new home. If the home inspection reveals serious defects not disclosed by the seller, it can negate the offer and get and the deposit is returned. The seller may be required to make the repairs or discount the price.
Closing basically involves signing a lot of paperwork and assuring a clean title. This may also include having the home appraised (mortgage companies require this to protect their interest in the house), obtaining private mortgage insurance or a piggyback loan if your down payment is less than 20%, and completing mortgage paperwork. The Start Packing Team will be there with the first time homebuyer every step of the way!
The Start Packing Team wants to help put you on the path towards filling in any gaps in your first time homebuying knowledge. Ask questions – the more you educate yourself, the less stressful it will be. The Start Packing Team wants to get the the first time homebuyer into the house you want for a price you can afford – and with a smile on your face!
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