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Lots of people don't even consider buying a home because they are afraid they can't afford it. But for most people, home ownership is within reach, especially with some of the special programs for first time homeowners. In fact, for many people, home ownership is as affordable as renting, and in some cases even more affordable.
Ten Steps to Home Ownership.
1. Get your finances in order. Contact the major credit bureaus (Experian, Transunion, Equifax)
2. Consult with a mortgage consultant and get pre-qualified for your home purchase. Your mortgage consultant will go over credit scores, interest rates, and provide you with a good faith estimate (GFE), and pre-approval letter.
3. Contact me "your buyers agent", I will represent you, offer advice and help with probably the biggest purchase you'll make in your lifetime. Do not make the mistake of going alone. I will provide you with recent comps, addendums to the PSA that protect you as a buyer and more.
4. Make a list of your wants and needs for your new home. Is a back yard important, how many bedrooms, baths, what about school district.
5. Once we've found your new home we will write up a Purchase and Sale Agreement. This agreement is then given to the listing agent and the negotiations start. I want the contract and price in your favor, and the listing agent will negotiate for the seller.
6. After we get you the price and terms you want, we will want an inspection on your property by a certified inspector.
7. An appraiser from the lender of your choice will do an appraisal to finalize your loan.
8. Next, you'll need a Homeowners Insurance Policy in place prior to closing.
9. I will call attorney to set up a time and make sure all paper work is in proper order.
10. The day of closing takes place. The attorney, mortgage consultant, listing agent, buyers agent, seller, and you begin the transaction of ownership changing hands.
This is the simple process. Each individual transaction is different and never the same.
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