1. Deciding to Buy – this is one of the most important steps you will take, actually deciding to take the plunge and buy a home! There are so many reasons to purchase a home, particularly at the moment as interest rates are low, home affordability is at its highest level for decades and owning your own home is a great way to build your wealth through equity and take advantage of certain tax benefits. Don’t be put off by fears of a low credit score or a less than ideal down payment. Talk to professionals first who can help you find a way to make your dream of home-ownership come true.
2. Choosing and hiring an agent – Finding the right agent to work with is of vital importance. Make sure that you work with someone you are comfortable with and who will serve your needs best who also knows the local market you are looking to purchase in. Choose An Agent from Guzman Group and you can be sure to find a hard working professional who has your best interests at heart.
3. Secure Financing – This is definitely important. If you are unable to pay cash for a home, then like most purchasers, you will be obtaining financing for your new home. So, what steps need to be taken to secure a loan?
The first step in securing a loan when buying a home is to complete a mortgage loan application with a loan officer. When you do this a potential lender will likely ask for the following:
*Pay stubs for the past 2-3 months
*W-2 forms for the past 2 years
*If Self- Employed (Provide 2 Years Tax Returns)
*Information on long-term debts
*Two months recent bank statements
*Tax returns for the past 2 years
*Proof of any other income – Child Support, SS Income, Disability Income..
*Source of Down Payment. (Gift, 401K, Retirement, Savings…)
*Sales contract (Your agent will provide your lender with this information.)
During the application process, the mortgage lender will order a report on your credit and will inform you of what programs you are eligible for. Shop around for the best rates and products you are eligible for.
4. Search for a home – This is the fun part! Getting out there and looking at properties up close to see if they suit you. Let’s fact it, here in Avalon Park there are some beautiful properties for sale. But! Beware, this is definitely the most labor intensive task that you will undertake and the novelty of looking at home after home will wear off. So you need to ask yourself important questions before you even get in to the car. Look at what home styles you like, how long you plan on being in your new home, how much space do you need, single story? condo? fixer-upper? what are the local schools like? All important questions that will make your Central Florida home search that much easier if you answer them before actually looking at homes.
5. Making an offer and negotiating – So you have found that perfect Avalon Park home lets say, you love the style, there is enough room for the kids, a large enough yard for Fido and you just love the neighborhood. Now it is time for you to grab it! For this stage in the process you need to ensure that you put your emotions aside and think rationally. You need a cool head with a businesslike approach to everything. Contrary to popular believe, price isn’t everything. When you are negotiating to purchase your dream home, then consider the price, terms of the deal as well as contingencies.
6. Close – The paperwork is in place, the contract is signed and the funds are on their way. Now it is time to go through things one last time at the closing table to close the deal. But! Make sure you are prepared. Keep control of your finances at this stage, make sure you are on top of the paperwork you are responsible for and make sure that you conduct a final walk through of your new home.