| |
|
|
Quality Assurance
|
- Superior Customer Service
- Online Claims Filing Ability
- 24/7 Claims Reporting
- 0% Financing Available
- Over 13 Years In Business
- Simple & Secure
- Great Rates
|
|
 |
 |
 |
| As a first time home buyer, you might be feeling a little confused or overwhelmed about all of the decisions you need to make. What type of mortgage should I take? How do I go about inspecting the house? Which bank should I use? The list goes on. The following is a list of helpful hints that we hope will make the process as smooth as possible for you as a first time home buyer. |
1. Research the sale prices of comparable houses in the area in which you would like to live. This public information can be obtained from either a local real estate broker or from the city or town hall and it will give you a good indication of what price you should be paying. As a first time home buyer, you want to find out what houses that are comparable to yours have sold for recently.
2. Get information about the city's infrastructure, school system, recreational programs and the like from real estate agents, local banks or mortgage brokers.
3. Drive around the area and make sure you are comfortable with the location. Remember this is a major purchase and you should be absolutely sure.
4. Look at several houses so you can compare the pluses and minuses of each. Observe the number of bedrooms, bathrooms, size of rooms, the layout and the property size. Consider the proximity to shopping destinations, police, fire stations, hospitals and schools.
5. When you are sure about the home you are interested in, speak to the real estate agent and present them with a bid on the house. If the house is "For Sale By Owner", then present your bid to them.
6. Many real estate agents will put your offer to the seller in writing. This will let the seller know that you are a serious buyer.
7. Although this is a major purchase, it is best not to let your emotions get in the way in the buying process.
8. When your bid is accepted - usually after negotiating a price that is fair for both parties, a contract to purchase will be written.
9. At this point, you will put down a deposit on the house. This will vary depending on the buyer's requirements. Make sure you have a real estate attorney with whom you are comfortable. Let him know that you are a first time home buyer and you need to understand the process.
10. You will be able to have a home inspection at this point to make sure the house is in good order and that there are no environmental issues.
11. After you are pleased with the inspection and you are ready to go ahead with the purchase, it is time to start shopping around for a mortgage. You can obtain a mortgage either going directly to a bank, credit union or using a mortgage broker who will shop for the best possible rate for you.
12. When applying for a mortgage, the lending institution will perform a credit check to see that you have sufficient credit to support the mortgage.
13. After you decide on the type of loan you are going to take, the lending institution will issue you a mortgage commitment. This means that you will be locked into to the specific rate, term of loan and dollar amount for your mortgage.
14. Your attorney will order a title search and obtain title insurance for you. This assures that no one else will own the property but you.
15. Once all of the processes are finished, you will be able to get a closing date for your home. This is when you will officially own the home.
16. The closing of your new home is either finished at either the buyer's or seller's attorney's office or the banks office.
17. When all of the documents are signed by all parties involved, you will officially own your new home.
Click here for a Free Instant Home Warranty Quote
This page is intended for informational purposes only. The contents are not, nor are they intended to be, professional advice of any kind.
Please contact one of our Certified First Time Home Buyer Warranty Consultants toll-free for more information about the home protection plan programs that we offer. |
|
|
|
| © Copyright 2012 eWarrantyCenter.com. Powered by BlueSwitch.com |
|
