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Buying your first home is an exciting journey, and it’s important to take things step by step. Here are the key steps to help you get started:
1. Assess Your Finances
- Check Your Credit Score: Your credit score plays a key role in determining the mortgage rate you’ll qualify for.
- Set a Budget: Determine how much you can afford by evaluating your income, debts, and expenses. You can use an online mortgage calculator to estimate what you can afford.
- Save for a Down Payment: Typically, you’ll need 3-20% of the home’s price for a down payment. The more you save, the better your loan terms will be.
2. Get Pre-Approved for a Mortgage
- Contact lenders to get pre-approved for a mortgage. This will help you know how much you can borrow, showing sellers that you’re serious and ready to buy.
- Compare rates and terms from multiple lenders to get the best deal. We have great relationships with many lenders to assist you in finding the best fit, call for details.
3. Find a Real Estate Agent
- Bicentennial Realty’s Lisa Joy Rupinski a local real estate agent can help guide you through the process, help you find homes that meet your needs, and negotiate on your behalf. Lisa makes Buying a Home a JOY! 518-469-6958 call/text
4. Start House Hunting
- Make a list of your must-haves and nice-to-haves. Consider things like location, size, amenities, and the condition of the home.
- Visit homes, attend open houses, and ask questions about the property’s history and any potential issues.
5. Make an Offer
- Once you’ve found the right home, your agent will help you make an offer based on comparable homes in the area and market conditions.
- Be prepared for negotiation. Sellers may counter your offer with different terms.
6. Get a Home Inspection
- Hire a professional inspector to check for any potential problems (e.g., structural issues, pests, or problems with electrical/plumbing systems).
- Depending on the results, you may want to renegotiate the price or request repairs before moving forward.
7. Finalize Your Mortgage
- After your offer is accepted, you’ll work with your lender to finalize the mortgage. This may include providing additional documents and completing the underwriting process.
8. Close the Deal
- During closing, you’ll sign all necessary paperwork, pay closing costs (which can be 2-5% of the loan amount), and transfer ownership of the property.
- You’ll also need to get homeowner’s insurance before closing.
9. Move In!
- Once everything is official, you can move into your new home and begin making it your own!