The Path To Home Ownership

Your family is growing, your dog needs more yard space, and your kitchen counters just aren’t cutting it anymore; You need a new home! Well then, let’s talk about what it takes to finally get that dream home you’ve been wishing for. Buying a home isn’t just something you can wake up and jump into. You need a plan, stability, savings, and credit. Buying a home is a very exciting yet intimidating milestone, especially for first time homebuyers who don’t know what to expect. Often times, it’s hard to achieve your goals without a game plan. This article will help you navigate your way through a real estate transaction!

WHAT DO I NEED TO BUY A HOME?

Before you start looking for a home, you need a couple of things to get you started. Here are some things that will benefit you when buying a home:

A strong credit score (the better credit, the lower interest rate you will have)
Money saved for downpayment (5-10% is always good, the more the better. REMEMBER, this doesn’t include your closing costs!)
A good real estate agent (Someone you trust and easy to work with)
Documentation such as ID, Social Security, W-2’s, Paystubs, Bank statements
Preapproval letter for a mortgage loan (you will receive after being accepted for a loan application)

Get Approved for a Mortgage today!!

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10 STEPS TO BUY A HOME.

There is A LOT of work that will have to be put in by your agent, yourself, the home seller, the listing agent, the lender, and attorney so make sure you do your part to make the transaction as quick and smooth as possible. Let’s jump right in to the 10 steps to buy a home!

STEP 1: Gather all the documentation you need to apply for a mortgage loan. They will also do a credit check, so prepare months ahead for your advantage!
STEP 2: Determine how much you can afford. Once you apply for your loan, a lender will contact you with a price range they’ve approved you for.
STEP 3: Find a real estate agent. Look for someone who you trust, and someone who you think is easy to work with.
STEP4: Start the home search process! Now you finally get to step foot into all the beautiful homes you’ve found!
STEP 5: Make an offer. Your agent will discuss terms with you and submit an offer for you. You will need a deposit for the home in case it gets accepted.
STEP 6: Get home inspection. You’ll have a number of days in your offer contract for due diligence. This is for inspections and appraisals. If you don’t like what you find out, this is your OPT out.
STEP 7: Get home appraisal.
STEP 8: Purchase homeowners insurance. Depending on where you live, you will have an insurance agent guide you through policies to help you choose the best one for your home.
STEP 9: Do a final walkthrough. One last look at the home to make sure everything is what you asked for!
STEP 10: Sign final paperwork and close on your new home! Get your new keys, pop your champagne and start unpacking!

This article was written by Coldwell Banker Lake Oconee Agent, Abigail Gomez.

I am a local real estate agent with Coldwell Banker Lake Oconee Realty. My goal is to provide homebuyers and home sellers with the knowledge they need to navigate through a real estate transaction. I provide knowledgable content so that you contact me with the confidence that I will get you into a new home!

work with an agent who knows the local market and all things real estate!

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