Providing Industry-Proven Home Buying Tips
The home-buying process depends on your wants vs needs, location, timeline, features, and price range. Your experienced realtor can talk you through this and help set expectations.
The Member Rewards realtor will help you with a smoother home-buying process and keep the communication open and honest.
Our Step-by-Step Home Buying Process
Step 1: Check Your Credit Report and Score
The higher your credit score, the better loan you’ll qualify for. It would be best to check your credit report at least once a year before getting a mortgage or loan. If you have any disputes about your credit report, it may help improve your credit score.
Our qualified loan offices can guide you through the process. If a credit concern arises they will educate you on how to correct this.
Step 2: Determine Your Budget and Financial Situation
You can use our online mortgage calculator to calculate how much you can afford a home. You must also include a down payment, closing costs, and other fees for attorneys, inspections, and insurance in your budget.
The loan officer will give you a detailed breakdown of all fees/closing costs.
Step 3: Find the Right Lender and Real Estate Agent
Get recommendations from your realtor to find the right mortgage lender. Talk to at least three lenders and have outlines ready for the loan officers to help you make the best choice.
The lender has to understand your needs and your financial situation. You two must have a good relationship since you’ll work with them for a long time.
We encourage you to have a buyer consult with your realtor so you understand the process, contracts, representation, and your realtor knows your criteria so all expectations are set upfront.
Step 4: Look for the Right Home
Since you’ll be looking to buy a home, make a list of wants and needs. It can be the number of bedrooms and bathrooms you’ll need, kitchen features, and the size of your yard. This will help your realtor understand your wants and needs.
After you’ve made a list for your home, it’s also essential to determine the location of the neighborhood you want, the nearby establishments, and many more.
Step 5: Make an Offer on the Home
Work with your real estate agent to make an offer on your desired home. You can ask us for a list of comparable homes and their sold price. Once you’ve agreed on an amount and made a earnest money deposit, we’ll move on to the next step.
Step 6: Get the Right Mortgage for Your Situation
Remember to ask your mortgage lender or banker questions about which mortgage is right for you and your situation.
Adjustable rate mortgages (ARMs) offer a fixed interest rate for 1-10 years and can adjust yearly. Meanwhile, fixed-rate mortgages are best for those with a predictable payment plan because they offer a fixed interest rate for 15, 20, or 30 years.
Step 7: Close on Your Home
Getting a home inspection is vital before closing on a home. It ensures that your money is well-spent and you can move to your new home as soon as possible.
Step 8: Move In!
Now that you’ve settled your mortgage payment plan and closed the deal, you are ready to move in. You’re done with the home-buying process and are now a proud homeowner!
Our Step-by-Step Home Buying Process
Step 1: Check Your Credit Report and Score
The higher your credit score, the better loan you’ll qualify for. It would be best to check your credit report at least once a year before getting a mortgage or loan. If you have any disputes about your credit report, it may help improve your credit score.
Step 2: Determine Your Budget and Financial Situation
You can use an online mortgage calculator to calculate how much you can afford a home. You must also include a down payment, closing costs, and other fees for attorneys, inspections, and appraisals in your budget.
Step 3: Find the Right Lender and Real Estate Agent
Get recommendations from your friends and family to find the right mortgage lender. Talk to at least three lenders and ask everything you need to know. It is the best choice.
The lender has to understand your needs and your financial situation. You two must have a good relationship since you’ll work with them for a long time.
Step 4: Look for the Right Home
Since you’ll be looking to buy a new home, listing things you’ll need is excellent. It can be the number of bedrooms and bathrooms you’ll need, how big the kitchen is, the number and sizes of closets and cabinets, and the size of your yard.
After you’ve made a list for your home, it’s also essential to determine what kind of neighborhood you want, the nearby establishments, and many more.
Step 5: Make an Offer on the Home
Work with your real estate agent to make an offer about your desired home. You can ask us for a list of comparable homes and how much they’ve sold. Once you’ve agreed on an amount and made a deposit, we’ll move on to the next step.
Step 6: Get the Right Mortgage for Your Situation
Remember to ask your mortgage lender or banker the right questions about which mortgage is right for you and your situation.
Adjustable rate mortgages (ARMs) offer a fixed interest rate for 1-7 years and can adjust yearly. Meanwhile, fixed-rate mortgages are best for those with a predictable payment plan because they offer a fixed interest rate for 15 or 30 years.
Step 7: Close on Your Home
Getting a home inspection is vital before closing in on a home. It ensures that your money is well-spent and you can relocate to your new home as soon as possible. It will be best to take to your banker to understand all the costs and fees for closing.
Step 8: Move In!
Now that you’ve settled your mortgage payment plan and closed the deal, you are ready to move in. You’re done with the home-buying process and need to find ways to relocate, which has a lot of convenient options!
Talk to Our Licensed Realtors
The key to having a smooth home-buying experience is to choose a licensed lender or realtor. Whatever your needs, The Member Rewards is here to help!