Real Estate Buyers in New Hampshire
Step by Step Home Buying Process for Buyers:
The steps to buy a house might seem complicated at first. Having the right Real Estate Agent to help navigate the process is essential. Here are some steps to get you going in the right direction.
- Call me and I can help guide you with the other 9!
- Get a Realtor®
Contact me to assist you with the maze of forms, financing, inspections, marketing, pricing, and negotiating. I am an agent who knows the communities throughout the state and has the resources needed to make your experience smooth and successful.
- Get a mortgage pre-approval
Most first-time buyers need to finance their home purchase. Find out how much you can afford before you begin your home search. Need help finding a mortgage lender? That’s what I am hear for, let me guide you in the right direction.
- Begin to look at home
There are thousands of homes listed for sale at any given point. Begin to educate yourself on the area you think you may want to live in, as you look through homes, begin to put a list of wants and needs together.
- Choose a home
No one can know for sure what will happen in the housing market, but over the long term a home is a solid investment. Whichever house you choose, it’s my job to help ensure that you will enjoy it for many years to come.
- Get funding
The cost of financing your home purchase is usually greater than the price of the home itself (after interest, closing costs, and taxes are added). Now that you have a home in mind that you would like to purchase, get as much information about the associated costs and total financing that is needed.
- Make an offer
Remember the price that is listed is only an asking price. Make a competitive offer that the seller cannot refuse and is within your budget. An offer to buy will include both the price and terms. In some cases, terms can represent thousands of dollars in additional value—or costs—for buyers.
- Get insurance
You wouldn’t drive a care without insurance, would you? No homeowner should be without insurance to protect your investment in the event of a minor loss or a catastrophe. If something goes wrong, insurance can be the bargain.
The closing process, or “escrow,” is increasingly computerized and automated. A lot of paperwork, both real paper and digital, needs to be signed. These documents will be reviewed for accuracy before this time and will need your final review and signature. In practice, closings bring together a variety of parties who are part of the real estate transaction.
- What’s next?
You’ve done it! You’re a homeowner and now the fun begins. Need help moving? Need to do any renovations? Need to think about life insurance policy or other investments? There are a lot more things to consider. Contact me with anything and i’ll get to work helping to navigate your post-purchase needs.
Myth No. 1: The first step is looking for a house
Stop right there. Even if you think you’re just browsing, you run the risk of setting your heart on something, only to have it broken. When it comes to serious home-buying work, you need to make sure your credit is in good shape. Don’t forget to get pre-approved for a mortgage before you embark on your home-buying journey. This will determine what your budget is.
Myth No. 2: A 30-year mortgage is the best option
If you think that the longer you agree to invest in your home, the cheaper the mortgage payments will be, think again. A majority of people opt for 30-year fixed-rate mortgages, however you could end up paying more during the life of the loan if you pick the 30-year option instead of the 15-year mortgage. That’s because you are paying twice as long and at a higher interest rate.
No, the 30-year option is not a bad one. But keep an open mind toward other loan plans, including an adjustable-rate mortgage. If you aren’t planning on staying in your home for the long haul, this could be an ideal mortgage for you.
Myth No. 3: Your down payment must be 20%
Yes, a 20% down payment allows you to not have to pay Private Mortgage Insurance(PMI) on a monthly basis (until you have achieve 20% equity). Many lenders will be glad to offer up home loans with 10% or 5% down. You can also skip the conventional loan and head to the Federal Housing Administration for a government-backed loan with only 3.5% down, if you qualify.
Myth No. 4: The only up-front cost is a down payment
The seller might determine you’re responsible for closing costs, which can be anywhere from 3% to 6% of the purchase price. Don’t forget the slew of fees, taxes, and other costs for inspections, credit reports, insurance, among others.
Myth No. 5: You can’t buy with bad credit
A conventional loan will be require a different credit evaluation. But FHA loans require only a 3.5% down payment and borrower with lower scores can qualify. Keep in mind, though, that FHA loans may look great at first, but they definitely aren’t for everyone.
Myth No. 6: You don’t need a home inspection
You might be tempted to believe this tall tale, especially if your housing market is hot and you’re worried your dream home could be sold.
Beware: Sellers are banking on you skipping this step. You’ll get the home as is, including any and all problems that come with it. And sometimes those problems aren’t exactly visible.
Myth No. 7: The asking price is set in stone
If you have stellar credit, pre-approval, and a down payment ready to go, sellers might be more willing to negotiate than to wait for another buyer.
Plus, if your home inspection turns up issues, you can use those to your advantage in your negotiations.
Myth No. 8: You don’t need an agent
After all, isn’t that what the internet is for?
We’re pros who bring expertise to the table—everything from negotiating chops to turbocharged searching power (yes, they we tools to see stuff you can’t).
Myth No. 9: Schools don’t matter if you don’t have kids
The neighborhood you choose matters for both now and later when you consider selling. Even if you don’t have children, good schools are a sign of a good neighborhood.