Welcome Buyers! I’ve put together some information which will help you in the home buying process, whether you’re a First Timer or a Veteran in the Real Estate game.
First thing you should consider who is going to represent me? As a buyer you should consider signing a representation agreement with a Realtor you can trust! That way you have someone looking out for your rights.
Next is whether or not you can get a mortgage, what type of mortgage is best for you, fixed rate or variable rate. Some of the basic rules for home buyers is;
- How much down-payment is required. 5%, 10%, 15%…or if you have none, will you qualify for 0 down(yes that is still a possibility)
- Credit score, good, bad or ugly it’s important to know where you stand!
- Total debt service(TDS), which is a ratio the mortgage companies use to figure out how much you can afford.
- Who to go to for financing, this is a big one! Some are better than others. It’s not just about the best rate(they’re all pretty good right now), it’s also who will service you the best.
Once you’ve got a handle on how much, then you need to know where you want to buy! Do you want privacy, how far are you willing to go to get it. Do you want urban…house or condo, or rural.
Next you go out and start viewing properties that fit your criteria with the services of a Realtor. When you find the one you love, your Realtor will draw up an offer, with recommendations to you on what should be in the offer. They then negotiate on your behalf.
Once you have an accepted offer, you need to decide on a Lawyer.