Now that you have finally decided that you would like to purchase a house for the first time or buy and sell for many other reasons.

Whatever your reason to purchase maybe you must have a plan of action so you can purchase your home with the least aggravation and stress.The best strategy to avoid any mistakes and last minute surprises is to know what you are purchasing and making sure that this is what you really want. The most important aspect of purchasing a home is understanding the nuts and bolts of how it works. A realtor will be able to educate you throughout the purchasing process and guide you step by step.
Things to consider:
Decide how much home you can afford.
-Crunch your numbers to know the price range of the home you can afford.
– Consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community and home association fees.
-Need to qualify for a mortgage and cover your down payment which can vary.
-Your down payment size can also influence your interest rate and the type of loan you can get.
Talk to a realtor.
Know your Credit Score
– A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score.
– A credit score can determining whether, how much, and at what interest rate to lend for a home.
-A minimum credit score you can have to qualify for a loan depends on many factors, including the size of your down payment.
Talk to a realtor.
Know your costs before you sign.
-A down payment is just one home buying cost. A realtor can generally tell you what other costs buyers commonly pay in your area — including home inspections, attorneys’ fees, and closing costs.
Talk to a realtor.
Get pre-qualified
-Meet with a lender to get a pre-qualification letter that says how much house you’re qualified to buy.
-Making sure you have the paperwork your lender says it needs.
-Consider your financing options, the type of loan, fixed-rate mortgages or adjustable rate mortgages.
– Be sure to calculate your affordability at both the lowest and highest possible level.
Talk to a realtor.
Find a Realtor
A realtor will make sure that everything is done in a timely manner within the dates and time specifications eg, appraisals, inspections.
– A realtor will make sure that all parties have the latest updated information eg, Title company and Lender.
-A realtor will make sure that all parties are communicating in a timely manner, if there any changes or delays during the purchasing process.
-A realtor will help explain the process, sequence, contracts, mortgages, pre-approvals, closings .
– A realtor will explain Earnest Money Deposits, Escrow, and Default – realtor will review the Closing Costs and Estimated Worksheet. Talk to a realtor that will assist you in negotiating the highest possible price and best terms for you at all times.

Raj Kataria can be reached at 407-340-3628 or click HERE

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