14 Steps to Home Ownership for the First Time Buyer!
Buying a home for the first time can be very exciting and nerve racking! Many people have so many people giving them "tips", they can hardly make a decision! The list of documents that you have to get for the mortgage lender seems never ending. What about closing! You have to go to an attorney's office and sign a stack of documents. You are nervous. Have you made the right decision? Where is the door to get away!
Maybe the following bullet points will make the process easier! I have a team of wonderful, caring and helpful agents who want you to have a good buying experience. We explain, explain, explain. Ask away! Call us today, we are there to help you. To get started read below.
- Contact a Mortgage Lender and get the process started! Hannah Johnson, Home Advantage Mortgage 770-888-1511, can help you or recommend you to someone who can help you. No obligation. She can tell you what price home you can qualify for, what your payments will be, and what your credit score is. When applying for a loan the credit report and appraisal fees (around $350) are usually collected. If you need to work on your credit, she can give you ideas on what to do to pull your report score up. She will provide you a "good faith" estimate. You will know before you look for a home what price and payment are right for you. There are many loans to pick from including FHA, VA (if you are a veteran), and Conventional. There are some basic questions and answers on her website http://www.atlantaloanstore.com/ . How do I know how much house I can afford? What is the difference between a fixed-rate loan and an adjustable-rate loan? How is an index and margin used in an ARM? How do I know which type of mortgage is best for me? What does my mortgage payment include? How much cash will I need to purchase a home?
- Call Teresa Johnson and Associates at RE/MAX Greater Atlanta 770-888-0021; TeresaJohnson@remax.net . Look at property only with a qualified Buyer Agent. As a buyer agent, we work for your behalf. We will show you properties that fit your criteria. Once we find a property we negotiate and write all offers on current contract forms provided by the Georgia Association of REALTORS and written by attorneys. We will negotiate with the seller to pay our commission. We will negotiate all needed contingencies including financing and inspections.
- You would need to meet the financial time supplications of our purchase and sales contract, you would need to make sure that your mortgage lender has totally qualify you for your loan. This means that you have given the the lender all requested documents, have had the mortgage appraiser complete the appraisal, and have the underwriter approve the loan. This loan approval should be written and a copy should be given to your agent. The agent should be working closely with the lender during this process to assure that there are no surprises that may cause you not to receive financing or lose your deposits.
- After the terms of the contract are agreed upon, we strongly encourage anyone buying a home to purchase a Home Inspection from a qualified and insured Home Inspector. I prefer that they be a member of the American Society of Home Inspectors (ASHI). By joining this organization they have the opportunity to become more informed, maintain certain standards of practice and adherence to a strict code of ethics. What homes need to be inspected? All homes including New and Resales! The inspector will not only provide valuable expert technical knowledge but can also provide general information on how to service and maintain their equipment. This helps the home buyer have less problems in the future because they are educated about the products which are installed in their home. The ASHI association provides a Virtual Home Inspection for the consumer which is a tour of what a Home Inspector will evaluate when inspecting a home.
- The purchaser should purchase a Termite Letter as a part of the inspection. Any repairs should be negotiated with the removal of the Inspection contingency. Many agents argue that it should be the responsibility of the Seller to provide a Termite Letter. I would encourage the purchaser to hire their own Termite company.
- We also recommend that you purchase a current survey. This is optional, but recommended.
- Seek an Homeowners Insurance Policy. This policy should cover the cost of rebuilding the home in case of fire or natural disaster. This is something that you should shop around for on your own. The policy payment receipt should be provided to the closing attorney.
- Set up utilities for your new home. The agent can provide you with a list of utility companies. You should contact those companies for is needed in having the utilities set up in your name on a certain date.
- Plan your move. Do you need a mover or a friend with a truck?
- Be prepare to purchase Buyer's Title Insurance at the closing- This covers you, the buyer, in the event that the title is not clear. This is usually optional, but recommended.
- You will select a walk-through date. This is the last chance you have to make sure all items listed on the inspection list have been repaired.
- Be flexible if a problem or delay arises. Your agent will keep you informed. You may have to sign additional contract amendments.
- For the closing, here is a list of some of the items that the buyer, the seller and the lender need to bring. The lender needs to give the purchaser the RESPA, Truth in Lending Disclosure Statement, the mortgage, the mortgage note, any escrow accounts required for the buyer, and the check for the seller. The seller needs final tax bills, any documents required to clear the title, driver's license, and keys to the house. The buyer needs to bring a cashier's check for the remainder of the down payment, plus the balance due for any other payments (you will be informed of the amount), any documents required by the lender, and you may need your check book for small dollar amounts.
- CONGRATULATIONS! You have gone to closing, signed all the closing papers, and have paid the amount required to close. You are now the proud owners of your first home!
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