There are several key steps to buying a house, which can make the home buying experience a more pleasant one. The steps to buying a house in Canada, and the steps to buying a house in Australia, the steps to buying a house in Texas or the steps to buying a house in the UK may vary slightly according to local and state laws governing real estate transactions. But the checklist when buying a house is a very helpful one to follow no matter where the house hunt and ultimate purchase happens to take place. The following steps to buy a home can benefit anyone considering purchasing a new home.
When considering what are the steps to buying a house, the first steps to buying a house requires that the buyer get his financial affairs in order. When looking to buy a home, it is essential that your credit report or FICO score is accurate and up to date because the kind of mortgage and interest rate you will qualify for will be influenced by your creditworthiness.
Next in the steps to buying a house is to determine the amount of down payment toward the house that you can comfortably afford. A down payment, which is the amount the buyer contributes toward the house purchase at the time of sale, which is in addition to the amount of the home loan, is one of the requirements to buy a house. There are available, however, first time home buying programs which allow a first time home buyer to contribute zero or as little as 10 percent of the full purchase price as a down payment.
Seek out an attorney who is experienced in real estate transactions and real estate law as one of the next steps to buying a house. This professional's advice on buying a house can prove to be invaluable, especially for providing first time home buyers assistance to those individuals who have not been through the detailed home purchasing process before. An attorney can offer experienced advice on the steps to buying a house for the first time or help guide both buyer and seller through steps to buying a house without a realtor if this is the desired route a home buyer wants to follow. The first time home buyers tips that an experienced real estate attorney can offer is well worth the fee for his services because it can save the inexperienced buyer from making costly mistakes or getting a less than great deal on either a home or a mortgage.
Although it may seem to go against common sense, the next in the series of steps to buying a house is to apply for a mortgage even before you have selected a property or at least find out what type of mortgage you would qualify for based on your income, your credit score and your overall financial situation. Make appointments with several lenders to find out about FHA first time home buyers programs, getting a 1st time home buyer loan, the availability of first time home owners grants and general first time home buyers information which will make the entire home buying process more hassle-free and less intimidating.
During the next steps to buying a house, ask friends, colleagues and family members for recommendations of a good real estate agent who can represent your interests in your search. If you go to look at a property without your own agent, you are at the risk of having the home seller's agent be totally in control of the negotiations which is not in your best interests.
The next activity in the steps to buying a house can be both fun and frustrating, which is looking at properties within your price range, the areas you want to locate and having the list of features that are most important to you in a home. When you find the home that best suits your dream house qualifications, your agent can help you make an offer, which is usually less than the asking price. If that offer isn't accepted, you can continue by making a counteroffer. Once your offer has been accepted, you will be asked to put down a binder or a deposit of money in order to start the legal process of owning the home. If you haven't already applied for a mortgage at this point, you will need to get that process started as quickly as possible. If your offer is declined, continue your search.
The final steps to buying a house involve lots and lots of paperwork, including signing formal documents at what is known as the closing of the home sale, which requires payment of a variety of fees. Don't hesitate to ask your attorney or real estate agent if you don't understand something, because now is the time to speak up before the ownership of the home officially transfers to you.
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