01/25/2021
If you are looking to buy a new home this year here's a simple checklist to get started.
-Before looking for homes, it's best to be financially prepared with a cash down payment. Assistance options are available, but it's best to have a financial plan set up for this cost. Keep in mind, down payments can be up to 20% the cost of the home.
-Explore online banking options for mini preapproval applications.(Local is best) This is a great way to get the ball started for financing. Banks will let you know if you're ready to move forward with an official pre-approval.
-Make an appointment to talk with a loan officer about the lending process. They'll assess your financial situation, run a full credit report, and find what programs may be available to help based off of your income.
-Once you're pre-approved for a loan, NOW the house hunting begins. Having a pre-approval gives your Realtor a price range to begin and will expedite the buying process.
-Select a realtor to be your buying agent, this will be the realtor you work with throughout your home search. Buying agents can show ANY home with your interests in mind, and will work directly with selling agents to set up showings, negotiate offers, stay updated with loan officer, schedule any inspections, and keep you on track with paperwork. Your buying agent works on commission they receive from the seller, so don't be afraid to get a realtor to help in your search. The buyer/agent relationship is a huge asset and doesn't cost you, the buyer, anything!
-Don't expect results overnight. The buying process depends on your wants and needs and the availability within your market. Once you find a home make an offer through your agent. This can be an emotional rollercoaster of excitement or disappointment so be prepared. Also, know that once an offer is accepted, the closing process can take 6-8 weeks. So have patience.
-At this time, notify your realtor and bank of all major financial changes like marriage, divorce, employment status, or any new debt that has incurred as these can risk your loan status.
-About 1 week before closing, schedule your utilities to be put into your name on the closing date. And don't forget home
insurance. Also schedule any moving help or rentals needed.
-At the closing, you will finalize all paperwork and receive the keys. Congratulations, you can then begin to enjoy your new home ownership! YAY!
Hope these tips help give you confidence in your home search. Feel free to contact me with any questions at [email protected]" rel="ugc" target="_blank">[email protected]
Ottumwa Homes for Sale, Property Search in Ottumwa
