Homeownership Guide
Step by Step Guide to Becoming a homeowner.
If you’re thinking about becoming a homeowner, but don’t know where to start then this guide is for you! It will be beneficial if you write down a list of your monthly expenses, including how much you spend on rent,
car payments, credit cards and student loan debts, child support, etc. You should be familiar with your financial standing, current budget, and credit history before you apply for a mortgage. You also would investigate how much the types of houses in your area cost.
Understand the Expenses of Homeownership.
The financial obligations of owning a home go beyond saving for a down payment.
BOOST YOUR CREDIT SCORE
To improve your score, try paying down your credit card balances, avoid
applying for new credit cards and make a concerted effort to pay your bills on time.
APPLY FOR A LOAN
Speak with a lender & provide information on your credit, income, assets, and debts; in
return, you’ll get an estimate of the size of a loan you can afford.
CHOOSE THE MORTGAGE THAT IS RIGHT FOR YOU
With so many types of mortgages available on the market, it can be difficult knowing which to choose.
Your lender can talk you through. Your options in detail.
FIND A HOUSE YOU LOVE
The next step is finding your dream home. You can work with a real estate agent to help you with this step in the process. Things to consider making it easier for your agent to help you through this process.
MAKE AN OFFER ON THE HOME AND GET AN NSPECTION
After you make an offer on the home and the seller accepts, getting a
professional home inspection is a good idea. The inspector you hire will look at the
house and inform you of any possible damage you may have overlooked, such as
electrical wiring issues.
PROCESSING AND FINAL APPROVAL
During this part of the process, your new house will be appraised, and the title and tax
certificate will be ordered.
From there, your loan will be underwritten. After everything is approved, the title company
you’re working with will get closing documents.