First Time Home Buyer
The Steps to Buying a Home
Buying a home will be one of the most important investments of your life. As a first time home buyer in the Anacortes, Oak Harbor, Burlington, Mount Vernon or Skagit County areas, being informed about the buying process and all the aspects involved when buying a home will relieve much of the anxiety and allow you to truly enjoy the experience. For first time home buyers, this can be an intimidating, confusing process. Frequently I hear from my first time home buyer’s in Anacortes, Oak Harbor, Burlington, Mount Vernon or Skagit County areas, "what do we do now?" We are going to layout the first time home buying process in detail to help you understand what you are about to go through. We have collaborated with real estate experts from Anacortes, Oak Harbor, Burlington, Mount Vernon or Skagit County areas in the individual fields to clarify each step in the first time home buying process.
Here is a high level look at the first time home buying steps, if you would like to learn more click on the more button
|
Prequalify for a loan |
Being prequalified for a loan determines how much
house you can afford and allows you to move more swiftly when you find the
right house. |
|
Shop for mortgage rates and terms |
A difference of even half a percentage point can
make a huge difference in how much you pay over the life of a loan. Find a
mortgage person that you are comfortable with and ask lots of questions. |
|
Find a buyer’s realtor® |
A buyer's realtor® is legally responsible
for representing the buyer's interest in a real estate transaction. Find
an realtor® that you are comfortable with and trust. |
|
Determine the best areas for you to live and determine the type of home you desire and can afford |
Your realtor® will sit with you to discuss the
area where you want to live and the features in a home that are important
to you. |
|
Identify your dream home |
Your realtor® will develop a list of homes to tour. For some buyers they only need to look at 5-6 homes or others will look at as many as 50 homes before finding their dream home. |
|
Making an offer |
Once you’ve found a house that meets your
needs, it’s time to make an offer. In deciding the amount of your offer
you and your realtor® will have to weigh several factors - asking price
vs. comparable home sales, market conditions, other potential offers, how
badly you want the house, the home’s condition, if you’re approved for
a loan, etc. |
|
The Home Inspection |
A thorough inspection is an objective examination
of the home, from top to bottom, inside and out including heating,
cooling, plumbing and electrical systems, walls, floors, ceilings,
foundation, roof, gutters, spouts, insulation and ventilation, major
appliances, garage, etc |
|
Insurance |
You’ll need homeowner’s insurance before you
close. No lender in the land will give you a mortgage without it. A good
place to start exploring your insurance options is with the company that
insures your car. |
|
Final walk through |
Prior to closing you will be given a last
opportunity to walk through the property and ensure the condition is the
same as at inspection. Hopefully the sellers have vacated the home and you
can look at it without furniture, belongings, etc. This would be the time
to decide if you want to paint any rooms. |
|
The closing |
The closing is when you actual take ownership
through the transfer of the title. |
|
Moving in |
At the closing you will actual get the keys to the home. |
|
Filing paperwork |
You will want to file your home ownership paper in a safe place, where you can easily get at it. |
Helpful links
1) The U.S. Department of Housing and Urban Development is a great first
stop for first time home buyers. The HUD programs are a lot more forgiving of credit issues than most of the conventional programs on the market. In addition, the site is loaded with plenty of information on how to get access to the financing the organization insures. Keep in mind, a HUD loan only means a mortgage program is "insured" by HUD, not funded by HUD.
2) Both Fannie Mae and Freddie Mac
are fabulous resources for first-time buyers. These two companies provide the largest source of funding for all mortgages across the country. I refer you to them, rather than an individual mortgage broker site, because they provide the most non-biased information about the programs they offer. Nevertheless, don't overlook mortgage company sites who take the Fannie Mae and Freddie Mac programs and may create hybrid loans out of these programs to make them even more favorable to the first time home
buyer.
3) The National Council of State Housing Agencies (NCSHA) is a nonprofit organization founded more than 30 years ago by the country's state housing agencies to "coordinate and leverage their federal advocacy efforts for affordable housing," according to the group's site. The benefit to first time home
buyers on this site is its' directory of state housing agencies across the country, including every state, the District of Columbia, Puerto Rico, and the Virgin Islands. The agencies monitor, lobby for and administer the disbursement of monies from federal programs
for first time buyers that provide lower interest rates for consumers, along with several other benefits to first-time and low-income buyers. With a leveling off on the market, buyers should reacquaint themselves with these very stable first time home
buyer programs.
4) Tired of all the confusing terms? Real Estate Words will help explain for the the terms for you.
Toll Free 1-866-618-7764 or 360-588-9956
Pacific Crest Inspections is a locally owned home inspection company providing home inspections, commercial inspection and pest inspections in the Bellingham, Wa. area. Pacific Crest inspections is licensed by Washington State and carries the highest certification “Certified Real Estate Inspection” offered by the National Association of Home Inspectors (NAHI) Pacific Crest Inspections conducts their Washington State home inspections according to the National Association of Home Inspectors Standards of Practice & Code of Ethics. These professional home inspection standards provide a minimum guideline for conducting a Bellingham, Washington home inspection. Our home inspection standards are available for viewing under the "Consumer Information" section of our website or ask your Washinton home inspector for a copy of the NAHI Standards of Practice & Code of Ethics prior to your Bellingham home inspection.
