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Buy your first House
It can be exciting, but there is much to know. Buying a house will depend on the laws and real estate customs where it is located, but there are basic steps that each first buyer must achieve.
Step 1- Your finances
Establishing credit is very important, especially when you seek to buy a large investment like a house. Your credit reports reflect how your finances administer. Study your credit report and your financial history so that you are familiar with it before requesting a mortgage. These reports will be necessary for the mortgage approval process to discover the interest rate and other loan terms.
Step 2- Family with the mortgage industry
Do your research. Finding the appropriate loan and lender is extremely important for the success of the purchase of your home.
Choose the lender that is better for your needs, but be sure to understand the loan process as much as you can talk to a lender so you don't feel completely lost.
Step 3- Get pre-approved for a mortgage
Once you talk to a lender, you should give an estimate of how much you can pay for a house.
Being previously approved can help you in several ways. So, if a house seller receives two offers, one is his with a previous approved letter from his bank that says he has been approved by the amount offered, and then there is the other person without a letter, his chances of obtaining the house are a lot top .
Step 4- Determine what you want and what you need
Buying a house is not as challenging as most think. If you familiarize the real estate market and reduce what you want and need before buying a house, the process will run much softer.
Be sure to understand the tasks and devotion of the agent because some real estate agents represent buyers, vendors or both or depending on the State that can work as neutral facilitators for any of the parties.
Step 6- Start looking for your new home
Most likely, your agent gives you multiple listing sheets to review. It is also possible that you have collected a real estate magazine in your area and have found a house through that, buy online or find ads in the newspaper. Other ideas can be driving through neighborhoods who have houses for sale. Anyway, consider these housing purchase search tools in your search.
Housing purchase search tools
1. Consider houses that others can overlook
2. Go out to see what is
3. Look for public versions of multiple listing services websites
4. Find websites of real estate agents
5. Explore real estate engines and networks
6. Find the owner's properties for sale
7. Look at the magazine and printed newspapers
8. Find executed houses
Step 7- Manage tasks prior to offer
Looking at the houses, be sure to look at their structure and characteristics that can help determine whether it is something you want or not.
Step 8- Put on an offer
There is no specific set of instructions that cover all differences in real estate laws and customs that exist throughout the United States, so when presenting an offer of a house will depend on its location.
Step 9- House inspections and other tests
Some states allow housing inspections before the final contract is signed where inspections are carried out after signing the contract. It doesn't matter when you have to do them, it is very important to decide what inspections and tests you want to do.
Discuss with your real estate agent or if you do not have one, then an advisor to find out when inspections should occur and if additional types of tests are needed for a specific area.
Step 10- Avoid having to correct last minute problems
As the closing date approaches, all involved in their real estate transaction should verify progress daily. That way, if a problem arises, it can be solved immediately.
Step 11- Closing
The closure, also called Settlement, is the event that transfers the property of the property of the last owner to you.