Are You Ready To Buy

Dated: 11/26/2015

Views: 534

How do you know if you are ready to be a homeowner? If buying a home is the biggest financial decision for most people what is the process and how do you know you will make it to closing?

Getting started can be tricky you want to make sure you have a good stable job .  You also want to make sure you are able to put away some money into savings for that earnest check and down payment. If you plan to live in the same place for a few year (more than 2 to prevent capital gains punishment) than owning a home is a great investment. One of the best ways to get started is to talk with a lender who can pre qualify you for a loan.  One trick to remember is to meet with more than one lender.  Lenders have multiple home loan options and many are different based just on the lender you choose. If we spend time looking online at different sites to buy a pair of shoes wouldn't you want to shop around for different lenders and loans. A lender asks some tough questions you will need to know the answers for.  How much money you make, how much money you owe, how much money you spend on bills etc. They will also check your credit scores.  These are things most of us don't really like to discuss but once you get the tough questions out of the way you can focus on what the lender can provide for you like discount points, interest rate, loan rate locks, what are all the closing costs.  Ask the lender to give you a prequalifying letter to give to the Realtor. 

Working with a realtor you will need to look for homes that fall in your price range. Realtors work to find you the house that fits you best.  As a buyer the realtor works for you for free because the seller usually pays the realtor's commission. Your realtor also acts as an advocate on your behalf negotiating terms and pricing.  The realtor draws up the contract listing all your terms and pricing. 

Now that you have a house under contract, it will usually take about forty five days to inspect your home, get an appraisal to determine the house’s value, and take care of all the paperwork for your loan.  Even though it is not required, it is ALWAYS a good idea to get a home inspection from a licensed inspector.  This service will cost you from $150 to $250, but it will be the best money you have ever spent.   You will need to pay for this appraisal, (unless the seller agreed to pay for it) and this will cost about $350.  During this time, your lender will need you to sign several documents that “lock in” your interest rate and confirm all the specifics of your loan.  This all feels like a lot of paper work and can be overwhelming but your Realtor and Lender will always be in close communication with you to keep you up to date and answer any questions you have prior to closing. 

Closing  day has finally arrived!  You will meet with the seller, the Realtors, and the lender.  There will be a whole stack of documents to sign, but your lender should check all of the figures and the title company’s closing agent will explain everything you sign.  Than they will hand you the keys to your new home. 

If you are looking to sell or buy during this holiday season I am delighted to help you. Start looking for your new home today on my free app.   

Denver Colorado Real Estate Specialist- Wendy FIsher  is a motivated professional helping others find their dream homes everyday. Wendy Specializes inParker Aurora, Lone TreeCentennial and surrounding Denver areas. She has an advanced marketing strategy and has expansive knowledge of the local neighborhoods.  She works closely with her clients on a daily basis and listens to her clients needs.  For help with buying or selling your home please contact Wendy Fisher 303-597-6699.

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Tatyana Sturm

Tatyana truly understands the dynamics of selling homes in the Denver Metro real estate market and is an expert at educating her clients so they can make the best and informed decisions for their need....

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