Buying A Home


If you've made the decision to purchase a home or an investment property, you'll find here a step-by-step guide for how the home buying process works. I've created this so that anyone, wether you're a first time home buyer or a seasoned investor, you'll be aware of how the buying process works. My goal is to inform you with the most accurate and up to date information so that you never feel uncertain or overwhelmed. It's not only my goal that you leave here with more knowledge, but with me as your Realtor you can feel confident and at ease, because I'll be with you every step of the way. If you're ready to start the process now, please fill out this form here.

 

FAQ's Before Buying A Home 

1. I want to buy a home. What is the first step I take?

The first thing you should do is get in touch with a lender. You want to get pre-approved before you start looking for homes. Getting pre-approved will inform you of what you can afford. You wouldn't want to start looking at $400,000 homes and then find out later that you can only afford up to $300,000. 

Another reason why it's important to talk to a bank first is so that you become aware of the other costs associated with buying a home. There is more to it than just a down payment and the principle payment. There is lender fee's, title fees, for those putting down less than 20% you'll need PMI (private mortgage insurance), taxes, homeowners insurance and other expenses. 

If you're a first time home buyer, a lender will also be able to determine if there are any first time home buyer programs available depending on the area you'll being purchasing in. These programs can save you thousands in up front costs and fees.  

2. What kind of loan option is best for me? 

There are a few different loan options out there. The two most common are a conventional loan and a FHA loan. The best loan option for you really depends on your financial situation. There are pros and cons to both and it's something that should be discussed with your lender. It's always a good idea to weigh out all of your options. 

3. Do I go to my personal bank for my mortgage? 

You can absolutely reach out to your personal bank for your mortgage but I highly recommend shopping around. There are a few things to consider when shopping around for your mortgage; who's going to give you the best rate, who's got the lowest lender fees, and who's going to provide you with the best customer service.  

4. Do I need to hire a Realtor? 

It's highly recommended that you hire a Realtor when buying a home. Realtor's are trained and educated on the ever changing laws regarding real estate. It's important to have someone that knows and understands the business to represent you and look out for you and your best interests.

5. Do I have to pay my Realtor?

The reason why many people are hesitant to interview and hire a Realtor to help them buy a home is because they believe it will cost them. The reality is that the buyer doesn't have to pay for a Realtor's services. The seller is the one who is responsible for paying all of the Realtor commissions.

6. I already own a home. Do I have to sell my current home before I buy another one? 

It depends on your financial situation and should be discussed with your lender. If you can't afford to hold two mortgages then it's highly suggested that you put your home on the market before you start looking at new homes. Once your home is on the market and you've found a new home you'd like to put an offer on your Realtor will note that the offer is contingent upon the sale and transfer of title of your current home.  

 

 

Palmano Group Real Estate Brokerage

407-375-6990 | victoria@palmanogroup.com | www.victoriaoday.com | DBPR# SL3437233