The Ultimate Guide
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.
Are You A New Client?
First, we're so happy that you're here and we are so excited to work with you. Second, if you could take a moment to fill out our short questionnaire, we would love that! We want to get to know you better so that we can cater to your needs on a personal level. Our clients are like family, we'd love to treat you as such!
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.
What type of loan is best option for me?
There are many different loan options out there. The two most common are a conventional loan and a FHA loan; but there are VA loans for our veterans and other loan programs also. The best loan option for you really depends on your financial situation and what you qualify for. There are pros and cons to each loan option and it's something that should be discussed with your lender. It's always a good idea to weigh out all of your options.
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. As someone who has been in the business for many years, I can and will happily refer you to professionals I have worked with that always do a stellar job.
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.
How much does it cost to hire a 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 great news is that the buyer almost never has to pay for a Realtor's services. In almost all situations the seller is the one who is responsible for paying all of the Realtor commissions.
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 don't qualify to hold two mortgages then it's highly suggested that you get with your Realtor and put your home on the market before you start looking at homes.
The Palm House
The Palm House is a local real estate team created with you in mind. Each of our agents are selected to join the team with thought and purpose. We do this to ensure that you get the service and experience you deserve. Our goal is to exceed your expectations every time. As the lead Realtor of this team you can feel confident that you're in good hands.