Making the decision to buy a home is a huge step forward for your life. Thanks to that decision, you’re going to find yourself learning all about real estate and financing. You might have had a passing interest with these subjects but now you’re going to take a “deep dive.” Here’s what you need to know:
With regard to financial options, first-time homebuyers are actually in a stronger buying position than someone who is buying a second home. There are many federally back loans that can help you make a purchase without putting down 20% deposit. There could also be state programs that can be utilized. It is to your advantage to shop around with all of these options to find the best mortgage rate. Remember, this is something you’ll be paying for a long time so you want it to be manageable.
Making an Offer
When you find a home that meets your requirements you’ll want to make an offer. This is where working with an experienced real estate broker is going to be a big help. That first offer is often meant with a counter-offer. This could set off several rounds of back-and-forth offers until you both settle on an agreed price. With that offer accepted, you should put int a good-faith deposit to lock everything in. At that point, the seller takes the home off the market and you go into escrow while waiting for the finances to be locked down and the results of the home inspection.
Using the Home Inspection
The home inspection is make or break for your purchase. It could uncover problems with the home that the owner didn’t disclose. When that happens, the offer can be taken back along with your deposit. There could be some issues that the owner wasn’t aware of that require repairs. That could result in you asking for a reduction in the price. That might be good for your final mortgage but just know that you’ll have to pay for those repairs out your own pocket.
If everything is locked down and agreed to, then it just becomes a waiting game. This is why getting pre-approved for a loan is advantageous. You’ll already know that the money will be coming in. During this time, you can start packing. You should also be getting rid of junk. You don’t want to bring old rubbish with you into your brand new home. Junk King Minneapolis can help with that particular task. Once you’ve decide what you won’t be bringing, set up an appointment with Junk King. It only takes one session with Junk King Minneapolis to keep all your old junk out of your new home. That’s a smart move!