Here are some tips for buying your dream property
Probably, the first thing to do is to find out how much you can afford to borrow. Most lenders will want your mortgage payment to be less than 29% of your monthly income.- Now you know approximately what you can afford, you want to find out which area you would like to live in. Think about what you must have versus what you would like in a home.
- Start shopping for the home of your dreams. Your Realtor can provide listings based on your criteria, you can look in newspapers and magazines, or on the internet. Once you have a property that you want to view, have your Realtor make an appointment.
- After you have found the home or property you want, have a home inspection conducted. When your Realtor fills out the Purchase and Sales Agreement, make sure that they put in the contract that sale is contingent upon satisfactory home inspection.
- If all goes well, and the contract is signed your lender will most likely require an appraisal be done to make sure that what you are buying is worth the money you are borrowing. Also, lenders require you to purchase Homeowner's Insurance to protect your interests as well as theirs.
- Now that you are ready to close, make sure that you have everything that you need to take to the closing, your Realtor will help you with this. Read and make sure you understand everthing before signing. Don't be afraid to ask questions if you are not sure...remember, these contracts are all written by lawyers!
