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10 Steps on Owning Your Dream Home

There are several things to consider and prepare when buying a home, it may be a tiring process but is surely worth the wait. You will need to take certain steps in order to determine if you are ready and to own your dream home. This will ensure if the location is right, type of house, you are eligible for a mortgage and that the buying process will be as seamless as possible. The process of buying a home is complicated; ask those who previously owned a home and you will be surprised by their experiences.

 

To help you every step of the way, we put together a 10-step guide to assists the first time home buyers and the experienced one as well.

 

  1. Save for the down payment

For you to be able to buy a home, you will need cash for the down payment. It is a smart idea to save in advance on your savings account so you don’t have to worry about not having the right amount at hand.

 

  1. Determine how much you can afford

It’s important to know the amount you can comfortably afford to pay for the home. You can use a prebuild mortgage repayment calculator by Calconic_ to estimate the monthly payments and see the price range of the house you can afford.

 

  1. Get pre-approved

Before you begin looking for a home, you will need to know how much you can loan. The easiest way to do this is to get pre-approved by your bank or mortgage company. You will be asked a few questions about your investments, savings, debts, etc.

 

  1. Choose a location

You might have several considerations when it comes to choosing your home’s location like family, work, lifestyle, school, traffic, urban or suburban areas, and commercial establishments. You might also have few locations in mind you want to check.

 

  1. Decide on the type of home

The options here are either buying a new or a resale home. Home types are usually bungalow, single-family detached, townhouse, duplex or even condo units. The factors that affect your decision on this is the size of the family, lifestyle, and a number of rooms needed, etc.

 

  1. Get help from a real-estate agent

Having a knowledgeable real-estate agent by your side during the home buying process is crucial. A real-estate agent understands the market, able to give you information regarding your chosen location, and has negotiation skills that you can benefit from.

 

  1. Go on house hunting

Now that you have decided on the location and type of home you like and had consulted with a real-estate agent, it’s time to check on the available homes matching your preferences. This is the most interesting part of buying a home that will make you even more excited.

 

  1.  Make an offer

After you found the perfect home, you can start making an offer. Your real-estate agent will base the offer price from the recently sold homes in the same area. He or she will create a contract agreement that includes the price, terms, and conditions that meets the legal requirements.

 

  1. Secure the mortgage

When the offer is approved, you will need to secure your mortgage. You just need to fill in a mortgage application form. For those that are not pre-approved or pre-qualified, this process might take a bit longer.

 

  1. Close the deal

Lastly, you will need to sign all the paper works to complete the purchase including the loan documents from your mortgage bank or company.

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