Buying a Home: What You Should Know About the Process
By Morgan Millogo of Villas in Woodstock
Buying a home can be overwhelming. A good Real Estate Agent is essential to guiding you through. Here is what Judy Steinfeld wants you to know about buying a home.
Prepare Your Finances - A general rule of thumb is you can afford a house that is two and a half to three times your annual income. However, you must keep in mind that owning a property comes with added costs, as opposed to renting. There are property taxes, water, heat, upkeep. About 30% of your gross income will go towards housing expenses every month. Read our “Before You Look: Financial Preparation for Buying a Home” blog for more about preparing your finances for buying a home.
Hire a Great Agent - There are many agents out there. Judy Steinfeld knows the Woodstock area and has excellent resources if you are looking to purchase and remodel or if you need a good mortgage lender. With over 30 years of experience, Judy has trusting relationships with architects, attorneys, inspectors, designers, and banks. Whatever your question, whatever your need, Judy is there to support you at every step.
Prequalification or Preapproval for a Loan - Before you step into a home, visit your bank and talk to their Mortgage lender. You need to make sure that you can afford a home before you try to buy one. If you want to shop around for Mortgage lenders, just ask Judy for one of her excellent referrals.
Shop for Your Home - Here is the fun part! Judy works with your wants and needs to show you the ideal homes to start the next chapter of your life. Enjoy the walk throughs, examine every nook and cranny, as well as the doors and water pressure. Once you find the one you want, Judy will negotiate the best offer for you.
Home Inspection - This is vital, and many people don’t know about or skip this step. Judy knows excellent inspectors who will check for any structural damage and anything else that needs to be fixed. Full disclosure will be made to you and the seller, and further negotiations can commence if needed.
Choose a Mortgage - Work with your banker to choose the best loan for your financial priorities. Be sure to ask all questions that come up, so that you are crystal clear before you sign.
Appraisal - Your lending company will hire an independent Appraiser to come and appraise the true value of the home. All information will be shared with the buyers and the seller. This is how you will know if you are paying a fair price for the home.
Title Company - A lot of paperwork goes into the selling and purchasing of a home. Your lender will choose a Title Company to work with you. The Title Company will track down the Title of the home to make sure the true owner is selling it and that it properly transfers to you.
Closing - All the paperwork will be signed, then take a few days to process. Once all is approved and has gone through, a check will be given to the seller, and the home is yours!
This process may seem daunting, but the best part is that you are not alone in it. Judy Steinfeld will be with you at every step that you need. That’s what makes a great Real Estate Agent and what will get you a great home.
Contact Judy today with any questions or if you are ready to get started!