We proudly welcome another guest blog entry from Pakistan (or wherever these oDesk people come from)...
The process through which you proceed through a home buying transaction varies as it clearly depends on real estate laws and customs of the place where you are looking to purchase, however; most home buying steps are quite conventional but their order of processing might differ depending on your location.
Each of us feel apprehension and anxiety when we undertake our home buying journey, however, you can acquire much confidence when you understand exactly what is needed of you and the other people who are involved in the transaction. The following eight steps have been put together after careful consideration, designed to aid each of us in buying our dream home.
1) Check your finances and make sure they are in order
There is no doubt over the fact that our credit reports are a clear reflection of how you handle your finances. Credit reports give a detailed record about your financial history which is accurately checked and reviewed when you apply for a loan or mortgage. Credit reports are carefully scrutinized before your mortgage application is approved and also aids in determining the interest rates and the other loan terms as well. When you look through the credit reports you will be surprised to note that errors are not uncommon in them.
2) Understand the mortgage industry
The home buying process certainly involves hunting for the right loan and the lender is a vital part of the home buying process. You need to understand for yourself what type of lender will work in favor of you and which lender is able to comprehend your requirements in the right manner. You need to have a little knowledge about the loan procedure prior to speaking to a lender.
3) Understand the pre-approval part of the mortgage process
Before you think of buying a house at a particular price, you need to understand what is the mortgage amount you are eligible for which is based on your income, credit history and numerous other factors.
4) Have an Idea about what you want and need
We need to remove the part of stress and anxiety from the process of home buying as it is not a very difficult procedure as we think it to be. Understanding the real estate market will aid you narrowing down your list of needs and wants before you buy your home.
5) How to work with real estate agents
The group of real estate agents actually includes both the buyer and the seller category and each of them have their separate duties and loyalties so having a little understanding about their roles will help you in handling them better.
6) Search for your dream home
Once you have got the right agent for you, you can study the multiple listing sheets and this will give you an idea of what type of homes are available for sale which matches your needs and budget.
7) Deciding about the home you would like to purchase
Over the course of time, you will be visiting several homes which are put up for sale and before deciding on buying one, you will be checking its structure and features and numerous other aspects before you decide if it is the right one for you.
8) Make an offer
Once you are satisfied with a house, you need to make an offer on it. The house might be on sale on a higher price but you must have an idea of how much it is worth it and accordingly you can make your offer on the house.
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