Every state in the US has different home buying process. Whether you are buying a home first time or already have an experience of buying a home, the following steps will guide you through home buying process in general. By following this step-by-step guide, you will be able to buy any property without any stress.
- Choose a real estate agent: It is crucial to hire a licensed real estate agent who can help you find a house. It is advisable that you choose a realtor who has joined the National Association of Realtors (NAR). You can find a reliable real estate agent by searching online or asking a friend or a relative who recently bought a house to provide you any references. It is always good to shortlist 2-3 agents for interview and then finally choose one on the basis of the answers provided by the agents to your questions.
- Choose a mortgage lender: The next paramount step is to interview and select a mortgage lender. To avoid disappointment later, ensure that you have funds to close the deal. You can get a copy of your personal credit report, as it can give you an edge while interviewing a lender. To check whether you qualify for buying a home, you can discuss your report with the lender who will ask you certain questions regarding your income, debts, and assets. This step will determine what interest rate options and loans are available, how much closing cost money and down payment you will need, how much monthly payment you will need to pay. After interviewing a couple of lenders, choose one that best suits your needs.
- Choose a house: Considering your requirements such as how many bedrooms you need, whether you need a garage or a garden, location, price, etc., your real estate agent can help you find a suitable property. Once you find the house, the next step is purchasing the house. Your real estate agent will help you finalize the deal. Once you reach an agreement on the price, you will need to pay a deposit called Earnest Money or Escrow. Now you can inspect the property and for this, you can hire a professional inspector.
- Closing the deal: The deal is finally closed with the transfer of ownership of the property, titles, and funds. Here also your real estate agent will advise the method and parties involved.
- Move to your new house: With the completion of all formalities, now it is time to move to your new house.
For more tips on buying a home, visit us at Lone Star Realty & Property Management Inc. We are located at 1020 W Jasper Dr, Killeen, TX 76542. You can also call us at (254) 699 – 7003.