Homes for sale are usually available in a wide price range. If you are a first-time home buyer, you may want to know in what price range you can shop and which area will suit your needs best. With some homework and research, you can simplify the exciting home-buying process you are about to enter.
Obtaining a Pre-qualified Letter from the Lender The first step for any first-time home buyer is to determine how large a mortgage you can afford. In order to calculate how much you can afford to borrow, the lender will use two very important debt ratios, namely the Total Debt Service ratio and the Gross Debt Service ratio. You can obtain a pre-qualification letter from the lender and know exactly in what price range you can shop. Take note that there is a difference in getting pre-qualified and pre-approved for a mortgage. The pre-approval happens after you decided on the property you would like to purchase and the price negotiations.
Narrow the Search for Homes for Sale A good real estate agent will narrow the search for homes for sale. Have an open discussion with your agent and share your specific needs. Your real estate agent will keep all information about you confidential and provide you with sufficient information to purchase a home and expertly negotiate on your behalf.
Investigate the Neighborhood A quiet and peaceful neighborhood can transform into a noisy area at night, and cars can zoom by when you are trying to sleep. It is always a good idea to visit the home of your choice during the day and evening. Feel free to speak to the local people and ask them what it is like living in the neighborhood. You can obtain crime reports of the neighborhood you are interested in and determine the safety by comparing the crime rates to other areas.
The Purchase and Sale Agreement As a first-time home buyer, you should know that your real estate agent will help negotiate the price on your behalf. After finding the right home, the next step is to make an offer. The offer usually includes a deadline you want to set for a response. The seller can choose to accept your offer, make a counter-offer, or reject it.
A standard purchase and sale agreement typically contain the property description, บ้านมือสอง กรุงเทพ approximate closing date, the amount of the buyer's deposit to hold the property off the market and inspections. During the purchasing process, an inspection is usually ordered by the lender. Both parties, buyer and seller, are required to sign the agreement.
Applying for a Home Loan The lender will inform you what supporting documents are required and you will either get pre-approved or declined. If pre-approved, an appraisal will be ordered. In the final stage of a home loan application, the credit department (underwriter) will make sure your income and credit profile did not change from the initial approval (pre-approval) date. The lender will issue a loan commitment letter (final grant or approval) and closing of the deal is usually completed a few days later.
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