Part of the "American Dream" involves buying a home, a task that millions of homeowners have taken on already. You have your own space to entertain friends, to have family gatherings and to settle in for a much needed relaxation. If you're wondering about the basic process of buying a house, here is what it involves:
Examine your Finances
Before you even think about buying a house, you should be prepared to do so. Taking a look at your finances is the first step you should take before beginning the process as any mortgage or home loan lender is going to do the same. Not only should you be prepared for a down payment for the home, but you want to be confident that you have enough income to support a monthly mortgage payment, utilities, insurance and property taxes. A good way to examine your finances and judge your creditworthiness is to pull your own credit report.
Seek Pre-Approval
The second step involves seeking pre-approval from a mortgage lender. Your lender will check your credit and then decide the amount of mortgage you'll be qualified to pay. As paying the mortgage on your home is going to be an important matter, you also want to be sure that you can trust the company holding your mortgage.
You'll also want to discuss the type of mortgage rate you'll pay. Many people contend that fixed-rate mortgages are best as you'll pay the same rate for a specified time period, as opposed to adjustable rate mortgages where the interest rate you pay changes every year. You can also discuss a balloon loan with a lender. A balloon loan allows you to pay a small amount of your mortgage for the first five or ten years. After this "introductory" period, you must pay the remaining mortgage balance in one lump sum (often with a new loan).
House Hunting
The other major step in the process of buying a house involves the actual house hunting, the "exciting" part for many would-be homeowners. You first need to select the state and specific neighborhood in which you want to live. Once you do that, you must contact a real estate agent as these professionals typically know good houses from bad as well as information about the geographic area in which it's located. This means the real estate agent can tell you about the neighborhood and possibly your future neighbors.
The real estate agent can also help you decide on an offer for the home once you've found the one you want. Since many houses sell less for than what the owner is asking, the real estate agent can help you make the offer, counter-offer and then help you seal the deal with the seller.
Inspections and Appraisal
After you settle on an agreed price for buying the house, your mortgage lender will want to appraise the home to make sure there is sufficient value for the loan (and so you can be sure that you're not overpaying). In addition to this, you should also have your own home inspector go through the house. The inspector can confirm the structural integrity of the house and let you know about the overall condition.
Settlement and Closing
The last part of the home buying process is the settlement and closing procedures. This is the moment where the title gets transferred from the previous homeowner to you. This process involves meeting with the closing agent or attorney, providing documents, signing papers and taking care of other critical issues. For example, you should get homeowners' insurance during this time. Other inspections--such as a termite inspection--might be necessary as well.
Signing the closing paperwork transfers the title from the seller to your name, at which point the closing attorney records the transaction in the county land records. During this stage of the process, you (if paying cash) or the lender disburses the funds and pays for the house.
Though buying a home may be one of your ฝากขายที่ดิน major goals in life, the process of buying a house can be a lengthy one. Preparing yourself, especially your finances, can make the overall home-buying experience easier and smoother for everyone.
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