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10 Easy Steps to Buying a Home


Buying a home is one of the biggest investments you will make and most people have no idea where to even start. Well I am here to provide you with 10 easy steps that will help you in the process of finding just the right house for you to call home. 

Step 1: Research
Start looking for the type home you are interested in. Whether it be a Farmstyle, Ranch Stye, Bungalow, or whatever best fits your taste. You will also need to decide which location you would like to be in.

Step 2: Determine Your Budget 
Take a look at your finances and make a budget. A good rule of thumb to follow is the 28%/36% Rule. This rule states that you shouldn't spend more than 28% of your monthly gross income on home related expenses and no more than 36% on all other debts including mortgage and other loans. 

Step 3: Get Prequalified and Preapproved 
Before you start looking for a house, you will need to talk to a bank lender about how much you can actually spend. After providing them with some basic financial information, they will prequalify you and tell you how much they are willing to lend you. This will tell you the price range of homes you should be looking at.
Later, you will provide them with more in depth financial information and they will preapprove you by verifying your financial status and credit. 

Step 4: Find A Real Estate Agent 
A real estate agent will work for you to find the perfect home. They have access to property listings and information that isn't directly available to the public. They will guide you through the process step by step and the best thing is, using an agent to buy a home is FREE. 

Step 5: Shop For Homes
Ask your agent to set up showings of homes you are interested in.
Remember to be patient. The average person will view up to 10 homes before making a decision to purchase.

Step 6: Reach Out To Your Lender
Confirm with your lender which type of loan you will be getting. Make sure the home meets all requirements and all of your financial questions are answered regarding the type of loan you are getting.

Step 7: Get a Home Inspection
This is not required when purchasing a home but is HIGHLY recommended. Alabama is a buyer beware state. With a home inspection you will be fully aware of any issues that the home may have and will be able to request repairs from the seller before closing. 

Step 8: Get an Appraisal For the Home
The lender will set up an appraisal or the home you are purchasing. This assures that you are paying a fair price for the home. 

Step 9: Be Patient 
The real estate agent and bank lender you are working with will need to process all of the paperwork. During this time they will make sure all of the T's are crossed and I's are dotted before closing. 

Step 10: Attend Closing
This is the last step on the home buying process. After all of the paperwork and title work has been finished you will meet and sign all of the documents required to complete the purchase. 

Purchasing a home can be stressful, but working with the right real estate agent can make the process an easy transition. As a real estate agent I will walk you through the process from step 1 to step 10 and answer any questions you may have along the way. Give me a call today and let's talk real estate!!

Hollie Hallmark

Leading Edge Real Estate Group

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