As you may or may not be aware, buying a new home involves a great deal of time and effort. But no worries, there are steps that can help you make the best decisions, and make your home buying experience a bit easier.

Start Your Research Early

As soon as you make the decision to purchase a home, start reading newspapers, websites and magazines for real estate listings. Mark out the homes that you are interested in, and pay attention to how long they stay on the market. Also, pay attention for any changes in the asking price. Doing this will give you any idea of the housing trends in certain areas.

Determine How Much You Can Afford

Creditors usually recommend that people look for homes that cost less than 3 to 5 times their annual income if buys intend to make a 20% down payment and have a manageable amount of unrelated debt.

Get Prequalified and Preapproved for Credit For Your Mortgage

You should know how much you are able to spend before you begin looking for a home. You can do this by getting prequalified for a mortgage. All you would need to do is provide some financial information – such as your income and savings data – to your mortgage banker. After reviewing your information, your lender would be able to tell you the amount they can lend you. From this, you can figure out the price range of the home you should look for. Later on, you can get yourself pre-approved for credit. This involves providing your financial documents to your lender, so they can verify your financial status and credit.

Find the Right Real Estate Agent

When buying or selling your home, your real estate agent will be your most important partner. They can provide you with key information on homes and the neighbourhoods they are located in. Their knowledge of the home buying process and negotiation skills can prove to be quite useful.

Shop for your Home and Make AN Offer

Start visiting the homes you have selected that are in your price range, and take notes. You can take picture or videos to help you remember each home. You can also make a checklist of details that you would be looking for. Test plumbing and electrical work to ensure that they work to your liking. Also, try opening and closing windows and doors. After you have spent all the time you needed to find the right home, team up with your real estate agent to work out a fair offer for your home. Once you are in agreement with the seller, the property will go into escrow.

Get Your Home Inspected

Generally, purchase offers are reliant on an inspection of the property to check for structural damages or things of the sort. Your real estate agent can help you arrange to have this done within a few days of your offer being accepted. This gives you a chance to renegotiate or close your offer without penalty if there is significant material damage. Both you and the seller should receive a report of the inspector’s conclusions. Take the chance to walk through to house to confirm upon agreed repairs before the sale closes.

Work with a Mortgage Banker to Select Your Loan

Lenders generally offer a wide range of loan programmes for home purchases. Be aware of your priorities when working out a loan with your lender. You may be interested in keeping your monthly payments low as possible, or in ensuring that your payments never increase or time.

Have the Home Evaluated

Your lenders will arrange for an evaluator to provide an autonomous estimate of the value of your home. The evaluator will be a member of a third-party company. The evaluation should inform all parties involved that you are paying a reasonable price for you home



Coordinate the Paperwork

There is a whole lot of paperwork involved in purchasing a new home. Your lender would be responsible for arranging all the paperwork and making sure that the seller is the legal owner of the home.

Close the Sale

To close the sale, you will sign off the necessary documents to complete the purchase. It usually takes a couple days to process your loan after the documents have been returned to your lender. Once the seller receives the check, you are free to move into your new home.

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