So you're ready to buy a home? With outstanding innovation in recent years and with rates still low, your timing may be just about perfect.
Life-enhancing benefits of homeownership include the opportunity of building equity, deducting a percentage of your mortgage interest and property tax on your annual income tax return, and most importantly, living in the house of your dreams!
Before beginning your home search, contact a licensed Settlement Home Lending mortgage professional to gain important insight on the steps necessary to make your search and purchase successful. We will meet with you to find out your home-financing needs and goals, discuss a variety of loan products to choose from, and prequalify you for a home loan, BEFORE you shop. In a competitive market, sellers see prequalified buyers as more qualified and "serious" about their purchase. Plus, when you're prequalified, you'll know upfront how much home you may be able to afford and how much you could be eligible to borrow.
When you find the perfect home and you're ready to make an offer, your sales agent can submit a purchase contract on your behalf. Most state-promulgated contracts provide you a limited time period to inspect the home, so if major repair problems are present, you may be able to cancel the contract within the specified time period. We recommend that you select a home inspection expert to handle this important task. If repair items are within your tolerance level, your sales agent can assist you in the negotiations of the repair costs with the home seller. Once you reach a deal with the seller, the home is officially under contract. At this stage, your Lender will explain to you the remaining items needed to close which include ordering an independent appraisal of the home, securing homeowners insurance, and completing the necessary items to finalize your home purchase.