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The First Time Home Buying Process isn't as difficult as you might think!

Have you been thinking about purchasing your first home?
Ever find yourself wondering how the home buying process actually works?
Good news! We’re here to fill you in on everything you need to know when it comes to
buying your first home!

Know and Understand your Credit- Familiarize yourself with your credit history and make sure all the information in your
credit reports is accurate. If your credit is good, keep up with it. Don’t go charging on your
credit cards for big purchases or taking out additional loans. You want to keep your credit in
tip-top shape so you can get pre-approved for a mortgage.

Find Yourself a Great Real Estate Agent/Team - Buying a home for your first time is supposed to be fun but can also be very stressful
and overwhelming. Find yourself an agent/team
(like the Chris Fritch Team Keller Williams Classic Realty!)
who can help alleviate some of that stress. Choose someone who knows what they are doing
and will be there to guide you through the process and help answer any questions you have.
The Chris Fritch Team Keller Williams Classic Realty

Get Pre Approved for A Mortgage - Unless you have a ton of cash saved up, chances are you will need a mortgage.
Sit down with a lender and make sure to get pre-approved for a home mortgage before
beginning your house hunting. Also, make sure that it is a true pre-approval and
not a prequalification. Being prequalified often isn’t good enough for sellers anymore,
they want to see a pre-approval letter from your lender.

Determine a Price Range - Figuring out what the highest you can afford to spend and what you are comfortable with
spending is important when searching for your home. Find that price range that is the least you
want to spend to the most you want to spend and stick between those numbers.
When searching for homes, make sure you are looking at houses that are within those parameters.
You wouldn’t want to look at a home priced way over your max price, fall in love with it,
but not be able to afford it in the end! 😭

Make an Offer - Once you have found the house that meets your needs and wants, the next step is making an offer.
You’ll sit down with your real estate agent and determine the price you want to offer,
closing costs you want the seller to pay, the amount of earnest money be put down, etc.
This is all in the contract that your agent will draft up. Your agent will submit it to the listing agent
and they will either accept your offer, decline your offer, or come back with a counteroffer.
You have the choice to then accept, decline or counter their counteroffer. This could go back and
forth until all parties have reached a mutual agreement.

Home Inspection - Once your offer has been accepted, you will want to schedule a home inspection.
You will want a qualified inspector to check the structure of the property and determine what
needs to be fixed (if anything) throughout the house.

Appraisal - Once the home inspection is complete, your lender will order an appraisal. These are required
by all lenders when you are financing a mortgage. The point of an appraisal is to determine the
value of the house. The appraiser will view the home and then look at comparable properties in the area. Once this is done, they will come up with a final number and give out a final report of value to
you and your lender. The appraisal is never seen by the seller.

Time to Close!

Once you’ve gotten through all of those steps, it’s time for you to close on your new house!
Your agent will have set up closing with a title company of your choice. You will need to bring a
check for any additional funds that may have been incurred, drivers license, your Social Security
number, and any addresses you’ve lived at in the past 10 years.

See? Not all that complicated! Let's get YOU into YOUR NEW HOME!!!!


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