Steps to Take When Buying a New Home

Your home is the biggest, most expensive purchase you will make. Therefore, when buying a new home, you should know exactly which steps to take so that the process is as smooth as possible. If done right, it can be an exciting venture, as long as you step out on the right foot. Cullers Homes can help.

First Steps

The first thing that you need to do when beginning the journey into buying a new home is to check your credit. Be sure that your credit report is correct, as your credit score is important because it will influence whether or not a lender will work with you, and what interest rate you will be charged. Next, go online and find a mortgage calculator. This will help you determine how much house you can afford. It will ask you questions about your income and debt. Be sure to find one that includes closing costs and other fees associated with buying a new home. Be sure to try it with different down payments. Finding a lender and getting pre-approved for a mortgage is next on the list. Start with your bank. If you cannot get a loan from them, get some recommendations, vet them and then schedule a meeting.

Buying a New Home

Now you know you can buy a home, you just have to find the right one. Make a list of must haves, would likes and things you absolutely cannot tolerate. Be sure to take this with you when talking to a real-estate agent. Be sure to check them out the same way you checked out your lender.  H e or she will help you find the home of your dreams. The next step in buying a new home is to make an offer. It should be about 5% below the asking price and inline with what other homes in the area have sold for. Do not expect that the seller will jump at the first amount you give them. The two of you will go back and forth through your real estate agents until you finally agree or agree that a deal will not be reached.

Once you reach an agreement with a seller, you need to go back to your lending agent. He or she will give you three mortgage options to choose from, adjustable, fixed, or interest only. Adjustable changes with the economy, fixed is the traditional choice, and interest only where you only pay the interest. Be sure to ask lots of questions and do your research so you can choose the one for you. The most exciting step in buying a new home is the closing. You are just a few short hours from being handed the keys and moving in. Make sure the house is inspected prior to signing anything. If you are buying a new home in the El Paso area, be sure to look at Cullers Homes. They have been building homes for over 50 years.