1. Timing your purchase
Determining your financial and emotional readiness is a crucial first step in buying your first home.
Determining your financial and emotional readiness is a crucial first step in buying your first home.
Not all REALTORS® have access to the latest real estate technology or the expertise needed to guide you. A Keyes REALTOR® brings both, ensuring you have the support you need to buy your home.
Getting pre-approved shows sellers how much you can likely afford and confirms you’re a serious buyer.
Your Keyes REALTOR® has access to the newest listings and valuable insights, including connections that might help you find homes not yet on the market or about to be available again if an offer falls through.
Amazing homes are out there waiting for you, and the right REALTOR® will help you find them and guide you in making the best possible offer.
Your Keyes REALTOR® will help you craft a smart, competitive offer that catches the seller’s eye. If your first offer isn’t accepted, don’t worry—your perfect home is still out there, and you’ll find it!
Due diligence includes inspections, title searches, and appraisals. Your Keyes REALTOR® will guide you through the process to ensure you make the right choice. For more info, see our “Due Diligence” section below.
There are various mortgage options based on your unique situation. Your Keyes REALTOR® and mortgage partner will help you find the best fit. Explore the basic loan types here!
Keep your finances steady throughout the transaction process so that your mortgage approval comes through. Understand your escrow and closing costs, and make sure to safely send them to your title company.
Whether homeowners, flood, or other insurance and upkeep, make sure you take care of your home. When you do this, it will take care of you and provide value and security for years to come.
Different lenders need different documents, depending on their lending criteria. Below is a list of what you will likely need to have available during the application process.
If you have other forms of income or are self-employed, you will need to provide proof of income. Your lender will also request information on outstanding debts like auto or student loans and credit cards. As they review your application, your lender will likely request other documents.
Many lenders use these terms interchangeably, but what you provide for a pre-qualification and pre-approval may differ. Either way, it is important that you and your REALTOR® position you to show sellers that you will be able to secure financing once you enter into a contract to buy their home.
Pre-qualification usually requires that you supply your income, assets, debts, and credit score to a lender, but doesn’t require full documentation of your financial history. This means that they won’t check the full accuracy of what you report. Pre-approval requires this documentation to verify that what you report is correct. It will also often require a credit check and corresponding hard inquiry on your credit report.
Because of this, pre-approvals may be seen as a more definitive ability to get approved for a mortgage. If you report your financial history accurately, a pre-qualification will report the same or similar amount when it comes to the loan a lender will approve.
Either way, once you receive your pre-qualification or pre-approval, it’s important to make sure you don’t do anything that will negatively affect you when it comes time to officially apply for financing.
While these may not answer all of your questions, they’ll give you valuable insight to help you move forward. If you still have more, we’re here to help.
Your situation is unique. If you are seriously asking yourself this question, chances are, probably! To find out definitively, let’s discuss your situation and whether it’s time to start the homebuying process.
Requirements are determined by the mortgage lender and are typically 3 - 20% of the purchase price. However, there are specific loan options with up to 100% financing available.
Due to constant home appreciation, tax benefits, and a true sense of personal satisfaction of owning something that is truly yours, buying a home is typically better than renting in the long term.
Mortgage interest and real estate taxes may generally be deductible on your annual taxes, subject to eligibility requirements and applicable tax laws. Please consult your tax advisor or accountant to determine your specific eligibility.
It takes time, effort, knowledge, and, of course, money to buy a home. However, it doesn’t have to be difficult. Using the right agent and having a clear view of the whole process truly helps. Breaking it all down into small parts, such as being financially ready, deciding on the type of home, and having a clear view of all timelines, helps immensely, making the process rewarding and exciting at the same time.
Once your offer is accepted by the seller, you will want to hire an inspection company to walk through the home. They will let you know more about the appliances, HVAC, roof, foundation, and more.
In addition to holding down payment and other closing funds in escrow, your title company will complete record searches and other details to make sure no other parties can claim ownership, liens, or debts on the property.
Your insurance provider will request the details of the inspection to quote your homeowner’s insurance policy details. If your property requires flood insurance, that will be included as well.
Your mortgage partner will have an appraiser review recent sales in the area to determine the value of the home they will use to approve the mortgage loan.
Some subdivisions with a homeowners association require that you get HOA approval before closing on your home. Make sure you or your Realtor® connect with the association to find their requirements and restrictions early on in the process.
Submit any additional documents requested by your lender or title company, like proof of income or assets, to get full mortgage approval. Arrange funding for buyer closing costs.
