Seven Steps In The Home Buying Process

My 7 steps in the home buying process will help you buy the right house, one you'll be happy with for years to come. Deciding which house to purchase can be overwhelming even to the seasoned buyer.

And understandably so when you consider it's a big purchase! Maybe the biggest of your life. So let's do it right! Here's how to match your lifestyle with house style.

Steps In The Home Buying Process - #1 Household Status

First of all, are you married, single, with or without children?

Single home buyers and married ones have different needs. When you are single, there is only one set of considerations. But once a significant-other enters your life, preferences seem to multiply!

If you have children, a particular school district might be high on your list. Even without children, take a few minutes for consideration. One day, schools could be a contributing factor to easy resale.

Steps In The Home Buying Process - #2 Employment Stages

Do you plan to retire early or are you entrenched in a demanding career?

Retirement could suggest a condominium to enable care-free traveling. Along the same line, if your career is demanding, there are better ways to spend week-ends than pulling weeds.

Or do you entertain clients at home? Would an open floor plan or formal dining room be best for your dinner parties?

Steps In The Home Buying Process - #3 Lifestyle Preference

Small town, outdoor living or city life? Museums or snow boarding?

Perhaps you prefer small town lifestyle and outdoor recreational opportunities. On the other hand, some people thrive on the hustle-bustle of urban living and convenience of public transportation.

If you like the glitter and glam of city life but also enjoy a relaxing drive down country roads, your home choice doesn't have to either-or. Look for homes in areas near both.

Steps In The Home Buying Process - #4 Type And Location

Consider the style of home that works best for you. Condominiums require less upkeep, offering amenities such as swimming pools. Many complexes are securely gated for privacy.

Single family houses are excellent investments. Even so, study several floor plans. Some bedroom and bathroom arrangements may support your lifestyle better than others.

Of course, I'm sure you've heard the three most important words in real estate are location, location, location. With a little research, you'll pinpoint a couple of neighborhoods that you like and show promise of stable resale value.

Steps In The Home Buying Process - #5 Money And Budget

Next, review your budget to consider how much you can afford to pay in a mortgage. Is your income steady and reliable? Are the prospects for continued employment at your current job and in your field highly probable?

Are you good at budgeting? Is your credit priority? If you are overly indebted, consider selling those assets that are draining you financially. Establish a savings plan for down payment and closing costs if you don't have one in place.

Steps In The Home Buying Process - #6 Partner Choices

Crucial steps in the home buying process would not be complete without mentioning how to choose a real estate agent and mortgage professional.

Take note of full-time Realtors who work the neighborhoods you prefer. Spend a weekend or two visiting open houses. Talk with agents and get to know them. Ask for customer references

Hint! Ask co-workers, neighbors, relatives and friends for names and if they'd use the same real estate agents again.

Choosing a mortgage professional begins with the same steps. Consider who puts you at ease since you'll be discussing your personal finances for weeks to come.

Hint! Ask Realtors where they go for their own mortgages.

Steps In The Home Buying Process - #7 Have Fun

The process of buying a house begins with enjoyment. So why do I mention it at the end of this article? So you won't forget! HAVE FUN!

Prime Real Estate Articles Tip No.55
Home Mortgage Application | Liabilities

Liabilities simply put are debts and include car loans, credit cards, mortgages, student loans, alimony, and child support. If you are selling a house, refinancing or paying off other liabilities, put a star next to those debts.

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

View FNMA 1003

How To Find A Realtor

Choosing A Real Estate Agent - Learn how to question a Realtor and what to observe in each answer.

A Gold Mine Of Homeowner Help From Ask Kate

How To Buy A House - Tips On Buying A Home

Refi Tips - Refinancing Your Mortgage

How To Get A Mortgage - Home Loan Help

Roadmap At Prime Real Estate Articles

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