Step-By-Step Home Buying Process

  1. DECIDING TO BUY
    • Are you tired of renting a home or apartment and paying your landlord’s mortgage off?  If so, it is probably time for you to consider buying your own home.  Owning a home is one of the best financial investments you can accomplish.  The acquisition of property is essential to building generational wealth.
  2. PREPARING TO BUY
        • Things to do:
          • Pay off Credit Card Debt
          • Boost your Credit Score
          • Get a Home Loan Pre-Approval
        • Things NOT to do:
          • Make Large Purchases (Cars, etc)
          • Suddenly Change Jobs or Quit Your Current Job
          • Increase Credit Card Balance
          • Open up New Credit Cards
          • Apply for New Loans or Lines of Credit
  3. SELECT A REALTOR®
    • Hi…my name is Nicholas Battle 🙂
  4. BEGIN HOME SHOPPING
    • Since you already have your loan pre-approval in hand, you can now narrow your search down to homes within your pre-approval limit.  Use the four steps below to consider Before Purchasing a Home:
      • Consider Your Commute: Do a test drive from your prospective new home to your place of work, as well as from your place of work back to your prospective home.  Be sure to do these test drives during the times in which you will drive them to get an accurate time bases upon mileage, traffic, etc.
      • Conduct a few Neighborhood “Dive-By” Sessions: Drive through the neighborhood on three separate occasions at morning, afternoon, and night to assess the neighborhood.  If you are looking for a quiet street; however, the house you want to buy is located close to a school, then your potential new home may be busier than what you may want.  Things such as school buses, parents driving children to school, etc may be factors to consider before submitting an offer.
      • Consider School Districts: If you have children, consider the school districts. One thing you will probably want to avoid is to buy a home and then realize that your new home is not in the school district in which your child currently attends.
      • Consider Property Taxes: Property taxes can fluctuate depending on where you determine to buy your new house.  Living a few streets over can realistically save you thousands of dollars a year in property taxes just based upon what district your potential new home resides.
  5. ESCROW, INSPECTIONS, & APPRAISALS 
    • In addition to your down payment, you will also be required to pay for closing costs, which typically are in the range of 2% – 5% of the total cost of the home.
    • Closing costs consist of:
      • Loan Origination Fee or Broker Fee
      • Mortgage Points or Discount Points
      • Processing Fee or Underwriting Fee
      • Title Search Fee and Title Insurance
      • Escrow Fee
      • Home Appraisal Fee
      • Home Inspection Fee
      • Pre-paid Taxes and Insurance
      • Real Estate Commissions (typically paid by Seller)
      • Real Estate Attorney Fee
  6. GET YOUR KEYS!
    • Congratulations…you are a new home owner!