Buyers Guide

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Buying a home can be a big challenge, whether you've done it before or not. It's easy to either choose the first place you can afford or keep renting. To make the process clearer and to help you get the best deal, let's look at what you need to think about before buying and what the buying process looks like. 

First, decide what your long-term goals are and how owning a home fits with those plans. Some people want to turn their rent into mortgage payments that build equity. Others see owning a home as a way to be independent and be their own landlord. Additionally, some think of buying a home as a good investment.

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Engage in your own Financial
Preparation

Before shopping for a home, find out how much a lender is willing to lend you. While you might think you can afford a $300,000 home, the lender's estimate could be lower, around $200,000, based on your debt, income, and job stability. 

Get pre-approved for a loan before making an offer on a home, as many sellers won’t consider offers without mortgage preapproval. Realtors typically won't work with clients who haven’t determined their budget. Research lenders, compare interest rates and fees, and submit your mortgage application along with the required documents to verify your income and debt.

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View and evaluate Potential Homes

You have different choices when buying a home: a single-family house, townhouse, condominium, co-operative, or multi-family building with two to four units. Each option has advantages and disadvantages based on your goals. You might also consider a fixer-upper to save money, but it can require a lot of time and effort to renovate. It’s important to create a list of what you want in a home, including location and features. Working Closely with a Realtor  and/or real estate websites can help you find properties that meet your needs.

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Steps in home buying

1. Find a Local Realtor

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3. Pre-Qualification

It is important to have your personal finances organized before applying for a home loan. To qualify, you typically need good credit, timely bill payments, and a debt-to-income ratio of no more than 43%. Lenders usually prefer that monthly housing costs make up about 28% of your gross income, but this can differ based on the local market. 

After applying, the lender will check your financial details and may pre-approve you for a loan amount. However, changes to your credit score can jeopardize this approval. Don't feel tied to your current bank; compare lenders for better fees and interest rates. It's also wise to have a backup lender, as loan funding can be unexpectedly delayed or even canceled.

5. Due Diligence

Even if the home looks perfect, it’s important to have a professional inspect it for quality, safety, and condition. If serious problems are found that the seller didn’t mention, you can usually cancel your offer and get your deposit back. You might also negotiate for the seller to make repairs or lower the price. 

If you reach an agreement with the seller or find no major issues, be prepared to close. Closing involves signing many documents quickly and ensuring nothing goes wrong at the last moment. You may need to handle costs like a home appraisal, a title search, and private mortgage insurance.

2. Home Search

Make sure to explore all options for finding homes, like using a real estate agent, searching online, and driving around to spot for-sale signs. Reach out to friends, family, and business contacts for leads or references. 

When you start house hunting, don’t go to open houses without an agent or at least planning to mention someone you’re working with. It’s best not to engage with the seller's agent without your own representation. 

If you're on a budget, consider homes that need some work. Even if you can't fix certain things right away, focus on the necessary aspects like location and size. First-time buyers should aim for homes they can improve to increase their equity.

4. Offer Process

Your real estate agent will help you decide how much to offer for the house and any conditions, like having the buyer cover closing costs. The agent presents your offer to the seller's agent, who will either accept it or make a counteroffer. You can then negotiate until you agree or choose to stop. 

Before making an offer, review your budget by including estimated closing costs, commuting costs, and any urgent repairs or appliances needed. Consider potential higher costs like utilities and property taxes. If an agreement is made, you will make a good-faith deposit, and the process moves into escrow, usually around 30 days, while you inspect the house.

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