Your Guide to Buying a Home
Preparing to Buy a House
How do I start the home buying process?
Ready to buy but not sure how? We’ve got you covered. Here’s a preview of how you should prepare and what you can expect.
Getting pre-approved will kickstart your home buying process. It will give you a better idea of how much you can borrow, your estimated monthly mortgage costs, and what interest rates you can expect on your loans. When sellers see you’ve been pre-approved, they know to take your offer seriously.
❱What do I do after getting pre-approved?
Yes, getting pre-approved is a productive first step in buying a home. But once you’re pre-approved, there are certain actions that can derail your buying process. Here are 5 Mistakes to Avoid After Pre-Approval.
❱What are the different types of mortgages?
You need the right financing to buy a home, but different mortgages have different characteristics. Learn more about the Different Types of Home Loans for Buyers to help you decide which is right for you.
❱What should I avoid when buying a house?
As you prepare to buy, knowing what not to do can often be just as helpful as knowing what to do. By understanding the pitfalls buyers can fall into, you can identify the signs of these common buying mistakes ahead of time.
❱What does it cost to buy a home?
Some expenses that come with buying a home are easier to account for than others. Knowing the costs of the buying process will help you budget for a home purchase. Here are 10 Costs Associated with Buying a Home.
❱Do I have to put twenty percent down?
When it comes to making a down payment, it isn’t twenty percent or bust. Granted, lenders view a twenty percent down payment as less risky and therefore won’t require you to purchase private mortgage insurance (PMI), but if a lump sum payment of that size isn’t in the cards for you, you’re not out of luck. Learn about how private mortgage insurance (PMI) and other alternative financing options can create a path to homeownership.
❱What is the difference between pending and under contract?
When searching for your next home, the status of the listing will determine you and your agent’s approach to making an offer. Knowing the difference between pending, under contract, and contingent will inform your discussions with your agent.
❱Do I need homeowners insurance?
If you have a mortgage, your lender will likely require you to purchase homeowners insurance. Read more on The Importance of Homeowners Insurance to understand what a typical homeowners insurance policy covers and how much coverage you need.
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Buyer Basics
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Your Guide to Buying a Home
Want more in-depth information? Download your free Guide to Buying a Home. With helpful tips on how to search for listings, moving checklists, and information on the buying process from offer to close, it’s your ultimate resource for buying a home.
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