When buying or selling a home, I can be a powerful asset for you.
The main focus of my services is to help and educate homebuyers and sellers so they understand from the beginning the entire process of buying and owning a home.
All agents are not the same. As in every profession there are those that excel and are committed to excellence, and those that are not. I have what it takes to make a difference on all your real estate needs.
Now, I would like to talk about 5 STEPS TO BECOME A HOMEOWNER FOR THE FIRST TIME
Being a first-time homeowner is an exciting adventure, but it also requires planning, communicating, and making plenty of decisions.
This 5-Step Guide to Homeownership for newbies will help you navigate the often intimidating world of the first few stages of homeownership. These five steps should help you lay a strong foundation on which to base your home-buying experience. Let’s begin!
- Consider the Pros and Cons
Are you prepared to spend the next 30 years (in a way) married to a mortgage? Have you made the decision that now is the right time to be free from renting and have complete control if you want to paint your walls any color you desire without the landlord’s dreadful permission? Can you afford to put down money? After careful consideration, you may find that homeownership is, or it’s not the right step to take on right now.
There are many advantages and disadvantages to both purchasing and renting, so deciding which option is best for YOU is the first step.
This practical advice may assist you in navigating this challenging process, you should consider connecting with a real estate agents whom you can trust…ultimately, you must decide what is best for YOU on your own.
Your real estate agent will help you get all the facts, procedures and requirements…
Step #2 should be followed after deciding that homeownership is the best course of action…
- Obtain Pre-Approval
Now that you’ve made the decision to buy, your bank must also make the same determination (are you worthy of trust?). The mortgage lender needs to evaluate your applications, and they will require a few documents from you:
- Your 2 most recent paystubs
- The last 2 years of your Tax Returns
- Last 2 years of W2’s
The bank will run a credit check on you and eventually give you the magic number printed on very official letterhead.
This document might not seem like much, but it is THE document you must give your real estate agent and any possible sellers in order to begin the property purchase process.
This document is called a mortgage pre-approval letter.
It will describe the type of loan and how much you can afford based on the amount of money the bank is ready to offer you.
Take your pre-approved letter and head straight into step #3.
- Set a Budget That Is Realistic
So the bank says they’ll lend you “x” amount, but you want to take a step back and discuss your true housing budget with your spouse, parents, and everyone who is contributing to the purchase of the home. You don’t have to accept the entire amount that the bank is willing to loan you just because they are willing to do so. You are the only one who knows how comfortable is paying those mortgage payments every single month.
To determine your true budget for a property, it’s critical to calculate expenses at all different price ranges. Do not merely inquire as to how much it will cost you each month. Yes, it’s crucial to understand your overall monthly expense (with taxes and homeowners insurance),
But you should also calculate the total you’ll pay for the house, including interest, when the loan is paid off. A loan with a shorter term of 15 years, if you can afford it, could end up saving you a ton of money over time. For instance, the same $250,000 house will actually cost you $430,000 if you take out a 30-year loan as opposed to $327,000 if you take out a 15-year loan. Save over $100,000!
Your search will become more focused and, hopefully, a little less intimidating later on if you have a range of price points. Once you have YOUR magic number, move on to step #4, It is time for your real estate agent to step in and help…
- Search for a Real Estate Agent
You need a real estate agent to find the home of your dreams. Finding that diamond in the rough will be easier and more successful if you locate an agent that understands YOUR NEEDS, your style, and your must-haves and must-nots. Ask your friends, coworkers, and neighbors if they have ever had success working with a real estate agent. Hopefully, you will be able to identify a REALTOR® who will serve your best interests throughout the process.
Once you’ve chosen a realtor, speak with them about your realistic budget, your own style, the demands of your neighbors, and all of your other goals. Once they are aware of what you’re searching for, it’s time to work together and move on to step #5 …
- Finding the right home
It’s time to start looking around for a new house. This procedure resembles dating. It’s an emotional roller coaster with lots of ups and downs—some sitting by the phone and being let down, some properties you fall in love with only to discover they’re already under contract, some that are awful and a complete waste of time. But eventually you’ll find that dream home you were looking for all along.
From this point on, your real estate agent will help you navigate the process of contracts, home inspections and documentation that you will need to finally complete the sale
Always consult with your real estate agent about your home inspection results and the options you have inside the sales contract that you’ve signed.
To get started contact Debbie Davignon at 508-989-0972
or email DavignonSouthCoastHomes@gmail.com