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Home Buying 101

 
  1. Calculate how much house you can afford
    1. Look at your current debts and income and consider how much money you can reasonably afford to spend each month on a mortgage
    2. Use Rocket Mortgage’s® Home Affordability Calculator to get a rough idea of how much of a mortgage you can afford.
  1. Save for a down payment and
    Closing Costs and Credits
    1. Down payment could be as low as 3%, but national average is 12%. Avoid paying a higher borrowing rate by aiming to save 20%
    2. There are many variables that go into determining how much you’ll pay for closing costs, but averages around 2% – 5% of the purchase price
  1. Track sale prices and inventory in your market
    1. It is usually a good idea to browse your market 4-6 months before taking the plunge to see what houses are selling for and what the inventory trend is
    2. Make sure to find out if you live in a disclosed or non-disclosed state
  1. Get pre-approved for a mortgage
    1. Contact your local bank or any mortgage lender for a pre-approval. You can still shop for rates later on.
  1. Find and negotiate with the right real estate agent
    1. Find an agent that knows the area well or have a wealth of experience
    2. Negotiate your
      💰
      Agent’s Fees
  1. Begin house hunting
    1. Go to open houses or if you are using an agent, email them all of your interested properties
  1. Make an offer on a house using your agent or
    🚫
    The Agent Free Guide
  1. Lock in a mortgage rate
  1. Get a home inspection
  1. Get a home appraisal
  1. Ask for repairs or credits
  1. Do a final walkthrough
  1. Close on your new home
 
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