So, you’ve been renting an apartment ever since you moved to the city to find a job. And now that your career is moving forward, owning a home is now on your list of “Grown-up Things To Do.”
This is not a decision to be taken lightly, and there are things you’ll need to take care of first, like looking for good realtors or shopping for loans. Primary Residential Mortgage Inc. believes that the FHA 203k loan program gives you easy access to the cash you’ll need to build your dream house.
And maybe that’s what you’ll need. Here’s a look at the basics of buying a home before it gets you way in over your head.
What you’ll be in for
Owning your own home is something you need to be mentally, physically, and financially ready for. Unlike renting, you’re probably going to be responsible for paying taxes, insurance, and other utilities like water, gas and garbage disposal.
There’s also a lot of decision making from choosing the right loan and picking the right house. And that entails legwork as you go here and there searching for the perfect home in the ideal neighborhood.
Loan types and payment options
Before shopping for a home, you’ll have to be pre-approved for a loan. Knowing the amount you’ll have will help shop within that price range. Consider your mortgage and how much you can pay and on what terms. A good mortgage broker can discuss with you the right options and help you make this decision.
Realtors and inspections
Once you’re approved for a loan, the home comes next. Your realtor should be able to explain different options and recommendations that suit your needs. You must also request a home inspection to look for any issues the seller may not have disclosed.
Being patient is key as you go through all these steps and even further on. Know the process in detail and be transparent in your dealings and you’ll be moving into your dream house before you know it.
