STEP-BY-STEP GUIDE:
Buying Your First Home
Phase 1: Preparation
Save for a Down Payment
A mortgage down payment can be as low as 10%, 5%, or even 0% for certain types of mortgages (I.e. VA Loans or a USDA). Ideally, a down payment on a mortgage should be 20% of the home's price to avoid mortgage insurance, but if you don't have that much of a down payment, don't worry.
Check Your Credit Score
Did you forget to pay off a couple of credit cards? Unfortunately, it'll affect your credit score. Check your latest credit score for free at CreditKarma.com.
Get a Pre-Approval Letter
Review your financials with a licensed mortgage lender. They will determine your debt-to-income ratio and use this info to help you understand what monthly payment you can realistically afford.
Phase 2: The Search
Contact Realty Ryan
Realty Ryan opens countless doors for his clients, beyond just literally opening doors to a property. Ryan has access to a large network of sellers that offer their properties off-market, meaning they aren't advertised to the general public.
Shop for a Home
Since the sheer number of homes can become overwhelming, it's best to separate your must-haves from those features you'd like, but don't really need. Do you really want a new home or do you prefer a fixer-upper? Make a list of your wants and needs to get started, and whittle down your options.
Write An Offer
Found your dream home? Then it's time to make an offer to the seller. Realty Ryan will guide you to understand the best offer based on the current market conditions.
Phase 3: Under Contract
Get A Home Inspection
Hire a home inspector to check out the house to determine if there are any problems with it that might make you think twice about moving forward. Think: termites, faulty foundation, mold, asbestos, etc. Sure, a lot can go wrong, but rest assured that most problems are fixable.
Get a Home Appraisal
Even if you got pre-approved for your home loan, your lender will want to conduct a home appraisal. This is where the lender checks out the house to make sure it's a good investment. It's similar to a home inspection, but for your lender.
Head to Closing
Closing is the day you officially get the keys to your new home—and pay all the various parties involved. That will include your down payment for your loan, plus closing costs, the extra fees you pay to process your loan.
"90% of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
― Andrew Carnegie
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