How to buy your first home

How to Buy Your First Home

As a first-time homebuyer, the process of purchasing a home can seem overwhelming and intimidating. However, with the right guidance and support, it can be an exciting and rewarding experience. In this guide, we will cover the essential steps to help you navigate the home buying process

Getting Preapproval with a Local Mortgage Company

The first step in the home buying process is to get pre-approved for a mortgage. This process will help you determine how much you can afford to spend on a home and what price range you should be looking at. To get preapproved, you will need to meet with a mortgage specialist from a local mortgage company.

During the preapproval process, the mortgage lender will review your financial information, such as your income, debt, and credit score, to determine how much they are willing to lend you. You will need to provide documentation such as pay stubs, bank statements, and tax returns to support your financial information.

Working with a Local Realtor

Once you have been pre-approved for a mortgage, the next step is to work with a local realtor like myself. A local realtor can help you find homes that meet your needs and budget, provide guidance on the local market, and negotiate on your behalf.

A local realtor will have access to the Multiple Listing Service (MLS), which is a database of homes for sale in your area. By working with a local realtor, you will have access to properties that may not be listed on popular home search websites like Zillow or Realtor.com.

The Process of Putting an Offer in on a Home

Once you have found a home that you want to purchase, the next step is to put in an offer. Your realtor will help you determine the appropriate offer price based on the local market and the condition of the home.

When you put in an offer, you will need to provide an earnest money deposit, which is typically around 1-3% of the purchase price. This deposit shows the seller that you are serious about purchasing the home.

If the seller accepts your offer, you will move forward with a home inspection and an appraisal. The home inspection will identify any issues with the home that may need to be addressed before closing. The appraisal will determine the value of the home to ensure that you are not overpaying.

Closing on Your New Home

Once the home inspection and appraisal have been completed, and all contingencies have been met, it is time to close on your new home. Closing is the final step in the home buying process, and it involves signing all of the necessary paperwork and paying closing costs.

Closing costs typically include fees for the loan, title search, and title insurance. These costs can vary depending on the location and the cost of the home.

The home buying process can be challenging, but by working with a local realtor and getting preapproved for a mortgage, you can make the process more manageable. If you are a first-time homebuyer, it is essential to do your research and seek guidance from professionals to ensure that you make informed decisions throughout the process.

If you are interested in buying a home in West Tennessee, contact us. As a local realtor with Total Realty Source, I have the knowledge and experience to help you find your dream home. Contact me today to schedule a consultation and take the first step towards homeownership.

Sincerely,

Brandie Bassett