What to Expect When Buying a Home. 

1. Determine how much you can afford

Before you can begin your home search, the first step that you need to take is to determine how much you can afford. Start by checking your credit score and your income. These two factors will play a great role in your home buying process. Lenders will always review your credit score and financial history before agreeing to give you a loan. Ideally, your housing expenses should not exceed 28% of your gross income and your total monthly debt payments should not go beyond 36%.
You will also understand how much you need to save for a down payment so that you can qualify to purchase your dream home.

2. Get pre-qualified for a mortgage

Once you have determined how much you can afford for a home, you can then approach different mortgage lenders or brokers to get an estimate of how much mortgage you can qualify for. The estimated loan amount should give you an idea of the home price range and the types of homes that you will concentrate your search on. You will also understand the different types of mortgages that you can qualify for and their payment terms. Later, you will get pre-approved for the mortgage if you will meet all the lender’s requirements. 

3. Hire a real estate agent

Working with a real estate agent will make your home buying process smooth as it will help you avoid making costly mistakes. Realtors hold valuable market information on homes for sale including their private listings and the best neighborhoods that can fit your dream home and lifestyle. At EXP Realty, agents always put homebuyers’ interests first and they use their vast industry experience to negotiate for the best offers. 

4. Search for the perfect home and make an offer

A perfect home start with an ideal location. You will need to select the right neighborhood that supports the kind of lifestyle you want to maintain. Amenities such as roads, schools, and security are important factors that you need to consider before picking a specific neighborhood. Once you have settled on a certain neighborhood, the next step is to have a checklist of the type of home and features that you are looking for. A real estate agent will help with home search and making a winning offer.

5. Home inspection and Appraisal

Once the seller has accepted your offer, the next step is to pay a deposit with the escrow agent and organize for a professional home inspection and appraisal. A home inspector will inspect the home that you are about to purchase to identify if there are any major repairs and renovations that need to be done. 
Once you get an independent report from the home inspector, your agent will negotiate with the seller or their agent for a new appraisal that includes the new renovations recommended so that you can arrive at the final sale value.

6. Home closing

If the seller agreed to make the recommended home repairs, your agent will do a final walkthrough to ensure that everything is perfect and the renovations were done as agreed. Once you are convinced that everything is in good condition, you move to the final stage of home closing. Home closing takes place in the escrow agent’s office. Your agent will help you complete the final payment so that the seller can transfer the property title to you. You will also get the key to your new home to become a proud homeowner.

As your Miami real estate specialist, I am always ready to help you realize your homeownership dream. Feel free to contact me at 305-204-3585 for personalized support.

Jester Nino
Broker Associate
Oscar Teran Group | C5 | EXP Realty