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Here are the basic steps to purchase a home.

1. Education:

Gain general knowledge about real estate from internet, libraries, realtors, seminars and other home owner.  Learn  about:  Financing, Property Tax, Home owner insurance, Lien,  Title insurance, Equity,  Loan to Value, CMA (comparative market analysis),  Deed or Title, Collateral, Closing cost,  …  

 Request upcoming seminar schedule

2. Planning:

A: Choose a realtor:  A knowledgeable and experienced realtor is a priceless

     asset in any real estate transaction.

B: Choose an area for your home. Here are few parameters to consider when

     choosing a location (affordability, schools,  distance from your work, …).

C: Set a time frame for yourself. (i.e Need to buy a home within six months).

D: View homes:  View online and in person.

E: Have a table to document and keep records of potential properties viewed. This document will help decide which property is right for you.


3. Funding: How are you going to pay for the house ? Most people get a loan to buy a house.  Here are some factors that will effect loan approvals. 

The buyer’s financial standing:  They evaluate your financial history,  Credit score,  Down payment (Cash from your pocket) ,  amount of  debt  and  current monthly expenses. 

The Value of the subject property:  Since the subject property will be used as collateral for your loan, the value of the property is the main consideration when obtaining a loan. The terms of the loan:  Length of the loan (30,  20  or 15 years) and interest rate. Usually lenders have many loan programs that you may qualify for.  Understanding the pros and cons of each program is fundamental.


4: Offering:  Obtaining a  loan approval letter when making an offer  would be a big plus .   There might be a negotiation phase before  the final purchase price is agreed upon. You have to account for the closing cost which  could be 3% - 5% of the purchase price.


5: Closing:  After the purchase price is finalized.,  loan has been approved, potential  inspections completed (Lead paint, septic system, …)   closing will be done via a title company.   


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