BUYING WITH JESSIE LEE REAL ESTATE
There is nothing as joyful as the experience of buying a home whether it is for the first time, second or third, but we also know that it can be a complex and stressful process. The Jessie Lee Real Estate team works to make the buying experience as easy and relaxed as possible; from getting pre-approved to getting the keys into your hand. Below are a few tips that will be very helpful in your buying experience.
1. YOUR CREDIT SCORE
It is very important to review your credit score a few months before your home shopping. A high credit score lowers the interest rate on your mortgage. Annualcreditreport.com gives you a free credit report annually
2. HOW MUCH CAN YOU AFFORD
Determine how much you can afford or are willing to pay monthly towards your mortgage payments. This is a lifestyle decision. Select a home which you can afford to pay for while retaining the enjoyment of your daily life
3. THE DOWNPAYMENT
The amount of your monthly mortgage payments is highly dependent on your down payment amount. The down payment is usually 20% of the final home price. Generally, it is better if you can make a bigger down payment
4. FIND A REAL ESTATE AGENT
The real estate agent will be your main guide through the whole process, a savvy real estate agent familiar with the area you are buying from will make the process a breeze. Use online resources to check their experience, history, ratings etc
5. GETTING PRE-APPROVED
During pre-approval a lender will check your credit and income history to determine the loan amount you qualify for, get pre-approved as early as possible, this will give you time to improve your credit score if necessary. Also get estimates from several lenders.
6. MAKE AN OFFER
You have found your dream home, you have been pre-approved for a loan, now it’s time to indicate your intent to buy, the real estate agent will help create an attractive offer. The offer covers the price, any contingencies, inspection..etc
AND THERE‘S MORE
During the inspection, the inspector helps establish the condition of the house, getting a certified inspector is very important to ensure that the house is free of any unnoticed defects. Be there during the inspection and ask any pertinent questions about the house. After receiving the inspection report, discuss it with your real estate agent. If needed, you can ask the current homeowner to repair some things or try to negotiate a lower price
On the closing day, you get to read and sign the final papers. This is the day when property’s ownership is transferred to you (the buyer). On this day, the lender provides payment towards the purchase price and the seller signs the deed over to the buyer which transfers the ownership to the buyer.
Several other documents are signed which the real estate agent will help foresee and finally, the seller will turn over the keys.
If you already have homeowners’ insurance make sure to notify your insurance agency of your new house well ahead of the closing day
Also, call your utility companies and notify them of the location of your new house and your intended move-in date so that they can transfer your service