At some point, every home owner has bought their first home. Buying a home is a huge step in life and can require many important steps. This list will discuss the steps required to buying your first home from researching the home to applying for your first FHA home loan to closing on your first house.
The first step to buying a new home is making the decision to buy and no longer rent a house or apartment. This is an important step because it requires you to make that initial leap towards owning your own home.
The second step to buying a new home is to research the market. Once you have researched the housing market, you also need to research your housing budget. It is important to factor in the additional costs of owning a home such as your new mortgage payment, the costs of utilities and the cost to upkeep and maintain your new property.
Once you have your budget in line and have researched the housing market, it is time to go loan shopping. This requires you to explore the various types of home loans that are available to you and what is best for your housing budget. Whether you choose to apply for a FHA home loan (one that is regulated and backed by the government) or a conventional loan (one that is backed by a private mortgage insurance company), you need to apply for one prior to shopping for houses.
After choosing which type of home loan you want, you should apply for it. Once you are pre-approved for a home loan, then it is time to decide what type of home you want to buy. Do you want to live in a condo or a house? Do you want to live in a duplex or a subdivision? Do you want to live on a farm or in the city? Another important factor is deciding where you want to live. The best help for these important decisions is a realtor. A realtor’s main job is to help people find the perfect home for them. A realtor can look at all the factors that you are looking for in a home and do the research for you. They can find homes in the particular neighborhood that you are looking in or the price range that you are seeking or both.
Once you have found your realtor, they can begin showing you homes. Once you have selected the best home for you and your budget, then you would want to pay for a home inspection to ensure that there is nothing terribly wrong with the structure of the home you are seeking to purchase. If everything looks good in the inspection, then you will bid on the house and if your offer is accepted, then the house is yours!
As you can see there are many steps to buying your first home. Just deciding which type of home loan is a big enough decision. Luckily, home loans can offer low interest rates when applying for an FHA loan through http://www.govfhaloans.com.