So, I did a thing. I am officially a homeowner. It’s has been three months of homeowner’s bliss and it has been wonderful. This is the first time I have fully committed to something. I have some have commitment issues but when I know I want something I go for it. But I was finally at a point in my life that I felt like it was time to lay down my roots and purchase a home. I want to share with you my process in purchasing a home. I have heard horror stories, but I had the exact opposite and had the best experience. Hopefully, you will too if you are looking for a home.
I found my new home after two visits, and I knew it was the one. It is in a desirable neighborhood that is in the area I want my family to live. When I put down the offer, I went over the asking price. There were already two offers on the home and once I put down my offer I was notified one hour later.
I started working with my bank to see the type of rates they had available. Once I received their rates, I shopped around for other rates. You can apply and have your credit report run up to 5 times before it affects your credit. I decided to move forward with my bank and locked in my rate which will be a fixed rate for 30 years. The process took 21 days for my application to be approved and having my loan through my bank made it so much easier. They already had my information, so it was a smooth process.
As a part of the buying process some things I learned were:
- You must have an inspection to find out everything that is wrong with the house. You have the chance to include that seller’s closure and they can agree on whether or not they would like to fix the item or give you money to pay to get it fixed.
- During the closing you can also ask the seller to pay for your closing costs. That can get pricey. It is currently a seller’s market for me so that was a wrap on getting that paid.
- Lastly, a friend told me that some lenders have the option to split the mortgage payment in half, so you do not have to full the full amount at one time. Doesn’t hurt to ask if that option is available for you.
One thing to add is that before you complete your application, make sure you have home insurance and home warranty secured. Some people are fortunate to have the seller pay for their warranty for one year. I was not but received a good deal. If you have an older home, I highly recommend keeping a home warranty each year.
These were some of the things I learned during my home buying process. I hope this helps you during your home buying search!
Love life and full of smiles!