When you want a home through a bank morgage first you need to first Understand why you want to buy a house for it is a major decision that could end up regretting later.
Get to decide when to move out, favourable location and how long it could take to save enough to finally buy a home.
Check your credit scores by considering how different credit score ranges impact your interest rate, monthly payments and total interest since the lower your credit score, the more expensive your mortgage will be.
Create a housing budget by determining the maximum loan you qualify for, how much you can set aside for a down payment, plus a buffer fund for ongoing and unexpected maintenance costs.
One is required to save at least 20 percent of the home’s purchase price for a down payment even though some lenders offer mortgages without PMI with lower down payments, but expect to pay a higher interest rate.
Shop for a mortgage with at least three lenders or a mortgage broker to increase your chances of getting a low interest rate.
The next step is to hire a real estate agent as he will help you identify multiple homes around the estate of choice.
Once you have made a choice, ensure that the estate gent assists you to make an offer.
When the offer is accepted, you’ll sign a purchase agreement that includes the price of the home and estimated closing date then you can later get a home inspection to help you understand the property’s mechanical and structural issues.
The home inspection report may reveal major or minor issues that will lead to negotiation of repair credits.
Get final home through a bank morgage approval that will help you keep your finances and credit in line during underwriting.
Do a final view of the property before it becomes yours, once you’re satisfied with everything make it official and close on your home.