Reaching the decision of wanting to own a house can be a difficult one considering all the risks involved in it. However, if you have finally decided to buy a house a real estate agent or a realtor can help you. First however, we should tell you that owning a house has many benefits but a few disadvantages. As an educated buyer you will want to weigh out the pros and cons before jumping into the home buying process.
There are many steps involved in going from renting to homeownership.
How you can own a home
- Get your credit score or report
Those who have a fat bank account and can pay the cost of a house upfront don’t need to consider evaluating their credit scores or report. There is a difference between knowing your score and evaluating how that score has been determined.
A credit report is basically the history of the entire loan that you have taken, accounts that you have opened or closed, payment history, and credit balance. On the other end, a credit score is a score given to the actual amount that you possess. Through this, a lender or a renter decides whether a person is worthy of consideration for the sale or rent of their property.
In order to impress lenders, you should have a recommended score of 740 although many individuals with credit scores lower than this have been able to secure a mortgage without too much hassle.
- Hire a realtor
A realtor is a professional that facilitates the buying and selling of houses. Also called a real estate agent, you should hire a realtor based on your needs. In doing so, you should always hire a buyer’s agent realtor because they are going to represent your interests, not the sellers.
When it comes to hiring the right realtor, you should keep in mind that the ones who don’t ask for a contract are the professionals to go for. This is because there is no need for a contract between you and him if he has a good reputation and works better.
- Choose the right mortgage option
There are many mortgage companies out there who can provide you with the necessary capital for buying a home. When it comes to finding the right mortgage company which can provide you with low closing rates, you need to do a bit of a research. Eventually, when you find one, you should look whether it is a direct lender or a correspondent lender.
We highly recommend a direct lender because this type of lender would not charge you any additional fee.
- Know what your desired property is worth
If you have your eyes on a house that you want to buy, then you should see how much it is actually worth. The people who can help you in this are property inspectors. Hire an outside property inspector who can check the house that you are buying and based on several important factors he or she can evaluate the reasonable price of the property.
Check The House Appraisal
In addition to this, the bank which is giving you mortgage can also provide you with a home appraisal. Once the appraisal’s been done, you can pay the owner the value of the house and move in without any further ado.
Let your Realtor Be Your Guide
After you have gone through the 4 stages stated above, you will be able to own a house undoubtedly. Every person or institute involved in the process is important. However, it is the realtor or the real estate agent who can guide you thoroughly from the start to the end.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com. To contact one of our real estate agents call 734-426-6060 today.