First Time Home Buyer?
At Fidelis Property Group, we have worked with many first time home buyers and understand the anxiety that may come with making such a significant purchase.
Buying a home should not be stressful or unpleasant, and we believe it is our job to be ready for the next move while addressing your questions before they become concerns.
There are 9 steps to buying a home:
1) Assess your financial and family situation and make the decision if buying is right.
2) **Obtain a pre-approval letter from an experienced mortgage lender.
3) Sign a brokerage agreement with a trusted Realtor.
4) Begin shopping for homes.
5) Make offer.
6) Negotiate terms and ratify the contract.
7) Finalize the loan processing and have required inspections done
8) Go to settlement
9) Move in!
** Obtaining a pre-approval letter before shopping for a home is an important and often overlooked step by first-time home buyers.
Having a pre-approval letter before looking at homes is vital, as it establishes your basis for the price range you will shop within. Many buyers are surprised to learn they are eligible to purchase a house larger or more expensive than initially thought, as that could be the difference between buying a house they like versus a home they truly love.
Others may find their financial situation to be a sobering factor that provides a clear indication of what price not to exceed.
However, for everyone, it provides confidence knowing that if they find the right house for the right price, they can place an offer on it immediately knowing that a lender has ‘pre-approved’ their decision to make that purchase. In a market as fast-moving as the DC metro area, being able to place an offer quickly can pay off.
For a visual representation on how a home purchase works we put together the below Home Buying Process Flowchart. We invite you to look at this in detail and we would be glad to answer any questions you may have.