Is Buying a Home Right For You?

Is Buying a Home Right For You?

Buying a home may be the perfect choice for you. There are many considerations to think about before finalizing your decision to buy.

Buying a home may be the perfect choice for you. There are many considerations to think about before finalizing your decision to buy.
Common Reasons to Buy

Common Reasons to Buy
Benefits of homeownership include:

•  Pride of Ownership
•  Appreciation Potential
•  Mortgage Interest Deductions
•  Property Tax Deductions
•  Potential Equity Growth

The Purchase Process

Once you have made the decision to buy, it’s important to be educated about the home buying process.

1. Understand Your Financial foundation. Having a sound financial foundation, down payment and reserves are crucial to buying a home. Ordering a credit report and knowing and understanding your credit score is the first step. This will allow you to be aware of and address any negative issues on the report before you apply for a loan. Understanding you credit portfolio will serve as an accounting tool for your monthly debt obligations. A complete understanding of your financial situation will give you a great start in the home buying process.

2. Determine what Down Payment you have or qualify for. The more you contribute or receive to a down payment the lower your monthly mortgage payment will be. Omniscients Mortgage Professionals can suggest ways to build the amount you have available and can help you review additional sources for down payments such as down payment assistance.. Determining how much money you will need for a down payment enables you to be prepared to purchase when you find the right home.

3. Prequalification assures that you will be prepared to purchase when you find the right home. It also helps you strengthen your position when negotiating with the seller as they will know that you are a qualified buyer. A Omniscient Mortgage Professional can help you prequalify now.

4. Select a Real Estate Agent and Find a Home. Every real estate market is different. A seasoned real estate agent can help you select the right home and guide you through the home buying process.

5. Make an Offer After finding the perfect home, you will need to consider how much to offer, the amount of the loan you will need, the terms of the loan, and when you would like to go to”closing.” Making an offer is usually done through a real estate agent. The agent will work on your behalf to negotiate with the seller or seller’s agent.

6. Loan Processing period start Once the offer has been accepted and the terms of the purchase have been agreed upon, you will enter the loan processing period–a time when the legal and financial processes of purchasing a home take place. During the loan processing, you will work closely with your Omniscient Mortgage Professional. Your mortgage professional will guide you through home inspections, appraisals, and other deadlines all of which are required to ensure a smooth and timely closing.

7. Closing and Funding your loan. Once the legal and financial processes are completed, you are ready for your loan to “close.” Closing is the date you sign your final paperwork. Typically your real estate agent will coordinate a time and date convenient for you, the Seller, and the escrow or title companies. Funding occurs when all papers have been signed, all conditions have been met, and the Seller and other parties are paid. On a purchase, funding typically occurs on the day of the closing or within the next business day.

8. Move-In. Once all contracts have been executed and the loan has funded, you will receive the keys to your new home. Whether you intend to move in immediately, or do work to prepare it for you, the home is now officially yours!