Navigating the Path to Homeownership

The Guide for Understanding the Process of Becoming a Homeowner!

Buying your first home is a momentous and exciting milestone. It's a symbol of financial independence, a place to create cherished memories, and an investment in your future. However, the process of purchasing a home can be complex and overwhelming, especially if it's your first time. In this blog, I ‘ll take you through the essential steps and considerations to help you embark on your journey to homeownership with confidence.

Get Pre - Approved

The first step in any home search is finding out exactly how much you can afford and securing the financing to make the purchase. While you can get a rough estimate through pre-qualification, taking the extra step to obtain pre-approval will give you some added advantages.

Pre Approval Helps You:

• Understand your financial condition

• Know exactly how much you can afford before you begin house hunting

• Strengthen your purchasing power

  Ultimately, when you find a home that you love and are ready to make an offer, your mortgage pre approval let’s the seller know that you are serious and fully prepared to buy the home, putting you in a stronger position than other potential buyers.

Pre Approvals normally have an expiration date usually lasting 60-90 days after being issued.

What about a Pre-Qualification?

Pre Qualifications do not carry the same authority as pre approvals. To get Pre-Qualified, a lender usually only evaluates your debt, income, and assets to give you an estimate for how much you are likely going to be approved for. It does not include an analysis of your credit report, an in-depth look at your ability to purchase a home, and isn’t underwritten.

The information is offered by Gabriella DeAngelis, a licensed real estate agent. Please be aware that I am not a loan officer or mortgage specialist. Any insights, advice, or recommendations regarding financing or loans are provided for informational purposes only and should not be considered as lending advice.

2. Choosing An Agent

House hunting can quickly become a daunting task, so it’s helpful to have someone by your side who has your best interests at heart to help you at the negotiating table and keep you focused as you look at houses. You will also want someone who is compatible personality-wise; you’ll be spending a lot of time with this person — sometimes under stressful conditions, so don’t underestimate the importance of having someone you get along with. I love meeting new clients that quickly turn to my extended family and I would be more then happy to discuss your wants and needs and find out what I can do to help you!

Your Partner In the Process

When you choose me to represent you, you’ll have someone by your side every step of the way, giving you the insights and information you need to have confidence in your decision.

I will…

• Meet with you to discuss your needs and goals, and to plan your property search

• Help you get pre-approved to establish your budget

• Show you properties that are tailored to your vision and meet your criteria

• Keep you informed of new properties that come on the market

• Work with you until you find the one

• Help you determine your offer

• Negotiate the offer and contract in your best interest

• Facilitate the home inspection and resolution process

• Prepare you for closing and the associated costs

• Keep you updated on the progress of your transaction every step of the way

3. Determining What Your Wants & Needs

Now that you know what you are able to afford, you can start figuring out what you want in a home. What matters most to you? Location, School District, Size of the Yard, Chef’s Kitchen, Community, etc. You should go into your home search with a clear idea of what you have to have vs what you want. Lay out your deal-breakers and let your agent know so that your both on the same page and can make the most of your time when house hunting.

4. Making An Offer

Once you have found the one, you will work with your agent to make an offer. There are many factors that influence the market value of a home (has the home been reduced, how long it has been on the market, if there are multiple offers, why the seller is selling, etc.) Your agent should give you the insight and information you need to make an offer that you’re comfortable with.

It is important to keep in mind that your offer is not just about the money, it also includes the terms and conditions of the transactions. Typically, your agent will make the offer to the seller’s agent/ listing agent, with all the necessary terms and conditions included.

Here are some typical terms & conditions:

Financing ( loan, cash, etc ), Seller’s assist or concession - a credit used to pay some of your closing costs, what party is responsible for specific closing costs, home inspection, fixtures and appliances to be included in the purchase, closing date/ possession, etc.)

5. Closing on Your Home

Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.

Home Inspection

Most property sales are contingent on the results of a home inspection, which is paid for by the buyer. The inspection typically occurs within 3-10 days of offer acceptance and includes a review of the home’s exterior elements like the roof, siding, trim, and windows, as well as kitchen and bathroom fixtures and appliances, and major systems like heating and cooling, plumbing and electrical.

When the inspector is done, they will present you with a report describing any and all issues with the home. There are three ways to approach these : Fix it yourself, Ask the seller to remedy the issue, or ask to lower the purchase price or back out of the deal ( if it is a major red flag).

Title Search

This is a historical review of all legal documents relating to the ownership of the property to ensure that there are no claims against the titel of the property.

Appraisal

As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the homes value.

Closing Costs

In addition to your deposit and down payment, there are a variety of other costs involved in closing including:

• Loan origination fees, appraisals and reports

• Inspections

• Mortgage Insurance

• Taxes

• Title insurance, notary, and escrow fees

• recording fees and stamps

• etc.

Buying your first home is an exciting adventure that requires careful planning, being financially ready, and knowing the housing market. Set clear goals, organize your finances, and work with experts to smoothly and confidently become a homeowner. Remember, your first home is more than just a house - it's where dreams come true and treasured memories are made, making the journey even more meaningful.