First time buyers are often overwhelmed with the thought of the home buying process. Discuss your options and requirements with a realtor in Memphis, TN to help you understand the process and create a plan. A realtor will help you in anticipating the request and requirements of lenders, lawyers and home sellers.
Assess Your Needs With A Realtor In Memphis, TN
The first step is to understand if you know what you want to buy. You could be looking to move to a new neighborhood or buy a house in your current neighborhood. Also consider the reasons that are driving your decision for a home buy if this is a lifestyle change based decision or you are looking for investment. Have you considered the type of home you are looking for and if you have a time frame for buying and moving in? This is a very useful exercise and provides you and your realtor a clear picture of what you are looking for and defines the boundaries to work with.
A very necessary and important is assessment is your affordability. Consider the financing options available, the closing cost that you will need to pay and the mortgage payments. Check your credit rating to ensure that loans and financing will not be an issue.
Work With Your Realtor In Memphis, TN For Loan Pre-Approval
Your realtor in Memphis, TN will recommend starting the process for mortgage well in advance. He or she can also help you to identify the lenders and the loan programs. Pre-approvals also help with the purchase form later when you will need to apply for financing in 7-10 days. Loan pre-approval requires you to meet with a loan officer and review your credit files and your credit report. The loan officer will provide your qualification for a given loan amount and the lender will give you a pre-approval letter specifying your borrowing power.
A first time home buyer might look for a 3-yr old loan and may qualify for a loan with little money down and a state-backed mortgage while a repeat buyer with equity might want a 15-yr old loan with a floating rate of interest.
Once you have the pre-approval done, look for the house you want to buy and make an offer with the help of your realtor in Memphis, TN.
Understand The Closing Process With Your Realtor In Memphis, TN
Closing is also termed as the settlement or escrow process. This is a brief process that requires signature of all the necessary paperwork. Closing involves both buyer and sellers to be present or provide their signed paperwork. The title of the property is transferred from the seller to the buyer. While the buyer gets the keys the seller gets paid for the sale amount. All the necessary closing fees and property tax are paid at this time as well.
