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by Delco Realty Group
on Friday, February 19th, 2016 at 8:53am.
Last week, we started talking about how you can become a homeowner with our "How to Become a Homeowner in 10 Steps: Steps 1 - 5" blog post. This week, we're continuing with steps 6 - 10, the final steps to homeownership.
Now that you've chosen the right home for you and your family, you need to select the right loan. Yes, you've been pre-approved for a specific loan amount, but there are hundreds of different loan types and lenders out there. Answering the questions below will help determine which kind of loan will be most suitable to your situation and needs.
In order to get the actual loan, you'll need to fill out an application, provide the required supporting documentation and choose a lender. There is a wide variety of lenders out there, including mortgage brokers, banks, insurance companies, and many more. This is another area where a real estate agent can come in very handy, as they can help connect you with local experts.
Now that you have everything in order, it's finally time to make an offer on that home. This will include an offering price, as well as any terms or conditions. It's extremely important that all documents are carefully reviewed and understood. Experienced real estate agents are huge assets to have during this part of the home-buying process.
It's possible, and in fact very likely, that sellers will make a counter-offer, which is any change to the buyer's offer. It's especially helpful to be working with an agent during this negotiation phase, as quick turnaround times are required, especially if you end up in a bidding war with another buyer.
Now is also the time to schedule some home inspections, as what's discovered could have a huge impact on what goes into an offer. These can include structural inspections, boundary surveys and everything in between. Attending a structural inspection is a great opportunity for buyers to get a much more detailed walkthrough of the property.
At closing is when you'll actually need to get insurance associated with homeownership, but it's important to get this all lined up beforehand so you're "good to go" when the time comes. There are different types of real estate insurance meant to protect your investment, ranging from Title insurance and home warranties, to homeowners' insurance that protects you in the event of a catastrophe. Different programs have different levels of coverage, deductibles and costs, as well as limitations, so make sure you do your research and get what's best for you.
Closing, which is also referred to as "escrow", "completion" or "settlement" is the final step in your real estate transaction. Funds are delivered to the seller, and ownership is transferred to the buyer.
Congratulations! You're the owner of a new (at least to you) home! While closing might be the final official step of the home-buying process, there are still some additional steps that you should take, which we've outlined below.
The home-buying process can at times be stressful and exhausting, but it'll all be worth it once the home is yours. Visit our Ten Steps to Home Ownership page to learn more about the home-buying process and what's involved.
We're here to help you with all of your Greenville real estate needs.- Lisa Alexander, Del-co Realty Group, Inc.
Lisa Alexander | (864) 915-8547
Del-co Realty Blog