10 Major Steps When Purchasing a Home in South Florida
Purchasing a home in Southern Florida is a major undertaking that requires extensive financial and market study. A new vocabulary of words and acronyms must be learned. There are many sites devoted to the various aspects and kinds of mortgages alone.
If you’re just getting started, here’s a rundown of the first ten stages to purchasing a house.
1. Are you prepared to make a purchase?
- To determine if purchasing makes sense for you, be realistic about your long-term financial and personal objectives.
- Begin your research early and take your time.
- Get a feel of what’s going on in the housing market in particular regions.
2. Examine your credit report and score to see where you stand.
- You are entitled to one free credit report each year under federal law. With a credit score of 720 or above, you may anticipate a decent mortgage rate.
3. Begin saving for a down payment.
- Historically, most people put down 20%, but nowadays, down payments as little as 3% are typical.
- Before you start looking for a house, figure out how much you can afford and how much your monthly payments will be.
- Begin looking for a house.
4. Look for the appropriate partners.
- Your real estate agent will be a lifeline for you. Take your time and ask a lot of questions to discover the perfect match.
- It’s also crucial to choose the appropriate lender, so do your research before making a decision.
5. Obtain pre-approval from a lender.
- A mortgage pre-approval indicates that a lender has reviewed your credit history, income stability, and present financial situation and is willing to give you money to buy a home.
- A pre-approval for a mortgage is typically valid for up to 90 days.
6. Begin looking for a house.
- It’s critical to not only be notified of new postings, but also to be able to see them as quickly as possible.
- Our knowledgeable brokers suggest viewing three to five listings in a single day.
- Specific characteristics may start to mix together if you view too many at once.
7. Make a proposal or offer on your dream home
- Every property is unique, and each offer is unique as well. Based on the current market, a trustworthy agent can assist you in making the best decision.
- It’s a good idea to include all signed disclosures and your pre-approval letter when making an offer.
8. Get your house inspected and appraised.
- A house inspection evaluates if the property has any damage or problems that need to be addressed, while a house appraisal evaluates if the property is a good investment.
9. Complete the purchase of your new home.
- You sign all of the documentation necessary to finalize the transaction, including your loan papers, during closing.
- It’s important to work with a knowledgeable mortgage broker and attorney who can advise you on what you’ll need and how much your closing fees will be.
10. Consider different post-closing chores when you move in.
- It’s a good idea to consider chores like changing the locks, updating your address, and notifying the appropriate people of your relocation as you settle in.
- Maintain an emergency savings account to ensure that you have enough money to cover any unforeseen expenditures.
