Home Closing Tips
The process of home buying can take you through a rollercoaster of emotions. Excitement, anticipation, some disappointment, and finally joy when it comes to closing time! We know the ride can feel overwhelming at times, but it can be a lot more difficult if you try to do it all on your own. Here are 10 great resources to make your life easier when it comes to homebuying and closing.
Determining Financial Readiness
Renting or Buying
What makes more sense for your current financial situation? This website helps you understand this all-important financial decision. It breaks down the details, like home price, taxes, how long you plan to stay, and mortgage details so you can make a more informed choice.
Freddie Mac is always a reputable source for all things in the homebuying game. This page on their website has everything you need to know about buying vs. renting, and discusses how you should analyze making that decision.
What Can You Afford?
This mortgage calculator is a great place to get started. It can calculate potential monthly payments and help you get an idea of what it might be for prospective homes, but doesn’t ask for any contact information.
Freddie Mac, at it again! This site provides another mortgage calculator that, again, doesn’t ask for personal contact information. It also can help you understand how much home you can afford, and breaks down about how much your downpayment and loan would be.
Consultants for Advice on Home Buying
Trying to understand this process on your own can be downright daunting. Finding a good realtor will be like a gift from above! A realtor ensures that the seller and buyer (you) are brought together in a fair agreement on the transaction of your new home. A real estate agent is also a great resource for any and all of your questions regarding the home buying process.
Not sure where to find a realtor near you? Click here.
Work with a certified financial planner.
Financial planners work with you and your family to help you understand your financial situation. Once you meet with them, the planners will analyze your financial info such as income, bank statements, debt obligations, and investments. With careful consideration and planning, they will break down ways to accomplish your short term and long term goals. Someone’s entire profession is to help you plan out your financial success. How awesome is that? You shouldn’t have to look too hard to find a certified financial planner but in case you don’t know any, here’s a link.
Learn About the Home Purchase Contract
Just like with any other major purchase, you will be entering into a contract when you buy your home. The home purchasing contract functions as a legally binding agreement between you and the seller outlining the terms of your purchase. Understanding the intricacies of a real estate contract is important to ensure that it meets your expectations. You don’t want any unsuspected surprises with something as monumental as a home! Check out these great tips on ways to understand your contract and what things to be aware of.
Home Financing Options
Getting a loan: Not everyone has enough cash in the bank to pay for their home upfront. So don’t worry, applying for a loan from a lender is very customary and doesn’t have to be stressful. Loans come in a variety of forms. Depending on your circumstance and financial history, you will be able to qualify for one that is just right for you. If it’s your first time buying a home, you’re in luck! There are great programs in place for you. Check out a full list of home buying programs in your state.
*Search approved lenders in your area
Hidden fees, closing costs, and more
You’re almost out of the woods with all of the hoops to jump in the home buying process. Lastly you need to be aware of any hidden fees, closing costs and ownership costs after acquisition.
What in the heck are closing costs? Closing costs are separate from the price of the home and consist of loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Be sure to communicate with the seller who will cover these costs before you complete the transaction. If you’re still not sure what these costs might come out to, be sure to reference the closing cost calculator.
If you want to play if safe you can always trust, guess who? Freddie Mac! This checklist provides each step in the buying process from financing to closing.
For more information about closing on your home visit us at northerntitle.net or follow us on Facebook.