Steps to Buying a House
The process of buying a house doesn’t have to be stressful. Whether you’re a first-time buyer or you’ve purchased a home before, with PrimeLending you can relax. We make the home buying process simple and easy to understand.
We’ll work with you every step of the way to make sure you get a mortgage that matches your financial situation, will fit your budget, and fulfills goals you have for you and your family. When you’re ready to begin the home buying process, ask yourself these questions.
Is the Home Buying Process Right for Me Now?
It’s important to realistically examine your current and future financial situation when starting the home buying process. Think about:
Savings. Do you have enough money to make a down payment? Do you have enough set aside to cover mortgage payments for a few months or more in case you lose your job, or to pay for emergency home repairs?
Spending. Are you disciplined enough to make all your home payments on time? Do you live within your means and have a household budget? Will you be able to prioritize monthly mortgage payments over other non-essential purchases?
Employment. How stable is your current income? Are you expecting a raise in the future? Is your employment situation stable, uncertain, or unpredictable?
Willingness to commit. Are you ready to make one of the most significant investments of your life? Are you ready for the responsibility of owning a home, and will you have the time to devote yourself to home maintenance and repair?
When you’re ready to start the process of buying a house, a mortgage expert on Team McCormick will help you answer these and all your other questions. If you’re a first-time homebuyer, learn more about how to know when you’re ready to buy and the benefits of owning a home vs renting. You can also compare costs of buying versus renting.
What Kind of Home Can I Afford?
The best first step you can take in the home buying process is to get prequalified for your mortgage. This will give you estimate of how big of a loan you qualify for, and how much you can afford. In addition to other benefits, prequalification will give you realistic numbers to work with as you determine whether buying a home will fit within your budget. You can also use our home loan calculator to explore different loan amounts and payment options.
What Type of Home Is Best for Me?
You’ll save time and energy during the home buying process if you decide what you want, and need, before you begin house hunting. Things to consider include:
Home style and size: What floor plan, square footage, number of rooms, and how much garage space do you need?
Location: Is the home close to schools, shopping, entertainment, parks, and your job?
Yard size and landscaping: Do you enjoy doing yard work, hosting outdoor parties, or do you need to have a pool?
Remodeling: Do you want your home to be move-in ready, or are you open to buying a fixer-upper?
Neighborhoods: Are the other area homes well-maintained? How’s the traffic, and congestion?