First-Time Homebuyers Roadmap
Review Your Credit Reports
In anticipation of buying a house, you will need to check your credit with all three of the credit reporting agencies: Equifax, Experian, and TransUnion. While most of the information should be the same, there are often discrepancies between the reports.
Establish a Budget
Primary considerations for setting your housing budget require an assessment of your income, debt and current savings for the down payment on the home. The following are generally recommended guidelines; however, you should meet with an Arthur State Bank lender to get personalized mortgage information.
Meet with Your Lender
With your credit and budget information ready to go, you will be well-prepared to meet with a loan officer to review the mortgage options and get a pre-qualification letter.
Find a Realtor
In a home sale, both the buyer and seller are typically represented by an agent. Selling agent: Agent to the buyer (you). Also referred to as a buyer’s agent. Listing agent: Agent to the seller. Also referred to as a seller’s agent.
Search for a Home
Make an Offer
Now that you’ve found the house, work with your agent to make an offer. Remember, the listing agent works for the seller; only the selling agent (buyer’s agent) has your best interest in mind.
Sign a Contract
Once the buyer and seller accept the terms of the offer and sign the paperwork, you have an executed contract.
Apply for a Mortgage
Take a copy of the contract to your loan officer along with all the items on this list to officially submit the mortgage application.
Get a Home Inspection
As soon as possible after submitting your mortgage application, you should schedule your home inspection. If you are not available for the entire inspection, you will want to make sure you have some time allocated to meet with the inspector at the house toward the end of the inspection.
As you prepare for closing day, you will need to take care of several items. Here are the first few steps.