Tips for Home Buyers in Rochester, MN
Whether you are a first-time buyer, relocating or simply seeking a different living arrangement, this is an exciting time. As a full-time realtor I am able to work for you consistently to find that right home. In addition I will guide you through the process to assure that things run smoothly.
Financial Considerations: The first step to buying a home is securing financing. It is important that you know your credit rating (CR). Be advised as well – it is a good idea to check this 2-3 times per year to promptly catch any identity theft or posted error which has impacted your credit rating. A poor past record may be overlooked by many lenders if the recent 2 years shows good credit on your part. A mortgage consultant will help you navigate through the various mortgage options.
Pre-qualification is a quick estimate of your borrowing potential whereas pre-approval is a formal approval of a specific mortgage amount-typically the maximum you can borrow. You are the best in determining your comfort level as to what loan amount is targeted. Don't spend the most you are approved for, spend what you are comfortable with. With the variety of financing programs available, down payments are varied though most require you to put at least 5-10% down. Rarely would 25% or more be required.
Prospective Properties: Through good communication right from our first contact, I learn what to pursue for you. Helping you find that “right property” starts with establishing your wants and needs. Getting out to actual see properties is often when the real fun begins. A prospective buyer commonly views 5-8 homes before their decision to make an offer on a property.
A prospective buyer should remain fully informed. Throughout the process of home buying I continually update you with relevant information. In addition, as you visit homes, having a notebook and pen handy affords note taking which can prove an invaluable future reference. Similarities and contrasts that appear will help determine the right home for you.
The Offer and Final Closing
Once an offer is made, if you intend to accept the offer, or make a counter-offer, do so as soon as possible. At any time prior to accepting or countering, both the buyer and seller can withdraw their offer. When you make changes to an offer, they require written approval by all parties for the contract to be enforceable.
Closing is the final step of the home selling/buying process. At this time both parties sign the closing HUD statement as well as various other documents. Once everything is signed, escrow closes, the title transfer is legal and the property has changed hands.
Congratulations are in order now - you have now sealed “homeowner” on the property!
For information on current market trends, available property or any other aspects about buying, I encourage you to contact me JulieFink@results.net for a no obligation appointment.
