| Amy Lockridge Realtor |
| 660-654-1307 amy@nwmissourirealestate.com |
 | |  | |  | |  | |  | |  |
| Woodward Real Estate 202 W. Clay Street Plattsburg, MO 64477 Office: 816-930-2000 Fax: 816-930-2017 |
| | | | | | | | | | |
| Don't see what you are looking for, give me a call. 660-654-1307 |
| I NEED YOUR LISTINGS!!! |
The Home Buying Process
Buying a home can be an exciting time in your life, and it can be easy when you
know the right steps to take.
Determine how much you can afford
This is an important first step on your road to home ownership. Three key costs to
consider are:
There are a variety of loan options that can reduce or increase each of these costs.
Get Pre-Approved
Getting pre-approved for a loan gives you competitive advantage when the time
comes to bid on a home because you have been approved for a loan for a specified
amount.
To get pre-approved, you will complete a mortgage application and provide various
information verifying your employment, assets and financial status such as W-2
forms, bank records and credit card statements. your mortgage options will be
reviewed and submitted to the lender that best meets your needs. Once the
application process is complete you will receive a pre-approval letter indicating the
amount your lender is willing to lend you for your home.
A pre-approval letter is not binding on the lender; it is subject to an appraisal of the
home you wish to purchase and certain other conditions. If your financial situation
changes (e.g. you lose your job), interest rates rise or a specified expiration date
passes, your lender must review your situation and recalculate your mortgage
amount accordingly.
Make an offer
Once you find the home you want, your real estate agent can provide you with a list
of comparable homes (known as "comps") recently sold in the area. Comps help you
determine the right price to offer. There are other factors to consider, including the
condition of the home, the cost of necessary repairs, and your or the seller's time
restrictions. Any offer you make could become legally binding, so consult with your
agent beforehand.
The loan commitment
The loan commitment takes place once the loan and property itself is approved.
That means a home appraisal ensuring that the home meets guidelines, and a title
search ensuring there are no outstanding liens on the property.
Home inspection
Your offer should contain provisions for a home inspection by an accredited home
inspector and an outline of actions to be taken if problems arise. The inspection
should cover interior and exterior structural elements as well as heating/cooling,
and electrical and plumbing systems. It's a good idea to be present during the
inspection so you can ask questions about the property.
Closing
At the closing, you and the seller transfer funds and sign all applicable paperwork to
finalize the transaction. Real estate agents, closing agents, attorneys, and mortgage
and title representatives may also be present. You will be provided with an
estimate of fees due at the time of closing to help you prepare for that big day.
Once the papers are signed and the fees are paid, you'll get the keys to your new
home. Congratulations!
Buying a home can be an exciting time in your life, and it can be easy when you
know the right steps to take.
Determine how much you can afford
This is an important first step on your road to home ownership. Three key costs to
consider are:
- Down payment —A down payment is the money you pay up front toward the
purchase of your new home. Typically, the larger your down payment, the less
you pay each month on the mortgage, and the lower the interest costs will be
over the life of the mortgage.
- Closing costs — Cash due at closing for expenses you and the seller pay to
complete the transfer of ownership. Closing costs are typically based on the
home price and vary according to location. They might include an origination
fee, attorney's fee, initial escrow payments, and charges for obtaining title
insurance and a survey.
- Monthly payments — When you are approved for a mortgage loan, you make a
commitment to pay back the loan on a monthly basis. Your payment is based on
both the principal — the amount of the loan — and interest — the amount you
pay to borrow money, calculated as a percentage of the amount borrowed. It
also includes money that may be held in escrow for taxes, homeowner's
insurance and mortgage insurance.
There are a variety of loan options that can reduce or increase each of these costs.
Get Pre-Approved
Getting pre-approved for a loan gives you competitive advantage when the time
comes to bid on a home because you have been approved for a loan for a specified
amount.
To get pre-approved, you will complete a mortgage application and provide various
information verifying your employment, assets and financial status such as W-2
forms, bank records and credit card statements. your mortgage options will be
reviewed and submitted to the lender that best meets your needs. Once the
application process is complete you will receive a pre-approval letter indicating the
amount your lender is willing to lend you for your home.
A pre-approval letter is not binding on the lender; it is subject to an appraisal of the
home you wish to purchase and certain other conditions. If your financial situation
changes (e.g. you lose your job), interest rates rise or a specified expiration date
passes, your lender must review your situation and recalculate your mortgage
amount accordingly.
Make an offer
Once you find the home you want, your real estate agent can provide you with a list
of comparable homes (known as "comps") recently sold in the area. Comps help you
determine the right price to offer. There are other factors to consider, including the
condition of the home, the cost of necessary repairs, and your or the seller's time
restrictions. Any offer you make could become legally binding, so consult with your
agent beforehand.
The loan commitment
The loan commitment takes place once the loan and property itself is approved.
That means a home appraisal ensuring that the home meets guidelines, and a title
search ensuring there are no outstanding liens on the property.
Home inspection
Your offer should contain provisions for a home inspection by an accredited home
inspector and an outline of actions to be taken if problems arise. The inspection
should cover interior and exterior structural elements as well as heating/cooling,
and electrical and plumbing systems. It's a good idea to be present during the
inspection so you can ask questions about the property.
Closing
At the closing, you and the seller transfer funds and sign all applicable paperwork to
finalize the transaction. Real estate agents, closing agents, attorneys, and mortgage
and title representatives may also be present. You will be provided with an
estimate of fees due at the time of closing to help you prepare for that big day.
Once the papers are signed and the fees are paid, you'll get the keys to your new
home. Congratulations!
| Buyer Information ~ What you should know: |
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| This calculator will allow you to figure out your payment for different loan amounts, interest rates, and amortization terms. |
| WOODWARD REAL ESTATE |
| Established 1916 |
