Amy Lockridge
Realtor
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:

  • Down paymentA 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:
Loan Calculator
Loan amount ($):
Interest rate (%):
Term (years):
Additional monthly payment ($):
Monthly payment ($):
Total interest ($):
Average monthly interest ($):
Number of years:
This calculator will allow you to
figure out your payment for
different loan amounts, interest
rates, and amortization terms.
WOODWARD  REAL ESTATE  
Established   1916