When you are searching for that perfect home, it's important that you know how to navigate the home buying process to help you get the house you want. We've put together the following steps to help you find your perfect home and snag it at a fair price.
1. Review your credit. Check your credit report and fix any errors before you start searching. This can have a significant effect on what you can afford.
2. Figure out your down payment. A more significant down payment can sometimes mean you get a lower interest rate. Not to mention you're usually considered more seriously as a qualified buyer.
3. Get pre-qualified. When you get pre-qualified, it helps define your price range, which decreases wasted time looking at places you can't afford. We offer a variety of options with great low rates; call 877-820-2265 or visit www.macatawabank.com/homeloans to get started.
4. Select a Realtor. While you can buy a home yourself, most buyers are better off relying on the professional experience of a trusted real estate agent that helps people buy houses every day.
5. Focus on the right location. Decide what is important to you and your family, whether it's a great school system, a good neighborhood or fun nightlife, then shop the location that fits your needs.
6. Compare different properties. Look at the prices in the area you are interested in buying. We know that no two homes are the same, but if you look at nearby homes, it will give you an idea of what's reasonable for what and where you're looking at.
7. Figure out closing costs ahead of the offer. Closing costs vary based on a percentage of the purchase price. You should be prepared for the closing costs prior to making an offer on a home. One of our expert lenders can help you determine how much to plan for. Visit www.macatawabank.com/findalender to find the lender nearest you.
8. Submit a reasonable offer. Check with your real estate agent about what is reasonable for the home you want to put an offer on. Make sure you discuss what things you are willing to negotiate with the sellers.
9. Get the home inspected. Any offer should be contingent on a home inspection. This will reveal if the home has faults before the closing.
10. Close the deal. After you have agreed on the offer, it's time to make everything official. You will need to sign all of the mortgage documents and any other paperwork.
The last step? Enjoy your new home!