Thinking About Buying A House

Thinking About Buying A House

If you are thinking about buying a house you need to insure you follow the following steps

The steps are:

  1. Obtain your credit report and score

  2. Meet with a Realtor-Contact me!

  3. Find a direct lender-I can refer you with some of the best lenders in Arizona

  4. Make the offer

  5. Move in

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Step 1: Obtain your credit score and report

If you’re ludicrously wealthy and plan to buy a house in full with cash, you can just skip this part (and also, you must be a student of mine!). However, if you’re within the majority of people who don’t have the funds to do that, you’re going to need to get a mortgage. And to get a mortgage, you’re going to need to get your credit score and report.

Credit score versus credit report

Though your credit score and credit report have a lot in common, you need to know that they are NOT the same thing.

Many people conflate the two, and though they are very similar in a lot of respects, they’ll tell you different information.

Here’s a description of both as well as how exactly you can obtain them:

Credit report

This is an all-inclusive report detailing your credit history. It’ll include information such as your:

  • Loan history

  • Accounts opened and closed

  • Payment history

  • Credit balance

You’re entitled to a free credit report each year, per the Fair Credit Reporting Act. 

Credit score

Your credit score is an actual number — the same number that renters and lenders will utilize in order to assess how safe it is to have you as a customer. 

A strong credit score will save you a lot of money and give you a position of strength to negotiate from. 

Step 2: Meet with a Realtor

Much like a good lender, a good Realtor will be an agent who is going to represent you and your interests. Unfortunately, there are a lot of real estate agents out there who just want to make a buck and keep their companies afloat. This means it’s going to be a little bit of work on your part to find a trustworthy real estate agent — but it’s absolutely worth it. 

In general, there are two types of real estate agencies out there:

  1. Seller’s agency. These agencies represent the person selling the actual house. They are there to protect the interests of only the seller. Needless to say, you’re not looking for a seller’s agent.

  2. Buyer’s agency. Like the seller’s agent but … well, for buyers. These agencies represent you and want to protect your interests. You want to find a buyer’s agent.

Step 3: Find a direct lender

Lenders are the actual institutions that will be providing a mortgage for buying your home. They include companies like banks and mortgage banks. 

When it comes to finding a lender, direct and correspondent lenders will typically be able to provide you with solid rates and low closing costs. Here’s a more detailed description of the two:

  1. Correspondent lender. This is a lender who provides the money for your mortgage but sells it to you through a direct lender such as a bank. 

  2. Direct lender. These lenders will provide you with a mortgage directly with no additional fees.

I suggest going with a direct lender and cutting out the middleman.   


 Step 4: Make an offer


When you find a house that you like and want to make an offer, your next step to buying the house is to find out what the property is actually worth. Though it might be tempting (read: incredibly stupid) to just throw out a ballpark number, do the smart thing and research the ever loving crap out of this house!

  • Hire an outside property inspector. These inspectors are third-party professionals who will go through your home and examine it for structural flaws, damages, and repair suggestions. When they’re finished, they’ll provide you a full report of the house and you can use this as leverage in your negotiations.

  • Ask your lender for a home appraisal. When your loan is approved, you’ll be able to attain an appraisal from your lender on the house. That means that your lender will take into account a number of factors regarding the house including: price of houses surrounding it, number of rooms, how large it is, whether or not it has a swimming pool, etc. 

    Depending on where you are, the appraisal might take a little while — though no more than one to four weeks. The appraisal will not only give you a good idea of what a fair asking price for the house is, but it will also protect your lender from overpaying for a house. 


During this time, you’ll be able to negotiate on things like property repairs if the inspector found something, as well as plan your move. 

Once you get the appraisal, your loan is approved, and everything is inspected, you’ll be ready to close the offer. On the day of closing, the seller will allow you to walk through and inspect your property. 

Step 5: Move in!

There you have it. The 5 steps you need to take in order to buy a house. After you move in and get settled, start basking in the fact that you’ve finally reached the American Dream


This process an be stressful and confusing but I will walk you through the entire process!



Sandra Tawney Headshot
Author:
Phone: 480-375-0016
Dated: January 17th 2018
Views: 293
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