First Time Home Buyers By: Monah4MyHome Team~ Process of Buying Your First Home

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Having a knowledgeable Realtor® on your side can help you understand the market trends and contract when purchasing your 1st home.

Your Time Line- How soon are you looking to buy

Your Credit- You can work with our credit specialist to bring up your scores if its low. In today's market a score of 750 and up is a pretty good start.

Your Budget- How much home can you buy, do you have a down payment ready. DP can range from 3-20% depending on the loan type. check with your lender to determine how much you will need.

Hire a Realtor® Want a trusted home-buying guide by your side? Most first-time home buyers will want a great real estate agent—specifically a buyer's agent, who will help them find the right house, negotiate a great real estate deal, and explain all of the nuances of home buying along the way. The best part? The agent's services are sometimes free to first-time home buyers (because the seller may sometimes pay the sales commission). Here's how to find a real estate agent in your area. Note: There is a subtle difference between a real estate agent and a Realtor®; the latter is a member of the National Association of Realtors® and adheres to a code of ethics. Consider having a Realtor®, they have additional training that you'll get the help you need to ace the process. -Realtors.com

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Get Pre-Approved

You will need to get a approval for a mortgage or have proof of funds if you plan on paying cash to purchase your 1st home. A pre-approval letter shows sellers that you are a serious buyer and increase the possibility of getting an accepted offer. Your Realtor ® can connect you with a lender to get a pre-approved letter. The lender will go over there requirements for a pre-approval letter. You will need to follow the lender's instructions. You may get more than one lender's approval as you have 30 days to shop around without a hit to your credit scores.

Shop Homes/location - Shop for homes in your desire location. Your relator will give you detailed information in the area of your choice. Choose multiple locations so that you may broaden your options.

Make an offer- Time is of the essences, you and a few buyers may be looking at the same property, be sure to act fast and put in your offer. If you truly love the property or view the property as a great stater home, do not hesitate to put in your offer before it goes off the market.

Complete home inspection- Once your offer is accepted, one of the contingency on your offer will be a Home Inspection. This is where you find out what is wrong with the entire house and decide if you want to move forward with your purchase. You may request the seller to do certain things before the purchase or within a period of time after the purchase.

Clear Contengies

This is were you and the seller have came to an agreement that you will move forward with the purchase as your request and needs are satisfied after the inspection.

Wait for the bank appraisal- The bank will conduct an appraisal to determine if the value of the house is worth giving you the loan amount for the property.

Head to closing This is the day you pick up your keys and pay your closing fees. Closing fees can range form 2.7 - 7 %. You will sign the final documents to complete your purchase and also receive your settlement statement and title company documents at this time.

Congratulations!!! You are now a Home Owner

Connect with us today and let us walk you through the process, we make it easy and simple for you by connecting you with all aspect of your transaction.

You may use any lender of your choice or one of our experienced lenders, title companies and inspectors.

We also have a lender that can assist you with credit repair if needed for 100 percent free of charge, only ask for your business in return. Our lender can also check to see if you qualify for the first time home buyers down payment assistance program and work through the details with you.

Thank you for choosing us.

Monah Nabwe, Realtor®

Keller Williams Classic Realty

612-516-9991

Monah4myhome@gmail.com

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Look out for our blog on Renting Verses Owning and 5 major advantages of home ownership~

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