Preparing for your Purchase
- Check your credit history and FICO score.
- Get mortgage pre-approval
- Find out what type of mortgages you quality for
- Consider hiring an attorney to review all contracts and agreements associated with the home buying process
- Save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less)
- Consider closing costs which can include taxes, attorney’s fees, transfer fees, as well as utilities and deposits.
Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.
Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment
Frequently Asked Questions on Home Inspections, (American Society of Home Inspectors).
Ten Important Questions to Ask Your Home Inspector, (U.S. Department of Housing and Urban Development).
Hiring a Home Inspector, (realtor.com®).
Do not “Wave” Your Inspection, (realtor.com®).
Negotiate and Make an Offer
The Bottom Line on Contract Negotiation(link is external), (SRS Council).
The Basics of Making an Offer, (realtor.com®).
Negotiating to Yes, (SRS Council).
Closing Documents You Should Keep, (REALTOR® Magazine)
- Home Buying in Six Steps, (National Association of REALTORS®, Sept. 22, 2014).
- Home Buying Process Resources, (CreditLoan)
- First-time Home Buying, (Money Under 30).
- The Millennial Home Buying Guide, (SmartAsset blog, May 22, 2013).
- Considering a Home(link is external), (Freddie Mac)
- A Short Guide to real Estate Lingo and Acronyms, (realtor.com®).
- 10 Ways to Prepare for Homeownership, (REALTOR® Magazine).
Managing Your Credit
- How to Perfect Your Credit Score, (Wall Street Journal via realtor.com®).
- How Credit Scores Affect the Price of Credit and Insurance, (Federal Trade Commission).
- Credit Bureaus and Credit Scoring, (USA.gov).
- FHA Requirements: Credit Guidelines, (Federal Housing Authority).
- The Importance of Good Credit, (Freddie Mac)
- 5 Factors that Decide Your Credit Score, (REALTOR® Magazine)
Determining Your Budget
- How much house can you afford? (Interest Blog, Jan. 17, 2014)
- How Much You Should Spend on a Home, (Wall Street Journal)
- Preparing for Homeownership: Calculators, (Freddie Mac)
- How Much Do I Have to Save to Buy a Home?, (realtor.com®)
- Calculate Your Income vs. Debt, (realtor.com®)
- Mortgage Calculator: How Much House Can You Afford? (Bankrate)
The Buying Process in America can be a great experience.
Buying a home or condo in the United States doesn’t have to be difficult. The way U.S. real estate transactions are carried out may differ from your home country. Just follow a few well defined steps below, or connect with an International Real Estate Agent, and you will find that you can succeed with a purchase that you can be proud of.