How to Buy a Home

Buying and owning a home is part of what most people call The American Dream. Although the dream has changed over time, the home still remains the main focal point. Buying a home is something most people do at least once in their lifetime. Today owning a home doesn’t necessarily mean buying a house. People now buy duplexes, upscale apartments, townhouses, and even condominiums. The conventional way of buying a home is a procedure that takes a lot of time and patience. It is a life altering decision and one of the most important one someone can make in their lifetime. There are many steps and procedures that are included in buying a home. They include getting pre-qualified by a loan agent to determine the maximum dollar amount of mortgage you can truly afford, seeking a realtor, searching for homes, making offers, hiring a title company, an appraiser, home inspector, and an opening and closing escrow.
The first step is to be pre qualified. This is the first step that a person should take rather than seeking the direction and advice of a realtor which is the usual path that the typical person normally takes, unless the realtor is very experienced and has a lender that he or she already works with and refers the buyer to that individual. A buyer must always meet with an loan officer first so he or she can have an idea of what they can truly afford considering their financial situation. A buyer might find a loan officer by going to the bank, looking through the local yellow pages, or even browsing the internet. The loan officer advises the potential buyer of the available terms and conditions of what he or she can afford. Once he or she is qualified for a loan, a pre-qual letter is given to the new potential home buyer and sent off or in most cases referred to the buyers realtor.
Once acquainted with a realtor, also known as a real-estate broker or real-estate agent, the buyer should interview and question his or her experience. A real-estate agent can help in...