Buying a home for the first time is a big deal! The professional Agents at LKR are experts when it comes to helping you buy a home. Whether it’s your first, or your fourth, here’s what you need to know about buying a home.
Being first time homebuyers is an exciting time, and at LKR we will help to make the process as simple as possible. We take time to explain the differences in mortgage options, we help you get pre-approved for a loan, complete your loan application, assist you on the search for your new home, help you to lock into your loan and interest rates, price insurance options and more. Whether it is your first home ever or your first home in Iowa, we are here to help.
Before you begin looking for your new home it is important to get pre-approved. Getting pre-approved will show you the amount of money you can borrow from the bank in order to buy your first home. Once you know your budget it will be easier to narrow your search results down to the price you can afford.
After you have been pre-approved for a home loan it is time to complete a mortgage application. Several different things factor into this application. You will need to provide information regarding your current finances, your credit score, your income and your assets. This will help to determine if you are a good investment or not. There will be additional materials that you will need to provide to validate your mortgage application. Contact us today for more information about your loan application. Once this process is complete, it is time to start looking.
Now it is time to start looking for your home! You can begin looking through the listings, attending open houses and going to private showings with your Lepic-Kroeger REALTOR®. We can assist you in many ways during your search from sending you new and upated listing alerts in your price range to showing you homes that are on the market on your schedule. Once you have found the perfect home it is time to negotiate.
In order to secure a purchase loan you will need to have an inspection for termites. If termites are found in your home it might be necessary to mitigate the problem before moving ahead with the sale. In addition to a termite inspection you should also have a whole home inspection done. This will notify you of any other issues that may exist in the house or foundation. Your REALTOR® can help you decide which inspections to have done on your home.
The Abstract for your home is a document that shows the history of the property. The history of the property will include it’s lien history and any that may be outstanding. Liens consist of mortgages, judgments, mechanical liens. etc. An Attorney will provide a Title Opinion and will require all liens clear before closing so that the title will be clean upon your purchase.
It is the processors job to make sure that all of the required documents have been submitted and completed correctly. After this review has been completed your mortgage packet will be forwarded onto the mortgage company for a final review.
“I knew the house was going to be competitive, so I needed to get an offer in quick. Julie got me into contact with the people who could get everything in order quickly. After attending an open house on a Sunday, we had an accepted offer on Monday.”