10 Major Steps When Purchasing a Home in South Florida
Purchasing a home in Southern Florida is a major undertaking that requires extensive financial and market study. A new vocabulary of words and acronyms must be learned. There are many sites devoted to the various aspects and kinds of mortgages alone.
If you’re just getting started, here’s a rundown of the first ten stages of purchasing a house.
Are You Prepared to Make a Purchase?
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To determine if purchasing makes sense for you, be realistic about your long-term financial and personal objectives.
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Begin your research early and take your time.
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Get a feel of what’s going on in the housing market in particular regions.
Examine Your Credit Report and Score to See Where You Stand
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You are entitled to one free credit report each year under federal law. With a credit score of 720 or above, you may anticipate a decent mortgage rate.
Begin Saving for a Down Payment
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Historically, most people put down 20%, but nowadays, down payments of as little as 3% are typical.
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Before you start looking for a house, figure out how much you can afford and how much your monthly payments will be.
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Begin looking for a house.
Look for the Appropriate Partners
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Your real estate agent will be a lifeline for you. Take your time and ask a lot of questions to discover the perfect match.
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It’s also crucial to choose the appropriate lender, so do your research before making a decision.
Obtain Pre-approval From a Lender.
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A mortgage pre-approval indicates that a lender has reviewed your credit history, income stability, and present financial situation and is willing to give you money to buy a home.
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A pre-approval for a mortgage is typically valid for up to 90 days.
Begin Looking for a House
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It’s critical to not only be notified of new postings but also to be able to see them as quickly as possible.
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Our knowledgeable brokers suggest viewing three to five listings in a single day.
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Specific characteristics may start to mix together if you view too many at once.
Make a Proposal or Offer on Your Dream Home
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Every property is unique, and each offer is unique as well. Based on the current market, a trustworthy agent can assist you in making the best decision.
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It’s a good idea to include all signed disclosures and your pre-approval letter when making an offer.
Get Your House Inspected and Appraised
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A house inspection evaluates if the property has any damage or problems that need to be addressed, while a house appraisal evaluates if the property is a good investment.
Complete the Purchase of Your New Home
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You sign all of the documentation necessary to finalize the transaction, including your loan papers, during closing.
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It’s important to work with a knowledgeable mortgage broker and attorney who can advise you on what you’ll need and how much your closing fees will be.
Consider Different Post-closing Chores When You Move in
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It’s a good idea to consider chores like changing the locks, updating your address, and notifying the appropriate people of your relocation as you settle in.
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Maintain an emergency savings account to ensure that you have enough money to cover any unforeseen expenditures.
