Island

Buyer's Guide To Buying A Home


The process of buying a home can seem complicated but if you were to follow the steps as listed below, you will soon be holding the keys to your dream home.


Eight steps to buying a home


    1. Figure out how much you can afford
    2. Know your rights
    3. Shop for a loan
    4. Shop for a home
    5. Make an offer
    6. Get a home inspection
    7. Shop for homeowners insurance
    8. Sign papers

Step 1: Figure out how much you can afford


What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.



Step 2: Know your rights



Step 3: Shop for a loan


Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.


Step 4: Shop for a home



If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.


Step 5: Make an offer


Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.


Step 6: Get a home inspection


Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.



Step 7: Shop for homeowners insurance


Lenders require that you have homeowners insurance. Be sure to shop around.



Step 8: Sign papers


You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!


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