What You Need to Know about Buying a House

The American Dream is to own your own home. However, buying a home can be a stressful time and knowing what to expect can help you make the correct decision.

The American Dream is to own your own home. However, buying a home can be a stressful time and knowing what to expect can help you make the correct decision.

The Buyers Guide

Buying a home should be an exciting process, not overwhelming. We have broken down the process to cover all items you need to be aware of when buying a home. We are here to help make your path to homeownership manageable and predictable, which will in turn reduce the obstacles of purchasing a home.

Review the items below to ensure all goes smoothly, and you will be well on your way to purchasing and owning a home.

Benefits of Buying Your First Home:

  • Avoid rent increases and cancelled leases.

  • Opportunity to build your credit.

  • Receive tax benefits by deducting your mortgage interest and real estate property taxes on your income tax returns.

  • Build home equity.

What to Consider Before Buying a Home:

  • Financial Stability and Budgeting: You will need to pay your mortgage and utilities monthly. You must budget enough funds to cover costs for maintenance and repairs, property taxes, homeowners insurance, and possible HOA fees.

  • Risks: Due to the ever changing market, a real estate investment does not always increase in value. Your property value may increase or decrease over time.

  • Commitment: When you own a home, it is harder to pick up and move on short notice; therefore, you’re obligated to sell the home first.

Process of Buying a Home:

  • Begin researching homes and make a note of particular homes you are interested in learning more about and possibly purchasing.

  • Gather all of your personal financial information and determine how much home you can afford.

  • Know your rights.

  • Shop for a home loan. We can help you determine which loan best fits your current needs.

  • Get prequalified and pre-approved for a home loan.

  • Contact a local real estate agent and begin shopping for a home.

  • Make an offer on your desired home.

  • After the seller has accepted your offer, schedule a home inspection.

  • Shop for homeowners insurance.

  • Select the home loan that is right for you.

  • Have the home appraised.

  • Coordinate all paperwork.

  • Close the sale and get ready to move into your new home!

How do I get started?

  • Create a financial plan to understand your credit and how much you can borrow.
  • Contact a licensed real estate agent as they offer professional assistance, market knowledge, and up-to-date information about geographic areas, home listings, pricing, school districts, and more.
  • Contact your local HOMESTAR mortgage loan originator to see what type of loan you qualify for and how much you can borrow. We handle everything in-house, creating a customized, stress-free path to ownership.

Ready to get started?

FIND YOUR MORTGAGE LOAN ORIGINATOR