DecoNova International Realty Florida Home Buyer Guide
If you’re like most people, buying a home represents your single biggest investment – and debt. As such, the home buying process can be one of the most exciting, but sometimes also stressful, experiences you ever go through. This may be true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property or that perfect vacation getaway.
Moreover, never has the real estate market offered more great opportunities, or been fraught with more risks, than now. There are many factors to consider and many decisions to make. That’s why, when buying, it’s crucial for you to have all the available resources necessary to make a well-informed decision, together with the time required to make complete use of them. That’s also why you should enlist the help of a trusted REALTOR® who’ll be able to provide you with expert consultation at each step of the buying process.
Don’t worry, we are here to help !
Buying Your New Home
This is a very exciting time and we look forward to guiding you smoothly through this process, providing you with good information and helping you find the home of your dreams. The Florida Home Buyer Guide is designed to introduce you to the home buying process. When you work with Easy Home Realty to represent your best interests, we know your search for a new home will be very successful.
Financing your New Home
•The first step in purchasing your new home is arranging for financing. Home Buyers who start by getting pre-approved for a mortgage are in the best position to move forward when they find their dream home.
•Buy getting pre-approved for a mortgage, you can determine how much of a mortgage payment you are comfortable paying each month and then focus your home search.
•You can discover any errors in your credit report that would prevent you from obtaining the best rate. By discovering these errors early, you have time to correct them.
•Could your credit score use a boost? Many Lenders have programs to repair less than perfect credit scores. By starting early, you have the best chance at qualifying for a lower interest rate.
Selecting a Mortgage
There are several different types of mortgages available. The two main types are a Fixed Rate Mortgage and an Adjustable Rate Mortgage. (ARM).
So which one is right for you ?
A Fixed Rate Mortgage is the traditional way to finance a home. Since the interest rate stays the same over the term of the loan – usually 15 or 30 years – your monthly mortgage payment stays the same each month.
With an Adjustable Rate Mortgage, your interest rate can change over the life of the loan, so your monthly mortgage payment can increase. Most ARM loans now have a lifetime cap on increases in interest rates, but they all can increase by a certain amount.
Usually an ARM starts out at a lower initial interest rate than a Fixed Mortgage, but with a Fixed Mortgage, your monthly mortgage payments are predictable.
Setting a Budget
What are the expenses that you need to be aware of when purchasing your new Home?
The most important is a Down payment
Most homeowners will put a down payment on their new home. This will be a percentage of the purchase price. The
larger the down payment, the smaller your monthly mortgage payment will be.
What are some of the Closing Costs that you should expect as a home buyer?
•Loan costs such as origination fee, discount points, etc.
•Closing Attorney Fee
Home Ownership Costs
Don’t forget to factor into your budget these costs of Homeownership.
•Real Estate Taxes
The Fun Begins!
Now that you have been pre-approved and have a budget, its time to start looking at neighborhoods and homes in Florida. But hold on – before you jump in the car, it helps to know what you are looking for in a community and your new home.
So what is most important to you? Make a list and then discuss your needs with your Easy Home Realtor®. Together you can select the type of neighborhoods that appeal to your lifestyle and find your dream home.
Homes, Homes and More Homes!
One of the biggest advantages to working with a Easy Home Realtor® is that we can narrow down the list of available homes to just those that meet your criteria. Why waste your time looking all over the Internet for homes for sale only to find out that the information is old or inaccurate.
Use our Interactive Home Search and you know you will be getting only up-to-date information.
Online Access and Cutting Edge Technology
Aside from our personal and professional knowledge, our website is also an extraordinary resource if you are moving to or from the Florida area. With access to every home listed for sale in the entire State area, our website offers the most user friendly way to let you search for your home the way you want to – by community, neighborhood, or an interactive map.
Additionally, our Easy Home Realty website offers you a variety of timesaving and informative features such as:
•Your personal online resource that allows you to save search criteria, favorite homes, and articles.
•Up to Date Market Conditions – We will keep you informed of any new homes that are listed for sale that meet your needs.
•Stay on top of homes listed for sale in particular neighborhoods, home statistics for on-market and sold homes, community comparisons, school comparisons and much more with our free Market Snapshot.
•Our website provides helpful articles, tips and tools for buyers such as guidelines for inspections and home maintenance tips and tricks.
•We offer links to the latest mortgage interest rates.
•Find out about schools.
•Neighborhood and Community Information so you will know about any special features the community offers such as golf courses, fitness facilities, playgrounds, walking trails, and swimming pools and more.
With our guidance, we know you will be well on your way to finding and closing on your perfect home!
Found the Perfect Home. Now What?
The Offer to Purchase and Closing
Once you have found the Perfect Home, the next step is to write an offer. Your Easy Home Realtor® will recommend offer terms, prepare the offer, according to the terms and conditions you request, and present it to the Homeowner’s agent. Our job is to get you the home of your dreams on the best possible terms.
Once your offer is accepted, then the real work of closing on your home begins. The official loan application and commitment, home inspections, repairs (if any), survey, appraisal and finally the closing.
At Easy Home Realty we welcome the opportunity to help you find your dream home. Please contact us anytime.
Answering your Questions
Buying your Floriada home is both exciting and a little overwhelming. We know you have questions, especially if you are a first time home buyer. That’s why we developed this list of frequently asked questions. By finding out more about the home buying process and working with your Easy Home Realtor®, we know you will make good home buying decisions.
Q I’m a first time home buyer. Where do I start?
A Start right here. As a new Easy Home buyer, you want to get a general understanding of the home buying process. Understand your finances. Know your credit score. How much do you have saved or can you save for a down payment and closing costs?. Next, contact your Easy Home Realtor®. We would be happy to meet with you to discuss the Florida real estate market. We can help focus your home search and provide you with a customized home search and access to cutting edge technology. And when you are ready, we can show you all the homes for sale in the Triangle that meet your needs.
Q What types of Mortgages are available?
A Start right here. As a new Easy Home home buyer, you want to get a general
Q I’m a first time home buyer. Where do I start?
A There are many different types of mortgages available including:
•Fixed Rate for 15, 20, or 30 years
•Adjustable Rate Mortgages
•New construction financing
•VA and FHA Loans
Your Lender can assist you with these and other loan options. Don’t have a Lender – We can recommend several qualified Lenders to select from.
Q How long does it take to apply for a Loan?
A The most important step is to be pre-qualified for a loan. This step in the process usually only takes about 15 minutes on the phone with a lender. During this conversation they will ask some basic questions about income and debt that you currently have and review your credit report. It usually will take between 30 to 45 days to process an initial loan application through closing. You can shorten the pre-approval time by having documents ready to provide to your lender.
Q What documents do I need to provide to my Lender?
A Be prepared to provide proof of employment and income (W-2 and tax returns), proof of down payment funds (bank statements) and details about your debt (credit cards, auto loans).
Q What could delay approval of my Loan?
A If you change jobs, take out a new loan, buy something large on a credit card, or change your marital status, your loan approval might be delayed. Also, if there is an error or unexpected debt on your credit report this could also delay your loan approval.
Ready to Find your new Home?
Start by scheduling your personal Home Consultation. Contact us and together we will find your perfect home.