Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
Where do I start, you might ask yourself? This website is a good place. Read along, it is pretty easy to understand.
Step one: Contact a lender. Choose three and compare their APR not just the interest rate but the Annual Percentage Rate. That rate includes the interest and the cost of the loan and every lender can be different. Also find out what loan programs they offer, such as FHA or RD as well as Conventional financing. Have the lender do a thorough pre-approval so there will be no surprises after you find the house you want. Be sure you have kept good records; income tax returns for two years, reciepts, two months check stubs, two months bank statements and can prove rent payments. Never pay cash for rent-EVER! Not even to your mom, if you plan to buy a home in the future.
Step two: Hire a Buyer's Agent-That is a Realtor® like myself that will represent you in the transaction. It should not cost the Buyer a cent to hire an agent of their choosing, if they choose a Realtor®, like myself. The Seller pays commissions to the Brokers so there is not a need for a Buyer to also pay a Broker/agent to find a house, unless it is a For Sale By Owner situation or other extenuating circumstance and then that can be different.
Seller's Agents represent Sellers, not Buyers.
Buyer's Agents represent Buyers, not Sellers.
Dual Agents are a tricky lot and somehow represent both the Buyer and Seller and we don't do that at Golden Star.
A Transaction Coordinator does not represent any party but may perform tasks for the parties to a transaction, usually a private sale.
Please contact me if you have any questions about getting started buying a home in Paw Paw or elsewhere in Michigan, Sandra at 269-808-4854.
In the following reports, you'll find the information you need to make a wise buying decision. It will take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
HOW LONG DOES IT TAKE TO CLOSE A MORTGAGE LOAN?