Buying a new home is an exciting but overwhelming experience. Check out our recommendations below to make sure you're ready for the process. If you have questions, call Home Run Realty to help you navigate these important steps.
Before you start looking for your new home, be sure to:
- Check your credit rating. Straighten out any errors before it's too late.
- Determine a comfortable monthly budget for your new purchase, including the initial down payment and monthly costs including mortgage payments, real estate taxes and any association fees.
- Anticipate additional upfront costs, including closing costs (see list below) and moving expenses, and make sure these are built into your budget.
- Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
- Determine what neighborhood best matches your needs.
- Identify important features you need your new home to have.
Closing costs to expect:
- Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
- Third-party fees include charges for insurance, title search, and other inspections such as termites.
- Government fees include deed recording and state & local mortgage taxes.
- Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
